2018 Business Goals?! What are yours?

Question

What are your companies business goals for 2018? Have you set them? Have you discussed them with your business partner? How will you keep track?

If you are new to real estate like me, what are your objectives?

My business partner and I officially opened our company and closed on our first duplex right before Thanksgiving of 2017. We have been actively putting in 2-4 offers a month. We understand those numbers are very low but in our defense we got into Real Estate Investing in March of 2017. We spent the first 4 months getting educated and attending networking events before we started making serious offers.

Now that my partner has become a licensed Realtor, and our network has grown tremendously, our goal is to put in 10 offers a month or 2-3 offers a week. Working full time makes this challenging but its still very achievable. In order to stay on track we are both going to hold each other responsible for accomplishing tasks. Every Sunday night - we lay out a plan for the week. Wednesday's we check in to see if we are on track. Saturdays we review our goals from the past week and review our success's and failures. These conversations last 15 minutes tops. Yes we do work on our business every day but in order to become a professional we believe in putting in 10,000 hours of focused dedication.

What are your goals? Lets make 2018 an awesome year!

Shiloh Lundahl · Answer

@Scott Graham Here are some of our goals this year:

1. Raise capital.  Specifically 150k by February 1st that we will be returning 11-12%.

2. Buy and hold 10 more properties in Arizona that we will sell using lease options

3. Flip 5 more properties with 20k or more in profit for each flip that will be split between my partner and I.

4. Stabilize current properties owned to maximize cash flow.

Charlie MacPherson · Answer

Nothing like putting it out there for the world to see!  Here are mine:

1. Complete 2 rehab/flip projects.

2. Close 24 sales of residential real estate.

3. Continue to build Clear Sailing Realty, LLC by recruiting 3 full time agents.

4. Invest in advertising to build the Boston South REIA

Eric Stafford · Answer

@Scott Graham, I got my license to take advantage of connections in commercial but never settled with a sponsoring broker.  I'm pivoting to try to take advantage as an investor vs. agent if I can source $ that makes sense for me. I still intend to hang my license eventually.

The focus is freestanding retail properties for flips to investment funds or held depending on the #'s.  I'm just getting involved so I'm no experienced pro. A mentor is bringing me along on a few deals till I can hopefully be equal partner on upcoming projects.

Locations are in MA and RI. I'm familiar with Middlesex as I grew up in Lowell. I also have family in Westford as I see that's where you're from. :)

Shiloh Lundahl · Answer

@Scott Graham our goals this year are tamed down a little from last year in order for us to regroup and polish up our systems.

The majority our the properties we are looking to acquire now are SFRs that we are selling on 5-year lease options.  We have found that maximizes our cash flow.

Our flips usually take 4 to 5 months from start to finish. Some take a little longer, but others are shorter, so I would say the average is somewhere between four and five months.

Andrew Johnson · Answer

@Scott Graham For the most part I'd looked at SFRs that would be vacation rentals in either beach communities or ski(ish) towns.  I keep getting killed on property management fees and insurance.  I've found a couple of scenarios where I could make a little money but not get the kind of returns that I can in boring ol' commercial multifamily.  And since it's not a case where I would be "visiting on some weekends for fun" to take advantage of it, it never made fiscal sense.  I've looked around Gulf Shores, Destin, etc. as well as some ski-ish areas in Colorado and Montana.  I'll keep looking, you never know what's going to surface.  But I also have to keep in mind periodic travel costs (flights, hotels, etc.) and doing that for a single property just makes it hard to pencil out.  And I'm not someone (personality wise) that can never visit and just rely on property management sending photos.  Life would be easier if that was built into my DNA :-)

Andrew Johnson · Answer

@Scott Graham More than "goals" I think I'm focused on trying to make choices in 2018.  Part of me wants to scale what I have going out-of-state commercial property (apartments) and part of me thinks I'd like to diversify into upscale vacation rentals.  The former is easier and the latter would represent new headaches, opportunities, and increase the potential deal-flow pipeline.  For better or worse, I don't really care which side of the fence I end up on.  And (speaking or partners) it drives mine nuts!

What I do tangibly care about is deploying capital.  I have dry powder on the sidelines.  It's getting squat in the bank.  Even a mediocre deal will get me better than a checking account interest rate.  But do I really care if I buy in January vs. August?  Not really.  So I'm probably really lousy at answering the question.

All of that unhelpful information aside, what I do try to do is put together potential deal highlights for my significant other.  More than the *opportunities* I try to point out EVERY POSSIBLE ISSUE THAT CAN GO WRONG.  And, to a detailed extent, outline the bad vs. worse case financial scenarios.

Jay Helms · Answer

placed mine in a blog: https://www.biggerpockets.com/blogs/8160/69274-time-to-reflect-time-to-set-2018-goals-and-begin-pursuit

2018!!!!

Scott Graham · Answer

@Andrew Johnson would you consider upscale, multifamily vacation rentals? Or strictly SFH that are vacation rentals? Any idea what part of the country?

Scott Graham · Answer

@Eric S. do you specialize as a commercial real estate agent? What types of commercial real estate do you focus on? What part of Massachusetts do you focus in? I am in Middlesex County, which is North of Boston.

2018 Business Goals?! What are yours?

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