4. Buy it: You need financing, an inspection, a lawyer, and some final research to ensure this property really does meet your objectives. And, of course, knowing a few negotiation tactics won't hurt either! But, basically you want to get control of the property, finalize your research and make sure the property is in the condition you expect! Then, buy it!

5. Make Money: If you've hired a property manager, there are things you'll need to do to ensure that the property manager is working well for you. If you've decided to manage the property yourself, there is a lot to know about advertising your units, tenant selection and management, and general repairs. At this stage it's all about maximizing your revenue while minimizing your expenses, the amount of time you spend and your stress!

Sounds simple enough doesn't it? Remember the Seven Habits of Highly Effective Real Estate Investors that Julie wrote about a few months ago?

Knowing your goals is the first habit of an effective real estate investor, and it's the first step in our process.

What better time to look at your goals then as a New Year rolls around!! So, please take a few moments before the New Year begins and plan your goals. Need some help... check out our older articles on goal setting for real estate...

And remember:

"If what you are doing is not moving you toward your goals, then it's moving you away from your goals."

- Brian Tracy

Published December 29th, 2008
-------------------------------------------------------------------------

Learn the secrets to becoming a millionaire real estate investor...in your spare time. Get the Rev N You with Real Estate Starter Tips Guide free when you sign up for our complimentary Rev N You with Real Estate e-zine.

We respect your privacy and WILL NEVER SELL OR GIVE AWAY your name and e-mail address to ANYONE!