In a recent previous post, I've recommended that an investor should reflect on some key items before setting 2006 goals. I'll post my goals based on answering these questions soon.1) Determine how much borrowing power and/or other people's money you have access to investing.
I've had a mentor tell me, "If you can't afford to buy a house at XX price, don't look at them!" For time management, know how much your working capital is and work within the limits. This will help your marketing efforts immensely by focusing like a laser instead of a fog light!
Also, this is a good time to get ambitous and create goals to access more capital.2) What is the current state of YOUR Real Estate market and what techiques are best suited to maximize profits in your local market?
Ok, for those of you who don't know, the real estate market generally runs in cycles (I need to write a post on a "guru's" explanation of the cycles). Understanding the cycle , will make you more money, period.3) How risk adverse are you?
Are you ready to take the plunge into developing or re-habbing properties. Go above your comfort level and set goals, however, don't get crazy and expect to do over the top things like do a condo conversion on the New York Plaza and make millions off of your first transaction!
By being honest with yourself, you will narrow down the paths to which REI is right for you.