JCORE’s Investing Nuggets of Wisdom: Part 2
Written by: Tom Groves
Want to achieve massive success? First, you’ll need to know the best ways to realize and take action toward your goals. In last week’s post, we focused on finding your desire and using the Clubhouse app to network. This week, we’ll focus on getting specific with your goals and really visualizing your success. By applying these two techniques, there will be no stopping you from realizing your goals! Read on to find out our last two nuggets of wisdom–bringing you closer to real estate investing success
Investing Nugget 3: BE SPECIFIC WITH YOUR INVESTING GOALS
You are sitting in your office– wherever you are in the world– and you have a desire to get involved and make money with real estate. You know you desire to take action, but you’re not sure what steps you should take.
STEP 1: Be honest with yourself!
• Do you have the desire to own a rental property?
• Do you desire to be active as a landlord while renting out your owned properties?
• Do you desire to own a property and receive income passively?
STEP 2: Be specific with your available time to commit.
• Are you looking to spend extra time working with your individually owned properties?
• Are you looking to invest with a team as a limited partner (LP) through apartment syndication?
Let’s be honest; most people want to increase their wealth with as little effort as possible. PASSIVE INCOME! You can accomplish passive income through investing in stocks, bonds, mutual funds, and more. If you’re specific with your goals and want to earn passive income, our favorite process is investing in multi-family housing as a limited partner through the process of syndication.
Think of multi-family housing as your mutual funds of real estate. A single-family home is like an investment stock. It can earn you a decent return–but when it is not performing well, you are not earning any cash flow– or building any wealth. A multi-family home is similar to a mutual fund– as you have several tenants within one property. They collectively pay their rent, and in turn, your property’s mortgage is also being paid. You’re then able to earn cash flow through this investment, and the property gains value through forced appreciation over time as you make improvements to the property. Ultimately, building your long-term wealth!
So, what is your specific goal?
• What amount of effort are you willing to commit?
• What amount of time can you commit?
• Do you want to grow your assets actively?
• Do you want to grow your wealth passively while others are working to grow your assets?
BE SPECIFIC AND TAKE ACTION!
Investing Nugget 4: Faith Visualization and Belief in Attaining your Desire
We had discussed in our previous post– that DESIRE is the starting point of all achievement, but we must believe that our desire can lead us to something great! Napoleon Hill wrote that FAITH is the head chemist of the mind, stating FAITH can be induced or created through affirmation or repeated instructions to the subconscious mind. Think about Olympic athletes and their constant visualization. You can watch a ski racer, bobsledder, or track star physically visualize attacking the course in front of them. Visualization is a discipline most of them developed over time through coaching and training. Have you ever used this technique in your professional or even personal life to attain the desire that was within you?
For example, the actor Jim Carrey wrote himself a personal check in 1985 for $10 million, dated 10 years in the future. He later received a role in the movie “Dumb and Dumber“ in 1995 for a sum of $10 million dollars. This is just another example showing that “FAITH Visualization and Belief in Attaining your desire” fits with anyone no matter their field of interest.
Below are some practical steps to take to Attain your Desire!
1. Be specific with what you want to achieve! Do you want $25,000 a month in passive income a month? Do you want to have 1000 rental units? Be specific!
2. Decide what you’re willing to give to achieve your DESIRE!
3. Give yourself an achievement date! WRITE IT DOWN SOMEWHERE AND MAKE IT VISIBLE.
4. Write out a plan and begin moving forward immediately.
5. Read your plan to yourself at least twice a day and share it with someone you know can help keep you accountable!
Many people had used the Faith Visualization and Belief in Attaining your Desire technique before they ever reached the goals they set before them. So take charge in developing your mindset and chase after your dreams!
If you’re looking for ways to get started building your real estate investing empire, these four techniques offer a fantastic foundation to get you on the right path.
About the author:
If you’d like to find out more about Tom Groves and JCORE’s mission, you can visit their website here.