What are your goals for investing in real estate during the coming year? If you’re like many people, they may be something vague, such as “make more money” or “be less stressed.” Sadly, that is about the extent of most people’s goal setting. Even something like “participate in an apartment building syndication” or “hire a new property management company” is a bit task-oriented and vague. You’re here to achieve the unordinary, to excel beyond the typical human, and to create a booming portfolio of investment properties that generates passive income bank!
Am I right?
I know this because you’re a real estate syndication investor, which already sets you apart from the crowd! Now you just need your sights set high, your real estate investing expectations in the sky, and a system/strategy in place to help you fly!
This time of year goal setting is a trending topic – exciting to many but worthy of an eye-roll from others. Unfortunately, setting goals doesn’t always translate into moving the needle for your business. The truth is that if you want to achieve anything in life – whether it’s losing weight, earning more money, or investing in your first property – then you need to set specific goals and develop a system for achieving them.
The following blog post will teach you how to set powerful goals in your real estate syndication business so that you can get all the benefits of goal-setting as a real estate investor without any of the drawbacks!
To Set Relevant Real Estate Investing Goals, Begin by Asking Better Questions
When you ask better questions, you receive superior answers. As a result, when planning for the future and creating goals for your business or personal life, it’s critical to ask yourself questions that truly define what you want so that you can establish objectives appropriately. If you’ve never been able to set big, yet feasible objectives in the past, it’s possible that you weren’t asking the right questions.
Often, I find that people’s surface-level goals may be to make extra money or to generate leads, but there’s always something deeper. Why do you want to increase cash flow or connect with passive investors? What would it mean for you or your family to own multiple apartment buildings or facilitate a beautiful investing experience for first-timers? What kind of generation change could you facilitate for your family and friends if you were able to bring apartment deals to their attention?
As you set your goals, I encourage you to dig deeper so that you can form a meaningful, comprehensive business plan. To move forward with clarity, you’ve got to examine the past.
Here are 5 questions to ask yourself as you look over your real estate investing progress of this past year and use that information to help you plan better for the upcoming year.
#1 – What have you found to be your most successful strategy in the last year?
#2 – What hasn’t worked in the past year? What didn’t you accomplish?
#3 – What are some of the things you should do differently?
#4 – What are my objectives and desired outcomes for the year ahead?
#5 – What is the long-term vision for my company and personal life?
Break down your long-term objectives into manageable goals by asking these questions and starting with the end in mind. Take your time to answer these with deep, meaningful and even emotional answers. Goal setting and planning your year shouldn’t be an hour one-and-done exercise. Some would even argue that an entire day is not enough time to truly get to the bottom of it and plan well.
So take your time, answer questions thoroughly and remember, commercial real estate isn’t a get-rich-quick game. Instead, it’s a steady investment strategy toward long-term wealth. Goal setting is the same way – investing your time and energy into the strategic process of goal setting will allow you to bring value to the world the way you want.
Let’s deep dive into how you can achieve your objectives with your passive income and real estate holdings in the next year.
Celebrate Your Progress
First off, most people make the mistake of only celebrating the ultimate accomplishment – Kind of like going all day without any sugar whatsoever and then having a bowl of ice cream after dinner. It’s not worth suffering all along, denying yourself little luxuries all day, only to go overboard in celebration, is it?
In the same fashion, it’s worth having a little treat here or there to keep yourself motivated. If you make a new, excellent contact, invest in one more apartment community, or raise just $100,000 more on the next deal, that calls for a celebration! Those little moves accumulate day after day and build your progress – they are indicative of growth.
Make a habit out of celebrating your wins, whether they be in the real estate industry or your personal life. Did you help other investors understand the preferred return terms, or have input toward creating an exit strategy on a property, or did you add one more successful acquisition to your track record? Small or big, every win deserves at least a happy dance! To make sure you notice the progress you’re making, write down your accomplishments each week and each month. Take notice of how and where your actions have moved the needle toward your end goal.
You’ll benefit from a more immediate sense of satisfaction, simply because you’ll notice when you’re making progress. So, since progress equals happiness, take note of any little progress made, and celebrate the things you’ve accomplished periodically, on the way toward your big goal. Establish little rewards for each baby step so that you always have something enticing that you’re working toward and more immediate gratification to enjoy.
Reviewing and celebrating your accomplishments will keep you moving forward, taking pleasure in the journey, and allow you to feel the progress as you go.
Examine The Stories You’re Believing
In the areas where you didn’t achieve what you intended, explore the internal “mind-garbage” stories are you telling yourself in terms of why you didn’t or weren’t able to meet your goals. We all carry internal beliefs, perspectives, and money stories from our childhood and past experiences, and most of the time they aren’t true.
If the stories you’re repeating to yourself aren’t supporting your goals, you’re likely stealing the very rocket fuel you need to feel empowered for success. You have the power to identify, examine, and rewrite your internal stories, but only if you take the time and cultivate the awareness to notice them.
Do any of these sound familiar? – it’s just too hard, there’s too much competition, they won’t listen to me, I’m not smart enough, I don’t really know what I’m doing, I don’t know how to make a website, but the pandemic… there are so many more too!
If so, it’s time to make some adjustments to that broken record you have playing in your brain. You’re accidentally letting thoughts, societal or familial beliefs, and assumptions hold you back from your goals. Only you can control what you allow yourself to believe.
It’s time to rewrite the narrative for yourself if you’re blaming your lack of success on any of these reasons. The following is the real story behind every false narrative you tell yourself, and it has to do with fear of achievement.
When you’re afraid of success, you’ll find any means possible to sabotage your progress so that you can remain in your comfort zone. I’m sorry to inform you, but real estate empires aren’t built from comfort zones. There’s always a narrative beneath the surface, and you have to analyze the deepest levels of your stories in order to create new, powerful ones.
Expand Your Paradigm
Breaking out of your comfort zone is another way to say expanding your thinking. It’s just unpleasant when you attempt anything outside of your comfort zone. In order to develop, you must reach beyond your current abilities. You must stretch yourself, your mindset, your actions, and your beliefs as far as possible so that you can become the version of yourself required to achieve those high-powered goals.
One great way to expand your paradigm is to surround yourself with like-minded people. Seek out other high-net-worth or financially independent individuals, make friends with other real estate investors, attend events where other general and limited partners might attend. Join a mastermind, a success-focused Facebook group, or create your own circle of hustlers – whatever you need to do to surround yourself with similarly driven high achievers!
Another way to build belief in yourself and your ability to accomplish goals is to go back and remember a time in the past when you successfully expanded your paradigm. Drawing from past experiences will allow you to find a parallel to your real estate business.
Perhaps you thought you’d never graduate from high school and then you did.
Maybe you thought you wouldn’t get into college and it happened.
Were you fearful you weren’t cut out for parenthood and now you have children running around the house?
Can you think of a time in your life where you had a goal and even though you didn’t think achieving it was possible, you kept going until it came to fruition? Your real estate syndication goals work the same way.
The 5 Reasons Why Most People Fail to Scale
Here are five key reasons why people fail to take their real estate business to the next level.
#1 – Limiting beliefs
#2 – Lack of a strategic plan
#3 – Lack of systems for support
#4 – Poor time management
#5 – Lack of execution
Limiting beliefs can be anything from “people in my family aren’t good with money” to “what will they think if…” – thoughts around what others have done, will do, or could do are limiting beliefs. It’s possible more wealth in your life will also require you to set some boundaries with family and friends as part of your personal and business growth process.
Boundaries, systems, automation, and scheduling are all strategic support mechanisms that will be required at some point along your journey to wealth. Systems for support could be CRM software, a bookkeeper, or even a group of like-minded passive investors who are striving for a similar pace of growth.
Time management and execution are both a matter of getting things done in the amount of time you have each day/week. We all have the same number of hours in a day, but it’s what you do with that time that counts! Can you intensely focus on reaching out to potential investors for 1 hour each day? Or maybe you can brainstorm and write a catchy newsletter for your investors for just one hour each week.
If execution and time management aren’t your strong suits, consider hiring someone who thrives in that area. Otherwise, a simple desk timer, your Google Calendar, and an accountability buddy might do the trick!
The 7 Simple Steps of Goal Setting
Using the RPM system or the Rapid Planning Method, there are seven simple, but important steps to take when setting powerful goals.
#1 – Result
What do you hope to achieve? Begin with the end in mind and establish your objective. Here’s a good tip: clarity has power. The more clear your intended outcome, the greater control you have over it, and the more likely you’ll make progress directly toward it.
#2 – Purpose
Determine why you’re doing it. What is the goal of your endeavor? Consider who will be affected by the result and what feelings or emotions are connected to this accomplishment. Let yourself uncover a deeper purpose or passion for generating wealth.
#3 – Massive Action Plan
The action plan phase is where you’ll write down every step needed to achieve your goal. Do a brain dump of all the activities, tasks, and connections necessary to reach your objective. List out the moving pieces, categorize them, and try to discover how, when, and where you can knock them out.
#4 – Prioritization
Decide which activities should be completed first, second, and last. Are there any seeds you can plant right away? Prioritize tasks you can tick off your list now versus those that require other steps. Start planning your road map to success in order of priority, building steam as you go.
#5 – Time Stamping
Put a deadline on it. Add it to your calendar, because what gets scheduled is what gets done. What can you do in the first quarter, second quarter, and beyond? How much money do you need to save, raise, or invest each month/quarter/year on the way to your big audacious goal?
#6 – Leverage
Leverage is asking yourself what help you need and who you need in your life to facilitate the achievement of your goals. The help you need might be a person or persons like the team at Goodegg Investments, or maybe it’s an ads manager, copywriter, or an app. This is where you focus on honoring your strengths and hiring out your weaknesses.
If building a website is hard and not your expertise, don’t do that yourself! Hire it out and spend your valuable time on something you’re great at, like raising capital or conducting due diligence on the next apartment syndication.
If the day-to-day operations aren’t your jam, but underwriting is, then hire a property management company and call it a day. Lean into your strengths and quit attempting to chip away at your strengths. This is how you start distinguishing yourself from the rest and start investing in yourself.
#7 – Execution and Course Correction
For the final step, go out there and take massive action daily. Be seen and heard. Get noticed.
Attend the conferences, guest on podcasts, start that YouTube channel you’ve been dreaming about, and reach out to those friends you know need the tax benefits of investing. When people see how you’re making money because of your real estate investment moves, they’ll want to know how you did it and if they can get started investing too.
We’ve all got “shiny object syndrome” to a certain extent, so track and measure your progress as you move toward your target and then course-correct as needed.
The 4 S’s That Will Change Your Life
There are four simple S-words that, when applied introspectively, have the power to change your life. As you tread toward your real estate investing goals, you’ll occasionally need help staying on track and monitoring your progress.
Simply taking a few minutes each week and each month to go through the state, story, strategy, and standards that you’re acting upon will keep you taking aligned action, help you remain focused on tasks that really matter, and help you stay motivated.
#1 – State
Refocus your state of mind or attention toward your goals on a regular basis.
#2 – Story
Investigate your narrative or the story you’re telling yourself.
#3 – Strategy
Ensure that you’re sticking to your plan and RPM.
#4 – Standards
Examine your standards or the level at which you’re operating. You should be committed to being genuinely challenged on a daily basis.
Thinking Big And Setting Goals to Get There
Most individuals, according to Tony Robbins, underestimate what they can accomplish in a year but overestimate what they can do over a decade.
What does this mean for your real estate syndication business? To maximize your chance of success, you should regularly set goals to meet and establish action plans that keep you moving forward in alignment with those goals. This will help provide clarity around what matters most so that when opportunities arise, you’ll be in the best possible position to capitalize on them.
Remember, it’s not about working hard but smart so that you can enjoy life while making an impact. Just like with investing money, your accomplishments compound upon one another and propel you in a non-linear, upward trajectory. So, celebrate your achievements and go out there and conquer this next year and the next and beyond! What you’re dreaming of can be yours, and it starts today.
The takeaway? Continue setting big goals and planning your road map to success with Goodegg Investments by your side. We’re here to help make achieving those goals a reality.