So we’re week into the New Year and for some folks, the resolutions they made have already fallen by the wayside. Now, I’m not a professional, but having seen a few New Year’s Eves and made my share of resolutions, I’d like to offer some advice:
Most resolutions fail because they were simply empty statements.
Think about it – How many folks said “In 2020, I’m going to lose weight?”
A whole lot.
And yet, today, they have probably already put on an extra pound, changed nothing in their daily routine, and mentally crossed losing weight off their list of things to do.
So let’s broaden the topic – how many of you decided in the last month that one of the keys to your success is real estate investment? If anything, that’s a broad of a statement as losing weight!
Will you buy multi-family? Triple Net leases? Fix and flips?
Self storage facilities? (wink-wink)
With all that in mind, I’d propose the reason so few new investors give themselves the chance to become successful investors is they fail to create a plan and when opportunity arrives, they can’t capitalize on it.
Just like our friends not losing weight, then, let’s think about how we can be successful in real estate investment in 2020.
First, let’s pick a lane. For me, obviously, it’s self storage facilities.
With that in mind, a New Year’s resolution that can push you to success in 2020 can’t be “I’m going to invest in real estate” but actually should read more like this:
“In 2020, I will invest in real estate. I’ll do that by picking a specific type of property that is congruent with my own strategy. Since I don’t have loads of free time, I will invest in a self storage facility using very little of my own money and purchasing a Class B facility here locally where the seller will offer me finance terms over the next five years.”
“In quarter one, I’ll ensure my personal finances are in order – opening up a Self Directed 401(k) and rolling over the funds in my company program to allow me to use them for the purchase of a self storage facility. At the same time, I’ll also be meeting with owners and real estate professionals to find a facility.”
“In quarter two, I will put a LOI on a facility and begin the due diligence process.”
“I’ll close on the facility in the early part of quarter three and by this time next year, I will have already be making extra income from my new facility.”
I know that New Year’s resolutions are often more of a “have-to” than a “must-do” but the truth is, by turning a dream into a plan, you can do anything you set your mind to doing.
I wish you a wildly successful 2020!