Fri, 29 May 2015
In this week's Cash Flow Friday tip we're going to talk about the importance if figuring out your WHY, and what I mean by this is what are the reasons you want to be a real estate investor. This is an extremely important exercise and is one that I suggest every investor, both new and seasoned, do in order to create a roadmap for their investing career. This is an exercise which I learned from Jeremy Cyrier who was a past guest on our show and is a very successful real estate broker, trainer, and investor. I went through this exercise when I was first introduced to Jeremy and it's had a significant impact on my overall focus as a real estate investor. For example, my WHY is the following: Spending as much time as possible with my family is priceless because none of us are guaranteed tomorrow and commercial real estate investing provides the vehicle that can generate enough passive income for my family and I to live the lifestyle that we choose and spend the maximum amount of time together traveling the world and experiencing all life has to offer. I will make this a reality by focusing solely on acquiring a significant portfolio of mobile home parks and apartment buildings which can produce a yearly passive net income stream of at least 500k. Based on my calculations this should take approximately 1000-1500 rentable units to achieve my investment goals. So there you have it, in a nutshell that is my WHY and this is what I work towards every day. You can develop your own why by answering these following 5 questions and then forming them into one continuous statement. I suggest that once you have your WHY statement completed that you review and tweak on a regular basis and have it in plain sight for all to see. I also suggest that you share it with your family and friends and anyone else who you feel might help hold you accountable to this mission. 5 questions:
Now after you've come up with your answers to these 5 questions now what you'll need to do is start with the #5 answer and work backwards and merge them together to form a statement or sentence. So merge #5, #4, #3, #2, #1 together and you'll end up with your why.
Please don't dismiss these type of exercises as they allow you to think through what you envision your future should be like. You can have anything you want in this life if you work hard enough for it and plan accordingly and this offers a way for you to plan for your real estate investing success. I promise that if you take the 20-30 minutes to complete this that you'll be glad you did and will have a much clearer focus. And if you need some guidance on coming up with your WHY statement just reach out to me and we can walk through it together. Go to KevinBupp.com and scroll to the bottom right corner and click the button to schedule a call with me. Recommended Resources:
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