I love this time of year because it just seems natural to stop and assess where you are. And after you figure out where you are it’s easy to plot a path to where you are going. So long as you’ve figured out where you are going, that is.
Many of the regular readers of BBQ Capital know that this isn’t a real estate investing site dedicated to the rehabber, flipper or big time investor. The bulk of our readers and investors own fewer than 10 investment properties. Read that again. The bulk of our investors own fewer than 10 rental properties.
Why? Because they already have a full time income. Real estate investing in Kansas City or around the country isn’t a way for them to replace their job. It’s a way for them to secure their Retirement Worth Having.
I may, or I may not, break down for you in the next week or so how just 10 rental properties would change your financial life forever. You can do it yourself, of course. And if you took the time to do so you would most likely be blown away.
Here are some things to consider when setting your 2008 financial goals:
How long before you would like to retire?
How much money will it take you to have a retirement worth having?
How much liquid capital do you have right now to invest in real estate?
How much equity do you have right now in your current property(ies)?
Compare where your money is now to where it could be.
Here’s an off-the-cuff simple goal for real estate investing that I like to share with people. Get 10 income houses. Either get 1 a year for 10 years or get crazy and get 2 a year for 5 years. Any more than that and you might be rushing the “get rich slowly” theme that I tend to like.