- Meet people at this networking thing..... DONE. I was at a networking event so I tried to bring up investing in each conversation, which was a bit forced, but I did get some positive responses.
- Write at least 2x a week on this new blog............. not so done
- Buy a multi-family apartment that cash flows....... not so done yet
And looking back on these goals, what I think of is I should always be working towards these goals no matter what happens. Good or bad, happy or unhappy, I should always be working towards my goals. Now most of those are along the lines of financial goals, which is fitting for a real estate blog.
My other goals are more personal development focused and they include:
- Reading a book a week (credit to Tai Lopez for opening my mind to how much I could be learning). What's fascinating is that I learned that I shouldn't be limiting myself to one type of book, like business only. I have a bunch of self-improvement / self-help books but I'm also reading economics and evolutionary stuff.
- Writing my goals at least 2x a day. This is kinda weird writing about it as I do it, but I think it's great to keep on reminding yourself of your big goals. And that leads to...
- Write BIG goals. I was listening to a BiggerPockets podcast that featured Grant Cardone, author of "The 10X Rule" and his philosophy is to have big goals that are almost impossible to achieve. This way you have something to always strive for that's bigger and better. When you achieve the reasonable goal, it's as if you've sold yourself short. When you go big (my goal is $500 million in real estate), it keeps you focused on your end goal.
- Listen to it here: BP Podcast w/ Grant Cardone - the 10X Rule
- btw I'm waiting for the 10X Rule to arrive on my doorstep but it's taking forever...
So onto real estate... today was also my first time calling a property management company. I am looking to invest in Colorado where tons of people have said it has peaked already... BUT it's still cheaper than New York metro area. I'm not just buying on price though; I'm currently in my due diligence phase and I'm spending time reading up on the market and economic trends and what not.
At first, I thought that doing the due diligence and everything would take ages. Reading through endless PowerPoint slide decks and multiple reports, but it really hasn't been that exaggerated so far. I listened to Chris Clothier's (http://www.memphisinvest.com/) speeches before and what he said really stuck with me. It went something like "it's your hard earned money so you have to know what you're investing in". (misquote right there...)
As part of the due diligence process, I called a property management company and it was pretty standard. They were very professional and said they would take care of everything. I was sure to ask about different types of fees that would be involved and I think I got a decent feeling about them, well as much of a feeling as you can get from thousands of miles away. But I know that I have to go and talk to more companies to see what other options are available.
Overall, I think this was a good first step though :)
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