QOTW: Do you have a BHAG (Big, Hairy, Audacious Goal)?

Real Estate Broker · Denver, CO · Member since 2022 · 102 posts · 219 votes

4y

Great question @Alicia Marks! Our big "why" goal for my wife and I is to reach financial freedom. To choose what we want to do for work, not worry about finances, be able to give our time and resources to causes we care about, and have plenty of time for our family.

We think real estate is a huge part of that and want to take bite size steps towards that. For our real estate investments we have come up with the goal of "5 properties by 35". We have been able to take steps towards this by buying a property, renting that property, and buying the next one. We are looking to repeat that at least one more time and potentially looking out of state for STR opportunities as well.

For my real estate business I am still relatively new and have the goal of getting to 1 deal a month and 10 short term rental properties managed in the the next 12-24 months. I break those goals down into smaller 12 week and weekly goals, and revisit them often and see if I'm on track. Both of these are big, hairy, audacious goals to me, but property and business goals fund my bigger goals and get us closer to financial freedom!

We are 30 and have two properties so far, and on our way to our 3rd/4th and moving forward on the business goals!

Would love to hear what other people's goals are!

6 Reply

Alan Hale

New to Real Estate · Fort Worth/Grandview Texas · Member since 2020 · 43 posts · 13 votes

4y

In order to achieve FI to the point I don't have to work any more OT I need $x per month. This can be net cashflow from any investment, so long as it's net cashflow.
In order to achieve true FI to teh point I can quit my W2 I need a greater amount of $x per month.
The way I want to achieve this is through buy-and-hold rentals, and at some point, private lending. We're currently mid-rehab on our first door. I'm already looking down the road to the next step. Meanwhile using this time (waiting on the contractors) to read up on private lending.

5 Reply

Jill F.

Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes

4y

I want to be saving 10k per month after all my living and property related expenses.

14 Reply

Gabriel Hall

Member since 2022 · 21 posts · 18 votes

4y

Quote from @Alicia Marks:

Welcome to our question of the week! We are talking about goal setting, because that can apply to any point in your journey as an investor. At BiggerPockets, you may have heard the mention of a BHAG (big, hairy, audacious goal) as something that seems almost unattainable, but still very possible. It has a deadline and objective that is measurable. Some people choose to measure it around a number of units, cashflow, networth, or some other factor. The important point is that it is something that you value as a goal to keep you on track.

What is you BHAG? Have you made a BHAG in the past? How did you do? What factors helped you decide on your goal?

I want to encourage everyone to connect with other investors that have a similar goal or may be in a similar point in their investor journey. Having someone or several someones to help you be accountable for your goals can be a very important step to getting those goals accomplished.

Let's get talking!

My two current goals are to have a $1,000,000 income yea, and a $10,000,000 net worth total. I build businesses, real estate, and run a family business I run as a W-2 job. Is that big?

8 Reply

Noah Stephens

Member since 2022 · 1 post · 16 votes

4y

I just got out of work release jail and I've been studying this investor thing for the past year. My goal is to analyze 10 properties a day for the next 10 days to understand my market a bit better, find a single family house that will work for a house hack, make offers and close on a deal by the end of the year. I have plans to go to some meetups and meet folks in the Atlanta area. I wish everybody luck with their BHAG!!

16 Reply

Shannon Allen

Real Estate Agent · Boise, ID · Member since 2020 · 31 posts · 43 votes

4y

Two goals:

#1 I want to become the industry expert in my area on helping clients buy homes where they can build wealth by adding an ADU to their property.

#2 I want to start with building an ADU on my property!!

6 Reply

Alicia MarksPro Member

OP

Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes

4y

My BHAG is to be an accredited investor based on net worth within the next 8 years. I'm on track to do it in 3 if I am more aggressive. Becoming accredited opens me to more passive investment opportunities, as well as opportunities that I don't otherwise qualify for that have better returns. I'm aiming for $10k/ month in rental income profit per month as an initial goal as well. I am well on my way!

[email protected]Podcast Guest on Show #204

7 Reply

Tony Perrella

Member since 2018 · 9 posts · 8 votes

4y

BHAG's! You have to be a particular type of person to want to have a BHAG. Many of those types of people are drawn to the Bigger Pockets Community.

I'm not necessarily a lover of the BHAG, but I occasionally give myself one when I have the mental energy to pursue it seriously.

I accomplished the first BHAG when I purchased my first SFH for a house hack. I was 23 Y/O and had 20K in the bank enough to buy my first house for 200K. That was about three years ago. I've been running an AirB&B in that property now for three years and have since accumulated another SFH close by and am running an additional airB&B there as well. Now that my AirB&B business is fully automated, I'm setting my eye on a new BHAG.

The BHAG I'm working on now concerns a Self Storage Facility. After researching this area and communicating with some brokers in the North/South Carolina area, I'm building out my BHAG. I'm Researching how to Evaluate the Purchase Price, how to add value to a facility, how to find private money, and many more topics regarding self-storage. I aim to own a self-storage facility with multiple buildings and locations by march 2023. This will be accomplished through hard work, persistence, and dedication.

If you have any advice or encouragement for me, I'd love to hear it! Please comment below!

4 Reply

Etta Stewart

Toney (Huntsville), AL · Member since 2020 · 7 posts · 15 votes

4y

My BHAG (for now) is to own a minimum 2-acre parking lot for semi's (and other big vehicles). Spaces can be rented from on a "nightly" to annual basis. I come from a family of truck drivers and, once home, there isn't a lot of options for Owner-Operators and OTR drivers. This would provide them a safe place to park their equipment while off duty.

10 Reply

Scott Mac

Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes

4y

Not me.

I have a framework.

That framework "tries to" balance out a comfortable life vs. being just a toiling slave to a goal.

But I will say this, I do enjoy most everything real estate.

For instance if I'm sitting in the hot tub listning to music (or posting in here) and a call comes through saying a roof blew off, some people would consider that a huge hassle.

But I don't look at it that way. I get to choose some new shingles and underlayment. Talk to a few contractors. See some drone shots (damaged and repaired) and negotiate with the roofers a bit. All things I like doing (other than cutting the check--but insurace might cover that).

But as far as a BHAG no. I move foreward in logical bites that fit my framework of balance.

In that way I lessen my stress, and also lead a comfortable life.

Just my 2 cents.

7 Reply

Shaun Lloyd

Investor · Panama City Beach, FL · Member since 2017 · 7 posts · 7 votes

4y

BHAG:

- Expand my $41k/yr to $1M+/yr in passive income (Rental, dividends, ...)

- Purchase my own Helicopter/s to achieve personal and company movement freedom!!! (Driving is becoming unsafe IMO and airlines are sketchy)

- Build my business to support 1,500 housing units for homeless and Disabled Veterans.

6 Reply

Greg ScottPro Member

Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes

4y

Quote from @Alicia Marks:

My BHAG is to be an accredited investor based on net worth within the next 8 years. I'm on track to do it in 3 if I am more aggressive. Becoming accredited opens me to more passive investment opportunities, as well as opportunities that I don't otherwise qualify for that have better returns. I'm aiming for $10k/ month in rental income profit per month as an initial goal as well. I am well on my way!

Alicia:

You can get there faster if you want. A couple of years ago, they added new ways to qualify as accredited, beyond just income and net worth.

On Aug. 26, 2020, the U.S. Securities and Exchange Commission (SEC) amended the definition of an accredited investor. According to the SEC's press release, "the amendments allow investors to qualify as accredited investors based on defined measures of professional knowledge, experience or certifications in addition to the existing tests for income or net worth. The amendments also expand the list of entities that may qualify as accredited investors, including by allowing any entity that meets an investments test to qualify."5

Among other categories, the SEC now defines accredited investors to include the following:

Individuals who have certain professional certifications, designations, or credentials
Individuals who are “knowledgeable employees” of a private fund
SEC- and state-registered investment advisers

Individuals holding Series 7, Series 65, and Series 82 licenses are now included as accredited investors. The SEC can add certifications and designations going forward to be included as well as encouraging the public to submit proposals for other certificates, designations, or credentials to be considered.

Series 7 requires a sponsorship but Series 65 does not. https://www.ria-compliance-con...

3 Reply

Felix Lilly

Member since 2022 · 27 posts · 26 votes

4y

I am a new real estate investor as well. Currently I am working towards learning how to leverage debt in my favor. I think I am understanding how it works, I also need more capital.

3 Reply

Alicia MarksPro Member

OP

Fort Worth, TX · Member since 2020 · 1k+ posts · 2k+ votes

4y

Quote from @Greg Scott:

Quote from @Alicia Marks:

My BHAG is to be an accredited investor based on net worth within the next 8 years. I'm on track to do it in 3 if I am more aggressive. Becoming accredited opens me to more passive investment opportunities, as well as opportunities that I don't otherwise qualify for that have better returns. I'm aiming for $10k/ month in rental income profit per month as an initial goal as well. I am well on my way!

Alicia:

You can get there faster if you want. A couple of years ago, they added new ways to qualify as accredited, beyond just income and net worth.

On Aug. 26, 2020, the U.S. Securities and Exchange Commission (SEC) amended the definition of an accredited investor. According to the SEC's press release, "the amendments allow investors to qualify as accredited investors based on defined measures of professional knowledge, experience or certifications in addition to the existing tests for income or net worth. The amendments also expand the list of entities that may qualify as accredited investors, including by allowing any entity that meets an investments test to qualify."5

Among other categories, the SEC now defines accredited investors to include the following:

Individuals who have certain professional certifications, designations, or credentials
Individuals who are “knowledgeable employees” of a private fund
SEC- and state-registered investment advisers

Individuals holding Series 7, Series 65, and Series 82 licenses are now included as accredited investors. The SEC can add certifications and designations going forward to be included as well as encouraging the public to submit proposals for other certificates, designations, or credentials to be considered.

Series 7 requires a sponsorship but Series 65 does not. https://www.ria-compliance-con...

I do know about the testing aspect, but haven't looked into it a ton. I'd also need to get close to the accredited goal just to have the capital I'll need to enter the space. I do like that they have options though.

[email protected]Podcast Guest on Show #204

1 Reply

Matthew McKee

Real Estate Coach · Boise, ID · Member since 2022 · 177 posts · 285 votes

4y

I’ll use this forum for complete transparency.

1. use the TurnKey Brothers podcast and brand to educate and encourage investors in all aspects of their portfolios.

2. Create financial freedom through a cashflow generation juggernaut.

3. End human trafficking.

In that order

7 Reply

Catherine Scott

CA · Member since 2022 · 3 posts · 3 votes

4y

I am wanting to build a team first, only interested in multifamily in California, have to start from the bottom, I Know nothing, feeling lost, looking for mentors in my market.

3 Reply

Charlie MacPherson

China, ME · Member since 2014 · 3k+ posts · 4k+ votes

4y

I have reached financial freedom through business brokering. My BFHG is passion-related.

I'm a pretty hard core wildlife photographer with an extra passion for the arctic (in the summer - I'm not a complete idiot!). I've done 7 trips that have crossed the Arctic Circle, but I have not yet set foot in Nunavut, Canada.

I not only intend to do that, but I'm aiming for a trip to Qutinirpaac National Park at the northern end of Ellesmere Island - about 400 miles +/- from the North Pole.

The challenge is finding an Inuit guide who can help me get there and search out wildlife.

These polar bears were photographed in Kaktovik, Alaska. Just for fun, Google zip code 99747!

11 Reply

Chris SeveneyBusiness Member

Moderator

Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

4y

@Alicia Marks

Absolutely

My BHAG this year was to quit my full time job and start a $75M fund, which I have done both. This was a difficult one because I had a really high paid corporate executive job but was being held back from my real estate investing because of it. Fortunately I was able to stash away some cash for “rainy day” if ever needed and start my own company and fund.

7e investments53 Reviews

Website View Page

4 Reply

Kanchan Sil

Member since 2020 · 5 posts · 5 votes

4y

go from 2 to 20 unit in next 5 years :)

3 Reply

Yukiko Nakayama

Real Estate Professional · Ashburn, VA · Member since 2014 · 29 posts · 15 votes

4y

I would like to make $250k on cashflow annually from self-storage facilities in next 5 years.

3 Reply

Mike ReynoldsPro Member

construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes

4y

The next deal (in the works) will be the one where I can say

But I probably wont because I love my job. It's only 8 hours a day and there are 24 after all.

4 Reply

Brian S.

Member since 2017 · 10 posts · 8 votes

4y

I definitely do not! This is my own personal philosophy, though, and extends to all areas of life.

If I make some grandiose Big "Hairy" goal, it's going to automatically give it intention/significance of being

very lengthy, difficult, and or distant.

I instead gamify my "big goals" and make them light fun and easy! This has allowed me to achieve all of my goals to date, and I'm only getting started.

I'd love to be featured on a Podcast episode someday! Currently own a 12 unit and looking to get to 40 before 2024.

1 Reply

Eric Bilderback

Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes

4y

At 20k a month I think my wife might let me take her and kids to Africa for a couple months on a safari and be tourists there. I would agree to go to Europe in the deal.

1 Reply

Brian S.

Member since 2017 · 10 posts · 8 votes

4y

Quote from @Gabriel Hall:

Quote from @Alicia Marks:

Welcome to our question of the week! We are talking about goal setting, because that can apply to any point in your journey as an investor. At BiggerPockets, you may have heard the mention of a BHAG (big, hairy, audacious goal) as something that seems almost unattainable, but still very possible. It has a deadline and objective that is measurable. Some people choose to measure it around a number of units, cashflow, networth, or some other factor. The important point is that it is something that you value as a goal to keep you on track.

What is you BHAG? Have you made a BHAG in the past? How did you do? What factors helped you decide on your goal?

I want to encourage everyone to connect with other investors that have a similar goal or may be in a similar point in their investor journey. Having someone or several someones to help you be accountable for your goals can be a very important step to getting those goals accomplished.

Let's get talking!

My two current goals are to have a $1,000,000 income yea, and a $10,000,000 net worth total. I build businesses, real estate, and run a family business I run as a W-2 job. Is that big?

Hey Gabriel, I think it's great! Definitely not too big, numbers are just numbers. I also have a 10M net worth goal, but I'm thinking let's aim higher, why not!? 30M sounds about right.. I feel whatever target we set we'll achieve, so might as well go a little higher.. thinking we just need 120 units or so plus a side business that generates 30k monthly or so, and well on our way!
(p.s. I don't know why I'm phrasing this as "we" but just trying to be more personable?friendly lol)

3 Reply

Carlos M.

Investor · Lancaster, PA · Member since 2016 · 94 posts · 356 votes

4y

@Alicia Marks

Currently my wife and I own 128 doors , which is 15.1 million in assets, $112,228 monthly gross rental income. We own 100% of it as in we have zero investors. It’s just us and the banks. We jokingly call our business “against all odds”. We say that because we had our daughter when we were 17 years old, we both had only a high school education. My wife did get a degree as an adult. My first two real jobs out of high school was being a janitor. So it wasn’t easy to get here..

Next goals… instead of grossing $100k monthly, I want to net $100k monthly in rental income. What excites me about that is knowing The amount of great people we will need on our team to make that become a reality.

8 Reply

QOTW: Do you have a BHAG (Big, Hairy, Audacious Goal)?

QOTW: Do you have a BHAG (Big, Hairy, Audacious Goal)?

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