2007/01/13

My Real Estate Investing Goals For 2007

Okay - Here's what I'm up to in 2007!

The name of the game in real estate investing is to buy investment property - and then keep buying more - continuing on - to purchase and maintain as much as you possibly can, thereby building your wealth with equity.

I intend to add 1 or 2 new properties to my investment-portfolio this year, but before that can happen, I am planning to work on my debt to income ratio first!


This means focusing on paying down my debts, such as credit cards, vehicle and home equity loans, so that I can leverage my credit to buy more real estate investment property. This strategy will raise my current credit score and lower my debt to income ratio giving me more leverage to buy.

I'll admit, this isn't all that "sexy" - in fact it's not easy for most Americans to do, but it's an important part of playing the "Investing Game".

Discipline is a core component for a real estate investor to be successful - sacrificing a few short-term pleasures for long-term results. I’ve seen too many investors lured by the glitz & glamour of those late night commercials, but fail in the real world because too much financial risk was taken initially, lack of discipline, lack of coaching or no long term commitment to managing and maintaining their properties.

Having the goal of continuously building my wealth by investing in real estate helps me to stay focused on my future every time I want to spend money on anything I don't need (buying "do-dads" as Robert Kyiosaki puts it in his "Rich Dad" books). Each time I make a purchase of any kind I have to check: “Do I actually need this? Or would it just be" cool"?! ("do I really just want it, but not need it.”). If I find myself buying an item I don’t actually need, I usually choose to keep the money & put it to work for me somewhere else.

When I make those smarter spending decisions I can make larger payments on my credit cards and outstanding loans - and as I mentioned, by the end of 2007 it's my goal to buy another income property either here in my home town of Minnesota or buy another Florida Investment Property (I'll most likely invest in Orlando because the appreciation is so good there right now).

Florida adds more than 275,000 people to their total population every year, not to mention the ever growing tourist industry, technology industry and medical industry. Many of the people moving in are baby boomers migrating away from their home states and needing places to live. They in turn, create additional service jobs to cater to these retirees, making Florida a great state to invest in IF you know where to invest.

So anyway, that's my real estate investing goals in a nutshell for 2007 -

  • Pay Down My Bills
  • Buy More Property
  • Build My Wealth

It's really a very simple formula that makes sense - is proven to work for other successful real estate investors – and it can work for YOU as well.

Enroll in my free (no obligation) Investment Property Program if you would like to learn more about building your wealth by investing in real estate - and visit my other blog to find more real estate investing information.

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