Persevering in Multifamily: Why You Need to Write Down your Goals
If there’s a word that best describes a real estate investor, it’s “persevering.”
If you have been involved in the multifamily sector for a long time as I have, you should know how much work is involved from finding emerging markets to forming an investment team you could trust.
Just like anything in life, acquiring a multifamily investment property and maintaining great cash flow is never easy. As much as I want to admit it, multifamily investing is full of challenges that, if you’re not persevering enough, can leave you feeling defeated.
This is the reason why a lot of investors and syndication sponsors are always searching for a means to cope with the trials and challenges that the multifamily sector brings. One thing that has always helped me push through with my goals is simply writing them down on a notebook or a piece of paper. But we must write them down; and not keep them in our heads!!
Now, you might be thinking, “I need more than just sticky notes or a journal to keep me motivated.” It may be a mundane thing to do, but it has its benefits in the long-run.
Here are some of the best reasons why writing down your goals is valuable to your success:
1. Getting in touch with your priorities
Persevering in the multifamily sector only means that you have the goals you wanted to accomplish. To reach these goals, you come up with priorities that you will need to accomplish from day to day. However, distractions can easily steer you off of the path towards success. You begin to lose focus and ignore the most important things you have set out to do. To prevent yourself from derailing, you will need to constantly remind yourself of your priorities, which is why it helps to reaffirm your commitment to your goals by writing them down.
2. Providing yourself with a contingency plan
A great plan starts with a pencil and paper. That is why we often go “back to the drawing board” if everything doesn’t work out for the best. By writing down your goals, you are also coming up with a process for achieving them. If you think the process isn’t efficient, you can always go back to your list of goals and see if you have gone the wrong way in planning for them.
3. Motivating your persevering soul
Challenges in the multifamily sector can be daunting. They can leave you battered and bruised to the point of accepting defeat. One thing’s for sure, though, you may have already been through so much that turning back would mean that your past successes were all for nothing. Instead of having a defeatist attitude, focus instead on accomplishing the main reasons why you started in the first place. Having recorded your goals, you are able to run back to look at your goals and see if you’re anywhere near them. Regardless, it’s still best to push forward!
Writing down your goals is probably the best thing you can do to keep on persevering in your path towards greater success. So pick up a piece of paper and jot down whatever it is you want to achieve. Fold it up and keep it in your wallet, or in between the pages of an inspirational book.
That way, whenever life hits you hard, you can always find a reason to stand up and keep fighting.