Know what you want to do with RE
Many paths in real estate, a few ideas here: From notes of Liz Faircloth's talk Feb 17, 2015
Figure out what path you want.
1) Four main categories of RE (real estate) investing. Figure out and focus on one!
a) Landlord
b) Passive investor
c) Wholesale
d) Rehabilitation
2) Main RE goals: What are the percentages today?
and your goal in 5 years for these three categories?
Today Five years
a) Cash Generation % %
b) Passive Income % %
c) Wealth Building % %
3) Create a 'Why' statement. Why are you investing is RE?
4) Determine your:
* Assets,
* Time availability (7.6 hours available for average person),
* Skill & Knowledge,
* Personality traits.
5) Determine:
Are you financially a risk taker or conservative?
Are you 'Big Ideas' or 'Details' person
Are you Persistent?
Introvert or Extrovert?
What is your Communication style?
6) Create a Team & a mastermind group.
We are not strong in everything plus we all have blind sides.
Decide what you can offer from step 4 for any partners.
Examine mutual and non-mutual goals.
As mentioned by Liz, you may want the group have each member work on these ideas.
Discuss similar and dissimilar goals.