I think most of us have a roster of people we turn to when we are making big decisions. My roster includes the cheerleader, the nay-sayer, and Jana.
When I’m ready to analyze my choices, Jana is the one I call. She applies a system to help me see past the shiny objects, emotions, quick-fixes, and anything else that may be clouding my judgment. This exercise is simple and works for big decisions and for setting the stage to accomplish long-term goals. It just requires that you assign responsibilities, tasks, feelings, relationships, and anything else that may affect you into one of three categories:
In the spirit of the new year, applying this to your investment goals can help focus your time and energy in the months to come.
This is a short (and generic) example of how this may look.
As you’re analyzing the opportunities that are available to you, this tool can help you think through how your decision fits into your goals.
For instance, some of you know that I came across a potential deal earlier this year. It was an awesome opportunity. No doubt about that. But, it was far from my home, required way more expertise that I have at this point, and would have required a lot of oversight. If the example above was my personal list (and many of those items are on my list), this opportunity would have checked nearly every box in the “avoid” category, but only one or two in the others.
So, yes, it was a great opportunity…for someone else. That deal would not have helped me create the life I’m working toward.
As you move into the new year – think about what you truly want to invite into your life. Real estate investing can be a great tool for achieving the results you want – but, remember, that there are many different forms of real estate investing.
Notes. Rehabs. Assisted Living. Multi-family. They all require different skills, time commitments, and expectations. Find the tool that works best for you now and use the resources available to you to get the most out of your investment.
Visit ICOR’s website to see the topics we’ll be covering and join us for meetings and workshops to learn more.
Until then – we are wishing you success and happiness in the new year.
…and here’s to all the “Janas” in our lives!