10 Real Estate Investor Goals (To-Do List?) For 2008

There are coaches, mentors, and advisors armed with advice on exactly how we all should be planning for next year. It all boils down to the various parts of our lives, which are important and which are relegated to the B-List.

What has priority in our lives? It changes of course, over time.

priority

I’m a middle aged man who decided a priority in 2007 would be my long term health. Silly me thought health as a priority would be like falling off a log. After all, since my teenaged years health professionals have given me not only great advice, but incredible training. I should’ve known it wouldn’t be as simple as, eat better, sleep better, exercise more, and generally demonstrate more discipline.

Health, like real estate investing, is conceptual, not ticking off items on a to-do list. It’s not that a list won’t get you there, it’s that understanding the concepts driving your success or failure tends to help. Go figure.

If your A-List includes finally pulling the trigger on a real estate investment Plan, listen to the Purposeful Planning podcasts. They’re located on the right column towards to top.

Follow that by the Grandpa Economics podcast.

Yeah, I know it’s almost an hour of your time. Get over it, and then think of the time spent in retirement. Most folks are gonna be alive far longer than their parents and grandparents were — especially when they retire years earlier. Since we all prefer that to be quality time, and know higher retirement incomes are better than lower — listen to the dang podcast. :)

Grab my White Paper. It’s on the right under Free Reports — Early Retirement. It’ll take you over to my regular website and give you a taste of what’s in the paper.

If yer over 50, there’s a podcast just for you — Close To Retirement.

About your health? While listening and reading about how to retire earlier and better, why not get serious about your health too? This isn’t a health oriented blog, nor am I anything close to an expert. Your reading this online, which means you probably can figure out how to find solid info. the gym

What’s the use of retiring high on the hog, younger than you thought, if you’re not gonna be in spectacular health? My mom is gonna be 77 next April, and she still works out several days a week. Grandma turned 94 this year and we’re just now having to ensure there are able bodied folks around to help when needed. Until about a year ago she was still walking a mile — twice a day!

She did well with her money over the years, and has been retired since Nixon was in office. Her robust health has made that time productive to say the least.

Do the same for yourselves. Don’t let me get you to a magnificently abundant retirement only to find yourself unable to take full advantage. How lame would that be?

So here’s the goals, or maybe a simple to-do list for you to consider. It’ll help get you out of the gate for 2008.

10 ball

1. Once and for all — Figure out a Purposeful Plan just for you. I’ll help if you want.

2. Take a closer look at your current financial status. Stop doing things you shouldn’t be doing, and start doing what you know you shoulda been doin’ a long time ago.

3. Ascertain the current net equity in all of your income properties. If any (or all?) are around 35% or more of the value — call me, cuz it’s more likely than not time to make a move.

4. Review the financing on your properties, including your home. Regardless of what the media says, there are some pretty enticing loans out there, some of which just might make your month end up with more cash. I can point you to the right guy if you wish.

5. Does your income property reside in a region where prices have reached levels of stoopid? It’s probably time to get outa Dodge. Sell/exchange now. Don’t fret about how much you net, cuz yer gonna more than make up for it on the other side. Really.

6. Reassess your choice of CPA’s. Yeah, I know, yours is really good — so is everybody’s. Most, like doctors with the different disciplines in medicine, know parts of the Internal Revenue Code much better than other parts. You want the one who knows the parts talking about real estate. :) Trust me, that’s not a big percentage of accountants. It matters — big time. So please do it, OK?

7. What strategy have you been using to allow your investment capital to grow as quickly as conditions allow, while remaining safe? How’s it been working for ya so far?

stop sign

8. Stop doing the following three things:

  • Chasing cash flow when capital growth is far more beneficial for you now.
  • Holding your investment properties either too long, or forever. You’re leaving huge piles of retirement cash on the table.
  • Aiming for a retirement funded by savings, Social Security, and a free & clear home. I guarantee you that won’t be a retirement — it’ll be a life sentence.

    9. Take a look at how much depreciation you’re claiming. If it’s a lot, you should strongly consider heading over to your employer to increase your exemptions. This will immediately increase your take-home pay, which is a good thing. Why wait ’till April 15th every year?

    10. Decide whether or not you’re happy with the results (see #7) you’ve seen so far. If you sense you’re driving a Corvette, but haven’t been able to get your capital growth to exceed 70 mph — change what yer doing.

    Finally, my first post for the new year will point to new empirical evidence of the strategy employing Grandpa Economics failing on a nationwide level. What I’ve uncovered, ironically through the media, will hopefully lead many to an epiphany.

    Enjoy the year’s final days, and be safe. I appreciate all of you, and wish you all the best year possible in 2008.

  • 7 thoughts on “10 Real Estate Investor Goals (To-Do List?) For 2008

    1. Robert D. Ashby

      Excellent article…full of good advice. I especially like the “Aiming for a retirement funded by savings, Social Security, and a free & clear home. I guarantee you that won’t be a retirement — it’ll be a life sentence.” People need to realize the old way is no longer valid.

      Reply
    2. BawldGuy Post author

      Thanks Robert — I’m now writing the first post of the next year on the subject. Not only is it happening the way i’ve been laying it out for so many years, but the gov’t is adding insult to injury.

      Don’t be a stranger Robert.

      Reply
    3. Cher

      During a down R.E. market, it takes courage to sit down seriously and “accertain the current net equity of your income properties”. But if you have smelling salts available in your office, it would be great to formulate a stategy for 2008.
      My top priority in 2008, is health. I admire what you’ve done in that area and intend to follow suit.
      Indeed, what good is money without health? Like you said, our health should be a large component of our purposeful plan.

      Reply
    4. Eric Ransom

      Great advice for Realtors and clients to take a good hard look at where they stand and where they are headed. I think too often complacency keeps us from really analyzing where we are from an investment perspective and if we are on track for our objectives.

      Thanks.

      Reply
    5. BawldGuy Post author

      You’re welcome, Eric.

      Keeping focused on your Plan and where you are can’t be put off. Many investors do, resulting in either missing out on a solid opportunity or unintended negative consequences.

      Don’t be a stranger Eric.

      Reply

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