New Years Real Estate Resolution
This year I will spend more time with family and friends. I will loose weight. I will quit smoking or drinking. I will get out of debt. Sound familiar? This year you may be making a resolution for a better life in 2007. If real estate is in your plans for 2007, here are some recommended resolutions for you.
1. I will write down my goals. Stop reading now. Get paper and pencil, PDA, laptop or whatever you use and begin writing. Jot down five things you want to accomplish this year. They must have due dates and must have a cost amount attached. Post it up somewhere you go everyday.
2. I will Save 10% of each payday. Whatever income you take home on a regular basis, divide by ten and start saving. You can ask your HR department to set up a contribution account for you. Name the account “New Coop” or “New Home Only”; something that reminds you of why the account was created.
3. I will use my tax dollars. Go research your target towns. Your education dept tells you how many dollars they spend on each student. Your county assessor tells you how much tax you will pay. Your planning department will tell you about new developments in town. Your police department will give you crime statistics. You already pay for it. Use it.
4. I will put my vice money in the DOWN jar. Turn a bad habit into a good habit. Taking that money from smoking, drinking, excess eating, or whatever and put it in a jar labeled D-O-W-N. That stands for Doing Ownership Work Now. This is the start of your down payment money.
5. I will visit my neighborhood once a month. Drive, take the train, bus or walk around your target neighborhood. Go shopping there, go for ice cream, go to the bank, and walk around the schools. You will learn more than you ever imagined.
6. I will ask for help. Create a page called “Important People.” It should have the name and contact number of the following: your best friend, your attorney, your banker, your local politician, your accountant, your religious leader, one police officer you know and trust, one crook you know and trust and your Realtor (my number is 914-699-1471).
7. Never ever give up. No matter how dark the future looks, do not give up. You will not be turned back. If you fall, you will get up. If you go broke, you will start again. If they say you can’t, tell them to stuff it. You can will it to happen, if you believe in yourself.
A resolution is nothing without action. Take one today.