Hey guys, we’ve got another great Frank Cava video lesson today. It’s kinda a ‘Back to Basics’ strategy that just about everyone can use in the real estate industry – and that means you! We’re talking about something that you can do to help generate growth - Goal Setting.
No doubt, many of you shrugged your shoulders or rolled your eyes when you saw goal setting. But, they don’t have to be dirty words…
Look, we get it - a lot of the hype around goal setting is just theory and not practical. Many of us have struggled with this.
But there are some people who not only set goals, but actually achieve their goals because they’ve put a new spin on this whole goal-setting thing.
We are lucky enough at RealEstateMogul to know one of those smart goal setting (and goal achieving) guys. He’s already shared a wealth of REI knowledge with us in some awesome previous lessons and in a recent Live Mogul Training Call, which you should definitely check out. (Yeah, he’s good!)
In today’s lesson, Frank lets us in on his secret to goal-setting success. He reminds us that much like the popular saying, ‘It’s not about the destination, it’s about the journey you took to get there,’ setting and achieving goals is all about the steps you take to get there.
Of course it’s important to have the end in mind, but most of your focus should be on the map you draw that will get you to the pot of gold – and this approach works for goals big and small.
And we’re not just talking theory here. Frank offers up a personal example (training for a triathlon), and a business example (wholesaling), and really breaks it down in a tangible way that helps us understand his process of setting yearly, monthly, weekly and daily goals.
Frank – He Gets Stuff Done
Besides the fact that Frank is awesome at goal setting, he’s also an experienced investor and business owner out of Virginia with more than 200 deals under his belt including wholesale, retail, rehabs, rentals, short sales and more.
So be sure to listen in as Frank talks about the impact motivation has on this whole idea of goal setting, and the one interesting tip that he always includes in his goal setting framework.
Make sure you stay tuned til the end because Frank doesn’t just tell us what makes his goal-setting work, he also shares with us the things that don’t work and what we should avoid when setting goals.
{Mogul Elite: Download a transcript and MP3 of this lesson in the Power Pack tools for this lesson.}
Consistently Set Goals – You’ve got to hunker down and discipline yourself and your business partners or employees to set goals; it needs to become a practice you do regularly to be effective.
Set the Goal and Plan the Steps – Knowing where you want to end up is important, but knowing how you’re going to get there is even more important. Fun sports analogy: Don’t focus on home plate, make sure you’re reaching 1st base, then 2nd base, then 3rd base before sliding into home base with a big fat grin on your face.
Measure Progress and Course Correct – Go back and evaluate whether the steps you’ve taken have helped you get closer to achieving your goal or whether they need to be tweaked to ensure you get there.
Get an Accountability Partner – If you’re struggling with motivation, make sure you include partners who can help encourage you to get back on track and keep moving forward.
Be Honest and Realistic – If you did 4 deals this year, it’s unrealistic to set next year’s goal for 200 deals. Use a realistic approach – your goals should be attainable, but challenging enough to help you grow.
Frank Cava
is an experienced investor in VA. Since going full-time with investment 3 years ago, he's done over 200 deals in wholesale, retail, rehabbing, rentals, owner financing, REOs, subject to's, and short sales.