QOTW: How are your 2022 goals so far?

Question

Welcome back to our question of the week! For those that joined us at BPCON, we hope you learned a lot and found lots of value and inspiration. If you didn’t get to join us, make sure to get your tickets early for BPCON 2023 in Orlando!

Now that we have started the 4th quarter, I wanted to do a check in on how your yearly goals are coming along. What can we help you with so you can get the most from the end of year push?

Plato Asadov · Answer

They are coming along like butter. I have decided to transition into real estate in 2022. I decided to go with Brandon's style. I gave myself a year to study. Unsubscribed from every single channel on youtube other than RE-related. Bought 1st course on the topic dec 25th, 2021 finished it in a month or so. Got my agent license, and became an independent hard money broker.

Listened to hundreds of hours of BP and other related podcasts, bought all the books that guests suggested, finished more than 30 of them(continuing), some of them twice, and completed couple more courses.

Put together my team of contractors, property managers, investors, developers and etc. Told everyone what I am trying to achieve, how I am different than other agents and etc. Now I am in the process of closing my first "subject to" deal which came to me as a referral. Hope to join you guys at the next BPCON.

Kia Reni · Answer

On track. Last year I did 7 units and planned to do 6 units in 2022. To date all are done and full rented. I now have 13 units full rented. I challenged myself to read and summarize 2 books by Brandon - both done. Iam a buy (construct) and hold rental investor in African Environment. All going well. Now contemplating how to creativelly plan and arrange my finance for 2023 so that I can do 8 new units, if achievied I will hit annual rental income of $50,000 in Tanzania.

Account Closed · Answer

I’ve been working on a single project for the past several years. It involves major rehab of a mixed-use, an office/retail and a 7-unit apt building, plus the acquisition of several properties where I tore down the houses to make a single lot. I closed on the last house on the street last week and am gearing up to rehab it. I rezoned the street the lot faces so it is ready for development of a 20-unit apartment building. I have a day job, so this has kept me pretty busy.

Earlier this year, the owner (a friend) of an 11-unit across the street from the lot asked me in desperation to buy it. His PM was a ghost so there was a lot of deferred maintenance and more than half the units had been vacant or delinquiint for more than a year—major rehab and stabilization project. I’ve been spending a lot of money and my head is spinning. Should calm down by February. I’m easing into retirement so I am likely done buying properties forever. I took up woodworking a couple years ago and will do that instead.

Ryan Williams · Answer

Like @Plato Asadov, I took the dive into real estate full time this year. My wife and I decided to rent out our first home, buy a house hack, start an airbnb, and I quit my job and started a real estate business this year and it has been all the emotions! Fortunately, I've been able to hit most of my quarterly goals and things have really crescendoed at the end of last quarter and into this current one.  At times it was extremely intimidating and I wondered if I had made the right decision, but I've done my best to keep going and things are really looking up! Now, towards the end of this year we have a rental property, our house/hack airbnb has paid our primary mortgage, and I have had a successful start to my real estate sales/STR management biz, and we are positioned well to acquire more real estate. It's been tough, but it's been worth it!

Jason Raynor · Answer

For the last half of the year I have decided to take time to study how money works, how to make it work, and how to get into real estate. I'm continuing my studies by reading many books and scrolling through posts on BP. I'm 16 so fitting school, work, and gym in my schedule along with studying is hard but I find it a must make sacrifices and do it all while trying to be the healthiest version of myself. In conclusion my goals are being met and I am making ample progress for my health, my finances, and my relationship. I consider this year a WIN for sure!

Eric Yu · Answer

Under contract for my first property this year. Got 1 in 2020, 2 in 2021, and finally in 2022. Our buy box has been shrinking a lot with the high rates. 4th property is another Airbnb.

Hoping to find a 5th property that I can house-hack / develop (build a DADU in the backyard). Just need to do more deal hunting & look more off market.

Maximillian Engram · Answer

I have jumped into becoming more financial literate this year. And have learned about the stock market then Real estate. My main goal of paying off all consumer debt was officially accomplished last month. As of now, I am reading all the books the guest from the podcast recommends and watching and learning as much as I can while I am living for free with my in-laws. I still have more goals to reach but they are becoming more attainable the more I gain small wins.

Cliff Benner · Answer

I have not been able to meet my goals for this year, although I was able to complete future goals I had which is kind of funny that I completed a long term goal before a short term goal.

I purchased a rental and nothing has gone well and my team needed to be completely reset and started over. I wanted to purchase a 2-4 unit this year but with everything that happen to my first BRRRR. This caused issues on finances and lots of stress. I was able to get on a BP Podcast, which was my long term goal! Episode 610 of the BiggerPockets Podcast with David and Henry.

This has made it easier for me to ask harder questions and ask for things to be done from my team without worrying about how they feel, I know more questions I want to ask, have expectations, know more when something isn't right and needs to change. I have more of an idea of what I am doing but the financial strain has been hard, we have become really good at saving and lowering our expenses which will carry on going forward. These are the Good things that have come from this issue.

We do have plans for next year that we are trying to figure out how to get with the finances we have, causing us to be more creative and with more confidence and with help from friends we have through a Mastermind group we created here in Denver.

Lehlend Spinks · Answer

I jumped into real estate early this year, flipped the house I lived in. Did well, used the cash I made from flip to finance a flip thru the company I worked for. Financed $36,000, then owner decided not to sell, and the company backed out and told me to collect money from homeowner. I’ve come to terms with the fact that I will not see that money, again. I learned a valuable, yet disheartening lesson. Back on my hustle to collect a small seed, to then use as down payment for hard money loan to work another flip.

I work for a new (more reliable/established) builder, now. I continue to gain valuable experience and keep consuming knowledge until I find the next opportunity. Patience is my virtue for the remainder of this year. I’m down, but not OUT!!!

Plato Asadov · Answer

Jason, you started at a perfect age!!! My goal for my kids is to be self-sufficient at 16 and start making money. So you are at that age. Just stick to one plan and make it happen :)

QOTW: How are your 2022 goals so far?

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