Once you have decided to enter the real estate market, it is critical to pause and list out the reasons why – in other words, what are you goals or expectations from the investment/s. It is important to set goals – and realistic goals – so that we can formulate a strategy to achieve them. Even seasoned investors with multiple properties have a clear idea of what they want to get out of each of their investments.

Whatever you goals may be, it is imperative that short terms gains isn’t one of them. Though it is theoretically achievable, short term profit depends a lot on luck and timing than any strategy.

The reality is that real estate is like any other business—you don’t get rich overnight, it takes hard work and time to accumulate wealth. In fact, most start-up companies actually lose money their first year or two in business. The companies that survive past the first few years, however, often become profitable and continue to grow. While it is possible to make money right away in your real estate business, you may not see a substantial profit for several years.

Are you looking for monthly positive cash flow, long term appreciation and equity building, or a combination? Are you interested in investing for the long term or the short term? How much time do you have and what is your risk tolerance? For example, where you want to be financially in five years, (for example do you want to be earning $100,000/year in your job, own two properties that are giving you $500/month in positive income?)

It is wise to ask yourself what you can do in the next 12 months to achieve each of the above items. Once you have firmed it up, write down your goals and action plan on paper. Studies reveal that those who write down their goals have a much better chance of reaching them than those who don't.

Remember, the property market keep changing. Make sure you keep yourself updated regularly. Like any other project, being an investor also involves acquiring knowledge about changes and new trends that may affect your investment or its outcome.