Thursday Tips: Make a Plan.
You wouldn’t take a long road trip without a plan, so why take your trip into real estate investing without a plan? How does someone figure out a plan specific to their goals, needs, ability, and resources (which would be different from everyone else)?
This is one great question. Like most things, (how do you eat an elephant, one bite at a time) you take one small step. You not only need to make a plan you need to write it down. I actually sat down and created a plan to get from where I was to where I wanted to be. While I didn’t follow the plan exactly (life always has detours) I’m sticking by the path I created and am on my way to achieving my goals.
Start with what your retirement should look like. Me, I wanted a Passive Income of $25,000 per month. Working backward, that would mean I must have 50 “doors” generating $500.00 of cash flow per. Mark Kohler in his book “What your CPA isn’t telling you” talks about buying one rental a year. If you would start this in your early 20 by time you retire. You could have 45 or more. Myself, I had to start over at 60 years old, resulting in the timeline for my plan to be finished in 10 years or less.
Look carefully at your life, where you are, where you want to be, and begin Educating yourself on how to make your plan a reality.