In episode 120 of the Better Than Success Podcast host Nicole Purvy talks How to Develop Your Strategic Plan for Your Real Estate Empire.
How to develop you plan for your real estate empire?
Starting off with what she has recently concluded and that is the challenge many people face after deciding to invest in real estate. Nicole says “One of the biggest things stopping people from doing deals is not having a strategic plan for your real estate empire”.
She goes on to explain that idea that people are afraid to define exactly what they want. As you start to develop your plan you need to understand that short goals are good in the process. You also need to understand that your short goals need to be the platform to something big… Nicole references her very own self-help book, The AntiHustle: Starting a Sex-Figure Business in One Year. Nicole explains everything she is referencing in this episode is more in depth in the book. Moving on, as you begin the process of developing your plan you need to grasp the idea that people are afraid to define exactly what they want and work away from that to develop a clear vision.
Developing a strategic plan starts with a vision and a lot of work.
Nicole moves on to the topic:
Why people don’t develop a plan for their life?
1- People are too lazy to define what they want.
It can take weeks or even months to develop a vision.
2- People are to afraid to define what they want because they don’t think they will get it or deserve it.
“Don’t make it stop you because you don’t think you deserve it today…It will happen over time. Develop yourself into the person who deserves it” – NP.
After briefly touching on why people don’t actually develop a plan, she explain some misconceptions about developing your real estate plan. Here are the top to reasons:
- It must be realistic
- You can’t change your vision
Nicole then moves on to how you actually develop the strategic plan through your vision…
She explains there are TWO ways to do it.
- Develop the long term vision (if the world was yours what does it look like?.. For Example: Owning 10 rentals, etc)
2. Based on financial freedom…
-How much money will you need for you to feel comfortable?
-How much do you need to leave your job?
Defining how many properties you need to reach your goal is an important factor while developing your strategy. Once you are able to define, you will need to start budgeting and planning so things can start to action action as soon as possible.
Once things are in motion… your strategic plan for your real estate empire will fall in place!
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