Write Down Your Goals

[Adam Scheetz]

Time and time again they say to write your goals down and achieving them will be that much easier. Well I did that and now I'd like your help to polish them so they are realistic and attainable. Please offer your thoughts on the timeline, methods, or amount of/lack of thoroughness. 

Mission Statement: I'm 30 years old and have been Active-Duty Military for the last 11 years. I'll retire from military service at 40 years old. At that time, I'd like to own a business that doesn't need me. A self-sustaining, functional, and community improving entity that allows me to not have a NEED to work. Meaning, I'll no longer be burdened by the need to work a salary job to provide for my family. I want to build long-term, passive income that allows me to provide for my family and those on my team. I love the idea of creating jobs for people and allowing them to earn a living. My goal is to create an enterprise that spans real estate and business able to support and grow my team and better my community. A journey of a thousand miles begins with a single step, I believe Real Estate investing is that step.

Short Term (1-3 years)

- Goal: 

1. Begin to generate $500/month net passive income with Buy & Hold investing.

-How to Get There:

1. Invest in Single-Family or Multi-Family (preferred) properties with a minimum of 10-12% ROI w/ no more than 20% Down-Payment and a target income of $150 per door @ 100% financing (used for conservative calculations).

2. Use personal bank loans, mortgage lenders, or private equity investors to finance deals.

3. Consider Flipping as a means to generate capital needed to acquire properties. Look for a minimum of $20,000 profit per flip. Partner with experienced House Flipper and if needed take less % in exchange for more deals and experience.

Long Term Goals (10 -12 years)

-Goal:

1. Have a sustained monthly passive cash flow of $5,000 through multiple Buy & Hold properties with an average ROI from each property of at least 10% of initial investment.

2. Consolidate investment capital into mostly Multi-Family units and Apartments.

3. Diversify portfolio with investment in Self-Storage facilities. (Ultimate Goal)

Goals will change and adjust based on circumstance and perhaps it's wishful thinking, but I'd like to start with the end goal -both short and long term- already in mind and formulate the plan to get there. Let me know what you think or where I might improve by thinking to get to where I want to be. 

Thanks,

Adam Scheetz