Real Estate Investing Blog

That is the question I get asked most, whether folks send me an email or they pick up the phone and call.  And my answer to this question has evolved, with Richard and my investing experience, and with the real estate trends of our times.

As most of you know, hind-sight is 20/20.  And after eight years of real estate investing and four years of working with the best in the business and training numerous real estate investors, I can tell you that ‘your formula for success’ depends on your individual goals and your individual situation.
So, for me to give you, or anyone, a definitive answer – I would really need to spend some time with you individually.  However, there are some basic ideas that every investor should be considering.  So, I’ve decided to do a short series on ‘Where do I begin?’

For example, I got an email from Sam that began, “I learned lots of things from just listening to those audio CDs, and they offer an incredible information on lots of methods to use in Real Estate investing.  . . .  I realized that the best ones that I like most for me to pursue are,  “  and then he named a couple great courses.

Sam went on to ask ‘his’ million-dollar question, “Am I choosing the best course out of the rest for someone like me with no experience in Real Estate?’

Ok, Sam.  Let’s begin to answer your question by considering where you
are starting from.  Let’s look at your life situation—namely your time, resources, and support:

“Are you working a full-time job, a part-time job, both or not working at all?”  “Do you have a family or family responsibilities or community or church obligations?”  “Kids, college students, grand children, parents, married/not married, supporting or defeating partner . . . .? The basic questions go on and on.

Since this is going to be a multi-part series – Let’s start here.

Six of my newest students either have full-time jobs, or are involved full-time with their family and community or church.  This means they are on their way to be successful (success in real estate) real estate investors and still keeping their life commitments.

Many times many of us might find ourselves biting off more than we can chew – even though it is all done with good intentions.

Goals are our best motivators yet, for us to be ‘happy’ as well as prosper, we have to set reasonable timelines.  So, let’s talk about timelines.

Timelines, no matter what the project or what the goal, should be used as gauges.  For example – here is a common goal that people set: “I want to have financial freedom.”  “My goal is to have enough income to send all my kids to college.” “I want to retire with a passive income of XXX (thousands or millions) per year.”

OKAY – – –  WHEN?

You see if you leave it open ended:
(1) how do you know you are on the right track,
(2) how do you know you are moving at a good pace, and
(3) how do you know that you are keeping true to your dreams?

Here is a quick test.  Let’s take the first goal above.

(1) What is financial freedom to you?

(2) When do you want this financial freedom?

(3) How much time do you want to give (or invest) in mastering financial freedom?

(4) When do you want to get your first check/next check on your path to financial freedom?

(5) What steps do I have to achieve to get to that first check/next check?

(6) How long will it take for me to get those steps done?

Can you see where I’m going with this?  Why don’t you start now by writing down the answers to these 6 questions yourself?  When you’re done, you’ll have a roadmap to guide your real estate investing program.

This is where Richard and I begin with each of the students in our Ultimate Investor Mentoring Program.  If you would like to be considered for this much customized program, use the application at
http://investorwealth.com/mssn/application.htm
and I will personally call you to see if this program is right for you.

Best of success,

Michelle Odessey
 

This entry was posted on Tuesday, May 15th, 2007 at 3:27 pm and is filed under mentorship program, General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.