New year, new goals. Perhaps 2015 is the year you decide to move forward with your investment ideas and purchase your first rental home. It is already the end of February, are you on track to achieving your dream or have you put it on the back burner? Most people set their goals or new years resolutions way back at the start of January, but many fall off the wagon as the year goes on. What can you do to ensure you aren’t one of them?
Make it real
The first thing you need to do is take responsibility. You have made the decision to buy a rental so own it. Tell people about it, write it down, set a reminder on your phone or email – whatever you need to do to make yourself accountable.
Break it down
Once you have your big overall plan in place, what do you need to do to achieve it? Break it down into small steps. Maybe you need to create a savings plan to ensure you have the deposit ready to go, or maybe you need to research what to do once you have purchased your property – will you manage it yourself, or get someone else do it for you? Either way, take your big overwhelming, how-am-I-ever-going-to-do-this project and break it down into manageable steps.
Stay on track
If you are committed to saving for a deposit, it can be hard to keep to your plan, especially with all the bright, shiny, must-have objects around that are enticing us at every opportunity. Every time you want to make a purchase, think to yourself: ‘is this helping me achieve my goal?’, or ‘do I really need this so bad that it is taking funds away from my big project?’
Before you know it, it will be December again and you will wonder where the year has gone. Make sure you check in regularly, at least once a month, so ensure you stay focused and will purchase your first rental property before 2016.