the-abcs-of-real-estate-investing-ken LifeFeeling

KEEP YOUR FOCUS
There’s a funny thing about goals and success. The closer you get to achieving your
goal and the more successful you become, the more opportunities will come your way.
You’ll be tempted on almost a weekly basis with new properties and other business
opportunities that promise to increase your revenue. The “sure things” will come out of the
woodwork.
At least this is how it was and still is for me. All these opportunities are great, but you
can’t let them steer you away from your goal. Here’s what happened to me. After we had
built our property management business to a significant size and had begun looking for
ways to increase revenue, I decided to start a carpet cleaning company. It made sense at the
time; after all, we had thousands of apartment units with carpets to clean, why should that
business go to some other company? That single lesson cost me a quarter of a million
dollars. But even more than the money, it took my eye off my goal for at least a year or two.
It slowed the pace of our growth. Our company would have achieved its goal a lot quicker if
it hadn’t been for this diversion. I guess I should say I learned more than one lesson on that
deal.
As opportunities present themselves, ask yourself, “How many balls do I want to
juggle? If I take on this project can I manage ten more balls in the air? And more
importantly, will taking on this project get me closer to achieving my goal?” If your goal is
to buy an eight-unit property and earn an average of $4,000 per year in the next five years,
will a hot deal on a single-family home get you closer to achieving that? No it won’t, and in
fact, it will divert your attention from the original goal and certainly not net you $4,000 per
year in income over the next five years. If you are set on your goal and you should be
sometimes it means passing up great deals that don’t support it. Focus equals discipline.
Goal setting is not an option; it is a requirement for success. The sooner you begin
establishing your goal, the sooner you’ll be ready to take the next step establishing your
team.
CHAPTER TWO ACTION STEPS
• Understand and believe in goal power as a means to accomplish your dreams.
• Search within yourself and set a goal for your real estate investment business.
• Overcome goal fear, which is the fear of telling others your goal in case you fail.
• Find someone to whom you can be accountable.
• Tell everyone you see about your goal.
• Set milestones, the baby steps, for achieving your goal.
• Tell everyone about your milestones.