I'm quite new to BP and to real estate investing. I've not purchased my own first home, let alone an investment property. However, my goal is to learn all I can as I prepare to purchase my first property within the next year. That said, I am reading the Beginner's Guide, which states the importance of creating a business plan, which includes a mission statement.
I'm curious, does anyone have any insight on how I might create a mission statement around investing in real estate? I'm stuck. Honestly, all I know is that I want to set myself up for financial freedom so I can be available to my son and any future children he may have. I want to create a legacy (very different from what I've lived) for my son and his children.
That seems so selfish....would I include that in my "business" mission statement?
In advance thank you for your input!
Hey @Bobbi Martinez
Looks like you have a very strong "why" for real estate investing. Found a good explanation from a Forbes article which simply stated your mission statement should answer the following 4 questions:
- What do we do?
- How do we do it?
- Whom do we do it for?
- What value are we bringing?
Keep in mind that your mission statement can be somewhat dynamic and change over time as you expand your knowledge of REI and find your niche. A few things that might help you find that niche could be attending a local BP Meetup / REI Meeting, listen to the BP podcast, and reading @Brandon Turner book The Book on Investing in Real Estate with No (and Low) Money Down .
Keep up the great work and momentum. Best of Luck in your REI career
Thank you so much Scott....will definitely do all you mentioned!
Thanks for taking the time....have a fantastic day,
@Bobbi Martinez Don't waste too much time on this. For now, a mission statement will just help you to focus. There are many niches in real estate, but four general categories are:
Transacting (either as a wholesaler or real estate agent)
Lending (as a hard money or private lender)
As you educate yourself, narrow down to one niche and then refine it. For instance, you may decide to be a luxury apartment buy-and-hold investor. Fashion your mission statement around that.
If you haven't figured out a niche then put your mission statement on the back burner. A mission statement isn't going to make you an investor. An plan, well executed, will.
Thank you so much for your feedback! It actually confirms to me the direction I bagan taking last night. I actually began laying out my plan, based on the niche I think I'm interested in. I know it's not all set in stone...but definitely a marker as I begin educating myself.
I love the way so many in BP are so willing to share their experience and knowledge!
Again, thank you,
@Bobbi Martinez - Welcome to the BP community.
Below, is a link that other BPers have responded to a post about mission statement, from which you can make your own determination.
A mission statement done well can be awesome for you and your business. It will make decisions easier as you go and grow.
It should encompass your mission, your vision and your purpose. Michael Gerber (author of the E-myth) talks about it quite a bit. He gets so many opportunities to VC as you can imagine. It's only those with all 3 that he even bothers to help consult or invest in. Others are just among the millions making a widget. There will be times you will want to throw your hands up and quit. The mission and purpose will keep you in the game.
Making money or freeing oneself from a job is not it. That's only a goal. It does not have to be perfect. It will probably change with time. Just don't keep not having an awesome mission statement from getting out there and taking action @Bobbi Martinez !
Mission statements come in all flavors. Successful people have one for their own lives and for their own families. You can't hit a target that you can't see. Mission statements keep you on track and crystallize what you stand for and what you want to acccomplish.
I would choose a niche in real estate, such as buy and hold, fix and flip, etc, and include that also in your mission statement. It will show how you will achieve your goal and "mission"in life. Most people invest in real estate because they heard it was a good investment. Real estate is just a vehicle to take you from point A to point B. The better you learn and apply your vehicle (your niche), the farther and more lucrative it will be for you.
Once you begin investing, the mission statement will allow potential partners and banks and real estate agents view what you want to achieve.
Thank you everyone!!! The common thread in your posts is that I need to determine my niche - which I believe I have established. From what I'm already learning on this site and from all of you....BP's offers quite a bit by way of education and member support.
"I'm goin' in!"
Welcome to BP! Having a why and a vision is a great place to get started. How are things going for you now?
@Linval T. Thanks for the link! Establishing a strong, but potentially malleable, mission statement is really helping in the search for a property
According to Fred David a mission statement should have:
1. Customer - Who are the firms customer
2. Products or services - What are the firms major products or services
3.Markets - Where do you compete
4. Technology - are you technologically current
5. survival, growth, and profitability - are you committed to growth and financial soundness
6. Philosophy - what are the basic beliefs, values, aspirations, and ethical priorities
7. self-concept - what are your major competitive advantage
8. Public image - are you responsive to social, community, and environmental concerns
9. Employees - are your employees a valuable asset to you
Obviously this is geared towards a larger firm but I think you could apply this to your small business as well. Mission statements should be under 90 words.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing