If January is the month of goal setting and predictions, February is the month where we’ve run out of excuses. We’re clear, we know what our goals are and where we want to strive to be in December 2019. We’ve heard the market predictions, and we know the risks. So now begins the hardest part: action and follow through.
We know that Calgary real estate is still in the Slump phase of the real estate cycle. But what will each of us choose to do with that knowledge? Will we sit on the sidelines, waiting patiently for all those ducks to line up in a cute little row? Will we run from real estate, and make investments in other markets until the recovery phase seems to be clearly underway? Or will we don the red jersey, and simply put one foot in front of the other, progressing every day toward our goals?
I’m not advocating blatant risk by any means—no flying leaps of faith! The Slump phase is an ideal time to acquire properties for a low price IF they have positive cash flow. There isn’t very much competition in the market (with other homebuyers or other investors), so we have plenty of time to be picky and strategic. Zero compromises. Not enough cashflow for your comfort zone?—move on to the next property. Needs too many renovations at that purchase price?—move on. Something just doesn’t feel right?—move on. The more action we take, the more properties we process through our filters, the closer we get to the next strong investment property.
The man in the red jersey in the picture didn’t get to the front of the pack by accident. He started somewhere, and kept putting one foot in front of the other, each day moving toward his health and fitness goals. Financial goals and Financial Freedom work the same way. It isn’t easy, but it sure is worth the effort!
