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Updated over 10 years ago, 08/12/2014
Your Goals - How Have They Evolved?
- How have they evolved?
- What are they now?
- Building my Knowledge Base -- Attending Local REI Clubs, Frequenting BP
- Building a solid track record and learning to raise capital.
- Contributing 35+% of my take home pay to REI, continue living simply, returning all RE proceeds to new deals. The excitement of the deal will have to be the payoff, maybe a nice dinner with partners to celebrate that, but I cannot lose sight of long term goals.
- Only completing deals where the sum is greater than the parts
- The deals must meet my criteria and be a win-win-win
- Tenants must win
- Community must win
- Potential Partners and I must win
- I'll begin small 4 unit MFR's and progressing to Larger MFR projects where I can force appreciation through rehab/renovation. I refuse to own and grey boxes! The spaces must be uniquely positioned in the market.
- I need approximately 278 Doors each cash flowing $150/month to accomplish this.
- I will need a team including several FTE's.
- The deals must meet my criteria and be a win-win-win
- Quitting the 8-5 corporate world once the opportunity cost of my REI Activities exceeds my salary.
I would like to hear about the goals everyone set, when they started out.
I'm having a hard time with the S.M.A.R.T. goal setting methodology. Particularly the "R" or reasonable part - I want to think BIG! which I know may seem unrealistic, but I also know if I don't aim high I sure as heck wont get there! What are everyone's thoughts on "Unreasonable" Goals? Any words of wisdom from those who have built large REI MFR businesses?
My Short Term Goal is to acquire (Two ) 4-plex's in 2016 with 25% down, that cash flow at least $150/unit/month, all accumulated cash flow will be reinvested.
My Current Long Term Goal is:
To have an Income from REI of $500,000 by 2025.
To Accomplish this I will be:
Back Story, I'm a single 27-year-old IT Manager, Minimal assets focused on debt pay down. Debt will be gone in 17 months, and I will begin investing 40% of my take home pay and 100% of my Annual Bonus.
I read once that Sam Walton was so certain about the fortune he was about to build that he met lawyers and accountants and setup all of his tax /estate planning before hand. I may do the same before I acquire my first property.
TL;DR I'm going to make $500,000/yr in 11 years, starting from $0 Have I lost my mind ?
Thank You All!