Do You Know YOUR ABC's of Real Estate Investing?
Do you know your ABC’s?
Now I trust if you are reading this of course you know your alphabet.
What I really mean by my question is, do you know your fundamentals, your core values and mission in life, your priority?
Notice I did not say priorities.
Priority is meant to be singular.
As in – the ONE thing.
There is an entire book on this by Gary Keller called The One Thing and it was a great read for me in early 2020 and did ultimately affect how I went about my days and even structure my work life. I recommend it.
But I am not here to give a book recommendation and scurry away.
No, I am here for a coaching moment.
If you had to, without any warning, could you tell me your top 3-5 core values in life?
What about your core values in investing & building a real estate portfolio?
That list of values might be a little harder. Though ultimately necessary if you don’t want to waste your time going after every “shiny object” out there.
Here are my recommendations for getting clear on your top values in life & RE investing:
Give yourself space to get clear on these – set aside some time to allow free thought about what really matters to you and what (up to this point) has brought you the most joy.
Picture some kind of disaster – what would you hope makes it though the disaster and why?
Press into any “weak” areas – do you long for stronger friendships, for example? Acknowledge that. Without judgement. Just an assessment of what is not working as well as you would like. The solution may mean doing something different with your current friends or it may mean finding some higher quality friends altogether.
An exercise I have done for the past two years is to look at a list of values and circle what pops out to me and then narrow that down to 10 or less. I have seen the list for personal values but below is a list of investment values. See what stands out to you – you can only pick 3-5, remember.
Potential values in a Real Estate investment:
Amount of capital needed to invest
Return on my investment
Exit strategy – what happens at the end?
Time – how long will my money be tied up?
Steady cash flow into my pocket
Tax benefits (i.e 1031 exchange, etc.)
Social or Mission based investments
Diversification of asset type/class
Consistency of asset type/class
Lower risk but less return
Higher risk but chance of higher return
What stood out to you? Why do you think it is important to you?
I have a necklace I wear that has A B C inscribed on it.
Because my priority is Alison (me) Billy (my husband) and Charlotte (my daughter) in all that I do. These are my people. If my A B and C are not in the forefront of my mind and ultimately my actions, it is wasted energy, in my opinion.
At the end of each day, each moment is all we know we have been given. Life is short. Keep your ABC’s close to your heart and mind for your happiest and most fulfilled life.
Yes, even in Real Estate investing – your ABC’s matter.