Are you Suffering From Misalignment?
Are you stuck in Analysis Paralysis? Are you scouring the Lady Landlords posts watching everyone else get rental after rental and not you? If so, then this email is for you! I used to be the same way having total house FOMO, but then...
It just clicked for me!
I was so involved in what everyone else was doing, I forgot about me...and what I wanted. So I realized I had to learn to how block out the noise and let in the educational nuggets. Now, I am able to celebrate what everyone else is accomplishing without that ugly jealously feeling popping up. I am able to learn from other women's successes and take what they did well to apply to my situation where I can.
I learned that not everything is right for me. The goal you are working towards is different than my goal. What success means to you is different than what success means to me.
So why chase other people's attempts at success?
Because we haven't dedicated the time to talk to the person most important in the equation.... YOURSELF!
So here's what you should be asking yourself:
1. What do you want out of Real Estate Investing?
Start with thinking about what you want to get out of real estate! Put pen to paper and think about what success looks like to you. What do you want to see cash flow wise? Do you want to get your car payment covered? Or do you want to quit your day job and bring in a 6 figure salary? Either option is perfectly fine but different skill sets are needed to accomplish each of these. You need to first figure out your end goal and work backwards from there.
2. What strategy will you use?
Real Estate Investing is so cool to me because there is something for everyone! Looking for another monthly income stream? Buy a rental! Don't have the money to get started? Find private lenders or raise some capital by wholesaling! Have money but no time to oversee contractors? Invest in syndications! But we can't be all over the map and we can't have our goal and strategy be misaligned. In order to be successful...and happy, they need to work hand in hand.
3. What now?!
Great, so you are going to invest in rentals. And you are going to buy Out of State because your area just isn't right. But what state? What city? Single family or multifamily? How are you going to pay for it? What does the downpayment look like? Use all those questions to create the specific buying criteria you are looking for. This will help you be able to evaluate deals as you come across them and help your analyzing process. Once you know what you are looking for, and what you are not, start shopping!
Not sure what criteria you should be? Or where or what to buy? Get help here!
What is holding you back? Hit reply and let me know how I can help!
Happy Deal Finding!