Wednesday April 4th
Last night we had a great meeting with the REWT Group in Worcester MA last night. Ann and I started this group with hopes to help people achieve their goals. As we discussed income producing properties, that four letter word came up again. It was a good discussion. Ann started with a lot of “trick” questions.Basically, she wanted to demonstrate that there are so many different ways to look at the numbers generated by income property. Ultimately, the person investing needs to decide what they want to accomplish (goal) and how they want to accomplish it (plan).
I had no problem answering her trick questions because I have a solid plan on what I buy and why I buy it. But, it doesn’t mean that I am right. What I do is what works for me. Someone else may put emphasis on different criteria and so their plan will be different from my plan, and that plan would also be right, for that person.
The take home message from our meeting last night was that you need a goal and a plan for your real estate investing. This will act as your map. Then you can start taking incremental steps towards your goal. You will have a much better chance of succeeding if you know what it is you are trying to succeed at!
And as an experienced investor, I would offer that owning rental property should definitely be part of your plan to achieve your goal of financial freedom. Generating passive income is how true freedom and wealth are achieved. The great news is that you can choose something that works for you. And don’t let fear stand in your way.
Abhishek, one of our first REWT Group members is buying his first rental property. It will be closing soon. And this is super exciting. He has had a lot of fears as he moves forward. But the process of pushing through the fear is starting to have an effect on him in positive ways. Last night he sent me part of his “story”. And I am grateful he shared it with me. And he wants to share it with you too. This is a big step for Abhishek. And I hope he doesn’t mind me “picking” on him, but sharing his story is a big deal for him. He will be the first to tell you how shy he is. As I read his story, I was thinking… isn’t this true for all of us? We all have a story that we want to tell. And as you start achieving your goals your story will take on new meaning. Taking control of your life, aiming for a specific outcomes, and experiencing small achievements; will help you appreciate who you are and all the things you can and will accomplish.
So set your goal and get out there. Your Future is waiting.