More often than not, many prospective investors give in to the ‘Shiny Penny syndrome’ meaning we put too much focus on the latest and greatest deal without weighing how the deal fits in to our long-term goals.
I can’t stress how important goals are in Real estate investing anywhere more so here in Kampala. Goals are like fuel to a car- the drive, a steering wheel-the direction.
About 83% of the global population don’t set goals and the goals that most people set aren’t setting smart. We’ll let you in on a little secret! Businesses that set clearly defined goals are 10 times more successful than businesses that don’t.
So here’s how you can set goals that would best serve you as a real estate investor.
Set Specific Goals
Setting specific goals can help an investor stay on course among myriad potential pathways. Think of it this way, the term real estate investing covers a wide range of investing styles including fix and flip, wholesale as well as turnkey investing and real estate types single-family, multi-family, and commercial.
Set Measurable Goals
It’s a no brainer: Everyone wants to make money on any investment. No one invests to lose money. That being said, measurable goals are ones that can be quantified, for example how many property units will be acquired and how much do you expect in return in monetary terms.
Set Attainable Goals
While goals drive an investor, ambition is every property investor’s wing man. It’s the one ingredient that can’t miss when you’re in pursuit of success. However, as an investor you have to remember that your goals must be within reach. Setting unattainable goals only sets you up for failure.
Set Realistic Goals
Goals can really hurt you as an investor if they’re not realistic. Just like unattainable goals unrealistic goals are just a waste of time. They’re almost impossible to attain, way out of reach.
Set Timely Goals
The last step is really straight forward. There must be a deadline in your goals. Set timed check points to ensure you are meeting your goals Taking time to set goals in your real estate investment can feel too simple or too hard depending on many things, but it is very important if you want to be successful.
Once goals are set, as investor you need to develop a strategy to accomplish them. Build on from here with the next step of creating a business plan to keep your investment goals on track and when you’ve checked the boxes browse through our properties which guarantee you high yields for your portfolio.