New to Bigger Pockets: First Goal
Hey folks,
My name is Joanna Liriano and I am dead set that I will buy my first property this year. I am reading Real Estate Rookie by Ashley Kerr and I am learning about real estate as if it was a part time job. I've worked on my first goal and just wanted to share it with you guys. I feel that the more people know about your goals, the more pressure there is to make it a reality. #Accountability. I am open to hear feedback, advice, and/or some guidance. So here we go:
I want to profit $15,000 per month by 2033 because I want to feel financially free so I can still make a living without having to work as someone’s employee. I will do this by buying 15 small multifamily properties in North Jersey that yield at least $1000 a month in profit through short-term rentals.
- Leads: I’m going to search for properties in Hudson County, Bergen County, Passaic County, Morris County, Essex County, and Union County. I will speak to a housing counselor for down-payment assistance programs. I will compare loan officers for the best home mortgages and pre-approval. I will also find an experienced real-estate agent who can help me find good deals.
- Analyze: I will analyze real estate markets through AirDNA and estimate how successful Airbnb would be in that area by calculating average daily rates, occupancy rate, and revenue. I will compare these results with long-term rent prices to see which option is better.
- Propose: I will offer no more than market value. One out of three offers tend to close. I need to offer at least one every four months. This means I need to analyze 5 deals a month, or one deal a week.
- Success: Close on the first contract.
Most Popular Reply
@Joanna Liriano Congratulations and welcome to BP. Great job on setting goals and soaking up knowledge. I would advise you to take it one step further than having accountability to us here on this forum. Get a real accountability partner that you call weekly/monthly.
The calls don't have to be all just about your real estate goals, start smaller and get used to the idea of the call and then increase the level each call, set s.m.a.r.t. goals!
I don't know a thing about NJ and short term rental market there, but happy to hook you up with an agent that can work with you and help focus on the specific property types that will work for you.
Keep us posted and best of luck!