subject: 5-step Process To Financial Freedom Through Real Estate Investing [print this page] You have learned how to create a real estate business. But at the same time, you want to create your net worth. The steps to getting this done are a 5-step process. Not only can you apply this process to your business, but you can apply it to your personal life.
The five steps to Getting it Done are:
1. Define what role you will play
2. Establish your vision
3. Create your storyboard
4. Create your plan
5. Create your performance dashboard
Defining your role: The roles that you can play in your business are that of bird dog, wholesaler, rehab and retail properties or multifamily apartment rentals (income) properties. The more focused you get in defining the role you wish to have, the more effective you will be. Do not try to do everything or you will get distracted and bogged down by stretching yourself too thin.
Establish your vision: Your vision is your reason "why"; why you are creating your multifamily apartment business. Make this a "three-year" vision. Ask yourself where you want to live, what do you want to do and what do you want to have over the next three years. This timeframe is long enough to keep you focused and energized.
Create your storyboard: This is a physical representation of what you want your vision to be. Your mind thinks in pictures so keep this board in front of you everyday. Cut pictures of your "dream" items out of magazines. Post pictures of real estate properties that you have closed on.
Create your plan: What is the sequence of steps to get you to your three-year vision? What are the milestones along the way? Create a storyboard that steps out your plans all along the way. Define the action steps that must be taken in order to reach each milestone.
Create your performance dashboard: This will be your daily and weekly "scorecard" of how you are doing in accomplishing your goals. You will be able to see what goals you haven't met each day and each week. This is a great way to actually "see" where you are on your path to financial freedom.
Once you put this five step process into place, you will be able to "see" the big picture and more effectively work your business. As you progress and begin to achieve goals that you have set for yourself, you will begin to realize your dream of financial freedom.
by: Lance Edwards
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