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The Importance of Setting Goals Before Investing

Today we are going to discuss the importance of setting goals before investing. Being prepared is not only important to being successful in the BRRRR method, but in all real estate investment methods as well. Let’s break it down step-by-step.

Setting Your Goals

Every journey begins with a destination in mind. Before diving into the BRRRR method, ask yourself:

  • Why do I want to invest in real estate?
  • Where do I want to invest?
  • How many properties do I want to own?
  • How much cash flow do I want to generate?

Take a moment to think about your answers. These goals will guide your entire investment journey.

Searching for Properties

Now, let’s start our search. Look for under-market properties through:

  • Wholesalers
  • Investor-friendly Realtors
  • Real estate professionals who specialize in off-market deals

These properties are not listed on the MLS and usually require quick action.

Getting Long-term Loan Approval

Before buying, secure a pre-approval from a long-term lender. This step ensures you know the maximum loan amount you qualify for, which is crucial for the refinancing stage later on.

Buying with a Short-term Loan

Next, use a short-term loan, like a hard money loan, to purchase the property. These loans are essential for fast closings, often within days or weeks.

In Sum

It is imperative that you set your goals, search for the right properties, secure financing, and repeat the process in order to be successful. Need help getting things set up correctly? Contact us today!  

Would you like to find out more about the BRRRR method? Watch our most recent video: The Importance of Setting Goals Before Investing