ForeclosuresMass - ForeclosuresMass Monthly - Success Strategies - Don't Worry, B-SASSY: A Six Step Program For Reaching Your Investment Goals (March 2006)

As hard as it may be to believe, March is already here. That means that 2006 is now 1/6th over, and for many of us - particularly those for whom real estate investing is still a "part time" endeavor - it's easy to feel discouraged by a perceived lack of progress.

If you find yourself feeling this way, take heart. In my ten years coaching real estate professionals (and as a licensed broker myself), I have learned the critical factors that make a difference in meeting goals. You've still got 10 months left to make 2006 your most financially rewarding year yet, and in today's article I'll share with you something I call the "B-SASSY" system - a proven approach for helping people be successful in reaching their goals.

B: Be accountable
S: Start
A: Ask for help
S: Stay on course
S: Stay with it
Y: Say YES

* Next 37 17 investors only!

If you're serious about your business, you've already established clear, explicit goals for the year. From there, the most important thing you can do with your plan is to break it down into actionable chunks and schedule those chunks into your calendar.

Your action items, just like your bigger goals, need to be measurable and specific, and have a time frame associated with them. So, for example, "Buy some investment properties" isn't very specific; "Buy 2 investment properties before the end of 2006" however, is.

Next, find someone to hold you accountable: a colleague, a coach, or a friend. Someone who won't let you off the hook (as we tend to do for ourselves), and who will hold your feet to the fire when you need it. Arrange to check in with this person once a week; reviewing the past week's progress, stating your goals for the upcoming week and agreeing on what you'll have done by when.

Do you know what I see, among all kinds of people (accomplished and otherwise)? When the task at hand is out of the comfort zone - out of the arena in which the person feels mastery - there is enormous hesitation, procrastination, and time wasting. As Goethe said, "Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it."

I couldn't agree more. If you find yourself circling around the outside of a project, not starting and not starting and not starting, pull yourself out of the hamster wheel. Ask yourself, is there ONE step into this project that I can take right now? Identify something you can do and get going. That's often all you'll need to get started and stop wasting time.

Many people fail because they think they have to do everything themselves. In practice however, and in order to grow your business and keep it growing, you will continuously need different kinds of help.

This may mean delegating the bookkeeping, hiring out property maintenance, or turning over other tasks associated with your investments. Whatever it is, sooner or later you'll need extra hands to do some of the work that although you may know how to do, you no longer have time to do. The key is to free yourself up to do the critical things that only you can accomplish.

Experts say that commercial airplanes are off-course 95% of the time. They arrive on time at the correct destination however, because their navigation technology works by checking their actual position against the plotted course, and making course corrections at frequent, regular intervals.

In your real estate investment business, you, too, need course-correction technology. If your goals are specific, measurable, and have a time frame associated with them, you can check yourself at regular intervals (e.g. once a month). If you're no longer on course, make the necessary correction.

Just as a plane headed to Seattle doesn't want to end up in L.A., you need to make sure that you stay pointed towards your stated goals as the year progresses.

For some reason, people in our business, both investors and broker/salespeople, seem to be easily distracted - much more so than those in other professions.

If you have this quality, you know that in many ways, it's an advantage. You are likely to notice trends, opportunities and properties sooner than the average person. But it can also be a liability. When you lose your focus, you don't take the consistent actions you need to take to stay on course.

Regular monitoring of yourself is the key. If you find yourself all jazzed about starting an antiques business or a bed and breakfast, and spend your work week investigating these opportunities instead of working on your investment business, acknowledge yourself for your entrepreneurial spirit, and come back to work.

As you move through the hard work of starting and building your real estate investment business, you will encounter many challenges. A steep learning curve, a need to master a wide variety of skills, financial risk, even the adjustment of working on your own, without the structure and camaraderie of a "regular job." Taken together, this can cause a loss in sleep in even the most seasoned entrepreneur.

In order to keep yourself afloat in the face of all these challenges (whether you feel them on a daily basis or not), it is important to acknowledge your wins, however small they may be. When you accomplish an important task, when you learn a new skill, when you manage your time productively - all of these successes should be "owned" and acknowledged by you. Here's what this might sound like:

"Yes, I'm now set up in Quickbooks!"
"Yes, I am beginning to understand the market in my niche."
"Yes, I now have the habit of reading through the listings as soon as I get them from ForeclosuresMass.com."

Yes, yes, yes, on the path to celebrating the good days and staying focused through the bad.

In summary, real estate investing can be a terrific way to earn a living. The freedom, the financial rewards, and the sheer serendipity built into the industry make for a thrilling combination. This can all be yours, and taking the time to regularly apply the B-SASSY approach in reaching your goals is a path to get you there.

Work-Life Coach Sharon Teitelbaum was a presenter at the MA Association of Realtors 2005 Leadership Academy and was featured in Realtor Magazine, published by the National Association of Realtors, in "What Life Coaches Can Teach You," by Bridget McCrea. Her 2005 book, Getting Unstuck Without Coming Unglued: Restoring Work-Life Balance can be purchased at her website. Contact Sharon at Sharon@stcoach.com, or at http://www.stcoach.com.

Did you like this article? You May Also Like:

	Negotiation Skills: Developing Strong Relationships... A Key to Success with your Contractors Richard Cohen, Negotiation Coach and Consultant As a property investor, you're challenged by the sheer number of contractors with whom you must negotiate. It can be a struggle, but as Richard Cohen explains, it doesn't have to be. Build strong relationships with these folks and watch your negotiations go smoothly.
	Success Strategies: The Top Three Fears That Prevent You From Making that First Deal Kelle Sparta If you've yet to close on your first deal, it could be that something is blocking you. According to author, trainer, and coach Kelle Sparta, people usually have the following fears when it comes to real estate investing: they think they don't have enough information, they're afraid they'll lose money, or they believe they aren't the real estate investing type. Read her article to find out how to conquer these common, yet debilitating, fears!
	Interview with the Expert: The Nitty-Gritty Rehabbing Tips You Must Know Kevin Lacasse What's the biggest mistake real estate investors make when it comes to rehabbing properties? According to expert rehabber Kevin Lacasse, it's paying too much for a property! Read his tips for figuring out how much you should pay - and how to budget for those unexpected cost overruns.
	Interview with the Expert: Using Syndication to Fund Multi-Family Transactions Kate Dobens, Clear River Partners, LLC In the fall of 2006, Kate Dobens attended a training seminar about owning and operating apartments. Now, a year and a half later, she and her husband manage $18 million in multi-family assets - thanks to syndication. Read her advice about getting started in syndication - and how you can use it to consider deals that are double or triple in size.
	Interview with the Expert: Helping Families Get Back on Track Financially After Foreclosure Jennifer Matthews, Founder, Creating Financial Literacy, LLC You can play a key role in helping clients get back on their feet both financially and emotionally by understanding the challenges they face. According to Jennifer Matthews, an advocate for those who have been through foreclosure, often times people lack basic financial literacy and management skills - the lack of which contributed to their financial woes. In this livley article, Jennifer Matthews provides the essential tools consumers need to increase their financial literacy, repair their credit, and recover from foreclosure.
	Interview with the Expert: Know How to Use Your Contingencies David Camiel, Attorney If you think you can use an escape clause to get out of a real estate contract, think again. Because the courts look unfavorably at escape clauses, contingencies are a better way to protect your interests - as either the buyer or the seller. Veteran real estate lawyer David Camiel explains the legal ins and outs of real estate contingencies and how they can work to your advantage.
	Feature: How Real Estate Investors Make Big Money with Syndication Eileen Schwartz, Real Estate Investor Want to get in on a little "secret" real estate professionals have long known to offer a very considerable return on investment? Eileen Schwartz shares her knowledge of real estate syndication, a potentially lucrative strategy that involves forging a partnership with a group of shareholders to invest in multi-million-dollar properties. This introduction to real estate syndication provides everything you need to know to get started.
	Success Strategies: What Banks See When They Look at Your Credit File Tammi Koza and Carl Phinney, Family First Mortgage Corp. Most people know the credit score is the first thing the bank looks at when reviewing a credit file, but did you know lenders also look at a host of other data? In this article, Tammi Koza and Carl Phinny explain why you need to view your credit file the way a bank does if you're serious about investing in real estate.
	Technology Corner: Generate More Leads With Text Messaging Dylan Schleppe You know the problem with flyer boxes - you're forever filling them up only to find out two days later they're empty again. Wouldn't it be great if you could eliminate the flyer box problem - and give your prospects property info when they want it? Now you can with SMS (also known as text messaging). In his article, SMS technology expert Dylan Schleppe talks about the state of SMS and how real estate companies and investors are using this technology to generate leads 24/7 - without breaking the bank.
	Feature Article: Talk Like a Contractor to Explode Your Rehabbing Profits Paul Esajian What's the number one fear that prevents investors from rehabbing properties? The potential nightmare of working with contractors! The star of A&E's popular "Flip this House," TV show, Paul Esajian gives you three steps for establishing expectations with contractors up front. Learn how to talk their language - and reap the benefits!