Becky Nova is a Cancer Researcher by day, Real Estate Investor by night. After taking time away from the hospital, Becky lived in Spain and Portugal where she owned a Tour Company and then a bar, respectively. Unfortunately, she lost the bar and moved back to the States penniless. It was then that she met her now husband, Emilio. Emilio had immigrated to the United States a few years before and dreamt of Homeownership. In an attempt to not live mortgage payment to mortgage payment, Becky suggested they purchase a multifamily.
And that’s exactly what they did. Once they saw the power of investing, they bought 10 more doors in 2 years in NY and the Dominican Republic, Emilio’s home country.
Since then, she has started a women’s organization called Lady Landlords which empowers over 20,000 women to reach Financial Independence through Real Estate Investing. A key part of her program is setting realistic goals and developing a plan to achieve them. As we head into 2022, we asked Becky to share some of her insights on goal setting for real estate investors. If it inspires you to take action, Join the Lady Landlords Goal Setting Workshop next week here!
Over the weekend, my husband, Emilio, and I sat down and planned out what we are looking to accomplish in 2022. December is a great time to look back on where you came from, assess where you currently are, and brainstorm your options for moving forward. I find this gets us on the same page and allows us to be most productive with our energy and resources in the coming year.
But, it wasn’t always this easy.
Between busy jobs and multiple streams of income, I often felt pulled in different directions. I have always been the idea person with big dreams. But that also comes with its own form of ‘shiny object syndrome’ (You know, where you start one project then quickly jump ship to start another, never truly completing any of them? Just me?) Well, I needed to find a way out of that and get focused so I could actually make progress, but that’s where I got stuck…
Until I heard these words!
Start with Why. It’s actually the title of a book that changed my view on what I could accomplish. Before I was piecing all of these mishmashed ideas together, but now, I was able to get clear on what I really wanted to have happen in my life. It all started with taking just a few minutes to outline what was really important to me and for my family and to get at the crux of WHY it was important. After that, I was able to work backwards breaking my dream into smaller, sizeable chunks. I now look at everything through the lens of whether something fits the vision I have for my life…or if it doesn’t. This keeps me focused and allows me to say no to requests without the guilt I once had.
And, all of a sudden, your dreams won’t seem so far away!
So here is how you can break it down and make 2022 the best year yet:
Here is your opportunity to realize what you want in life is really possible…because anything is! Dream big and start by listing out all that you want to accomplish. Think 10 years out, 5 years out. For example, you may want to quit your 9-5 job by 2030 with a 20k a month income. Or, you may just want to know that you will have 15 doors generating income by 2025. Whatever you want to accomplish, make sure to be really specific with your goal and make sure to give it a deadline. That will help keep you accountable. Then, break it down into a 90 day goal for yourself. For example, “I will get pre-approved by January 30th.” Or “I will buy my first multifamily property in Westchester by April 1st.” This will help you stay on track in a manageable way that will not be overwhelming. It’s a great building block and once you get it incorporated into your life, you’ll be able to add the next block and the next to go from reaching your goals to living your dream!
Match them to your Strategy.
One of the biggest mistakes I see Real Estate Investors make is that they chase other investors dreams and forego their own. They hear one story about someone that made money off of a flip, and all of a sudden everyone thinks they can be an HGTV flipper. But let’s be real. Maybe flipping isn’t right for you. Maybe you have a demanding job and little ones at home where heading to a job site to oversee contractors on a gut rehab just isn’t going to work for your lifestyle. And that’s okay. Find the right strategy for you. Weigh out your options to do a flip. Are you are looking for a time limited project versus a Buy and Hold rental property where you are looking at managing tenants for the long haul? Have time, but no money? Consider starting with Wholesaling! Have money, but no time? Get involved in Syndications. Remember, if we try to do everything all at once, we will usually fall flat on our faces.
And we’re off! It’s time to take action! Now that you are focusing on one dream to incorporate into your life go for it! You’ve done the work to plan. You have small, sizeable steps to move your REI journey forward. You, then, made sure that you identified the right strategy that actually excites you and works for your goals. The only thing left to do, is well, do it. Find an accountability buddy or attend local networking events to make sure to stay plugged in with other investors to inspire each other along the way.
It’s a great way to ensure a Successful and Prosperous 2022!