What Are The Steps You Need to Follow In Your Business

In this case, specifically a real estate business, there are certain steps that you follow to create that business. 

The first thing that I always like to start with is the WHY. 

Why are you getting into real estate in the first place? Once you understand the why, then you can put together a vision and a mission. So, what's the vision for your real estate business? 

Do you expect to have a hundred properties in three years? Do you want to be known as the number one provider of real estate investing in your area? What's your mission? Why are you doing this? What do you hope to accomplish with real estate investing? Do you hope to have more time with your family? Are you looking at replacing your current income? Are you looking at just augmenting your existing income or having this as another stream of income? 

Once you have your high-level mission vision established, then you start putting your goals together. 

So, the next step is you decide what your goals are. I want to make a million dollars in three years. I want to reach a profit of a million dollars in three years. I want to own 20 rental properties. 

You will have these high-level goals, these high-level milestones that you want to strive for. Then what you do is you put together a set of short-term goals. 

You should have three-year goals, one-year goals, 90-day goals, and then 30-day goals. And they should all be aligned with your vision, mission, and a purpose or which is your why.

And so every month you're reviewing your goals and you're revising them if you didn't hit them. If you were supposed to make X number of phone calls or X number of connections or X number of meetings and you didn't, so the next month maybe you have to double down so you look at that. Or maybe your strategy has changed a bit. Maybe in your area, fix and flips aren't working anymore. So maybe you have got to look at lease options or maybe at wholesaling. 

And what are your long-term strategies? Are you investing in rental properties long-term? Are you investing in private equities long-term? What are your passive income wealth-building strategies and what are your short-term income-generating strategies? 

So, you have to look at both and, and these are the steps you need to follow when setting up a real estate investing.

You don't just go in and start talking to a real estate agent and say, “Hey, I'm looking to buy a property.” First of all, they would look at you kind of funny. And they would say, “what kind of property and what are your goals with that property?” “What is it you are hoping to accomplish with this investment? Are you looking for something to fix and flip out? Are you looking for something to hold?” 

Another thing is you should always be looking for motivated sellers. 

In real estate investing, there are really only two things you need to be doing. You need to be looking for motivated sellers and you need to be looking for people to help you fund deals. So, you need to be looking for joint venture partners or for cash buyers. 

And then everything else in between those 2 things are just the pieces that go together that tie those two major activities together. 

So, when getting started out in real estate investing, make sure you have a plan and make sure you execute that plan to achieve the goals and the vision, mission, and purpose that you started out to achieve in the first place.