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Updated almost 6 years ago, 01/07/2019
My Bigger Pockets Goals for 2018- (you should do these with me)
Hey everyone,
Each year I make a list personal goals and work to make sure I hold myself accountable. Many of these goals are private to me and my wife but a couple of them are relevant to the BP community.
1) I plan to post a minimum of 120 times this year with a minimum of 10 posts in each calendar month. For the purposes of this goal I count each response, blog posting or new forum post that I make. So far I am at 3 (last year I posted a total of 1 time so this a major change for me) I'd love it if some of you would keep me honest on this one.
2) I plan listen to all of the BP podcasts. I think I have listened to about 40 total prior to this year and if there is one that I remember well Ill probably skip it and move on but if I dont recall the details I am going to relisten to it. Last year I read 62 books about half of which were on audible this year I am using my audible time for BP podcasts. I hope to finish by June. So far I have listened to 1-18 and am about 1/2 through show 19.
and now some real estate goals
3) Purchase 1 property in my Self directed Roth (just set this up in December by selling some stocks and moving the funds over to a Checkbook LLC Roth. So I am excited to track down the right opportunity and put that cash back to work. (its not a lot of money so Ill have to be selective but I think I can do it--ill keep you posted).
4) Purchase at least 1 property without a partner. I currently have a bunch of partnership interests but I want to have at least 1 undivided interest in a property that my wife and I own outside our retirement accounts. (This is in addition to the Roth property listed in goal 3)
Id love it if a bunch of you were to join in so if either of my first two listed goals seem like something you would like to do drop me a line or reply and get started posting/listening. To listen to all podcasts is probably an hour a day commitment for the rest of the year but if you get behind you can always shoot for more time or start your year today instead of Jan 1.
Good luck and let me know
Jeffrey Holst Great idea. I will post mine on here later. I like the podcast and posting goal. Great measurable goals.
Podcast 21 is gone and I really want to listen to that one. Jerry Pucket is supposed to be a master at Direct Mail.
Any idea why it was removed?
I don't know what happened to 21. Sorry. I'm fairly sure I never listened to it...
My real estate goals are two properties and I’d like to see around 2000 BP posts by end of the year. I’ll hit the two properties easily but the 2000 posts may be close
Wow 2000 posts nice. Maybe I made my goal too small but good for you. I hope you make it.
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How much did it cost to set up the checkbook roth and what are your ongoing fees?
@Jeffrey Holst Great thread. Going through the BP and some other podcasts will accelerate your education. I would highly recommend deciding what type of property you want to purchase - single, multifamily, office, residential, etc - and then selectively listening to podcasts that talk about that type of property. It's tempting to listen to everything but there's so much information out there!
Personally, I want to:
- Build out my capital raising and investing platform
- Continue to raise over $2M from my network
- Make 2 major investments in commercial real estate
- Spend more time with my wife and son
The cost was around $1500 and fees are $49 a quarter. The process takes about a month but in my opinion was well worth the effort.
@Omar Khan Love your goals hope you accomplish all, some day I'd like to get in to non residential commercial real estate, a life goal is to own a tall building, I don't have a specific measure or time line on that just yet but ever since I was very young when I see buildings that are taller than their foot print I think man I'd like to own one of those or I wonder who owns this place.
My focus remains on transitioning from Single family residential rentals to multi family residential rentals. I have been investing with a couple of partners in SFHs since 2010 and we collectively we have over 100, many of which are for sale. We just completed a 1031 sale and are pre-close on our replacement property. We sold 27 houses which we are exchanging for a 32 unit apartment building. Our partnership goal last year was to buy an apartment building which we accomplished in November with the purchase of a 19 unit building. My dad and I also bought and split a 12 unit and a duplex last year.
All this is to say that one I do know what I am focusing on and two I still believe that if one has the time, learning about all aspects of real estate is beneficial.
Originally posted by @Jeffrey Holst:
Hey everyone,
Each year I make a list personal goals and work to make sure I hold myself accountable. Many of these goals are private to me and my wife but a couple of them are relevant to the BP community.
1) I plan to post a minimum of 120 times this year with a minimum of 10 posts in each calendar month. For the purposes of this goal I count each response, blog posting or new forum post that I make. So far I am at 3 (last year I posted a total of 1 time so this a major change for me) I'd love it if some of you would keep me honest on this one.
2) I plan listen to all of the BP podcasts. I think I have listened to about 40 total prior to this year and if there is one that I remember well Ill probably skip it and move on but if I dont recall the details I am going to relisten to it. Last year I read 62 books about half of which were on audible this year I am using my audible time for BP podcasts. I hope to finish by June. So far I have listened to 1-18 and am about 1/2 through show 19.
and now some real estate goals
3) Purchase 1 property in my Self directed Roth (just set this up in December by selling some stocks and moving the funds over to a Checkbook LLC Roth. So I am excited to track down the right opportunity and put that cash back to work. (its not a lot of money so Ill have to be selective but I think I can do it--ill keep you posted).
4) Purchase at least 1 property without a partner. I currently have a bunch of partnership interests but I want to have at least 1 undivided interest in a property that my wife and I own outside our retirement accounts. (This is in addition to the Roth property listed in goal 3)
Id love it if a bunch of you were to join in so if either of my first two listed goals seem like something you would like to do drop me a line or reply and get started posting/listening. To listen to all podcasts is probably an hour a day commitment for the rest of the year but if you get behind you can always shoot for more time or start your year today instead of Jan 1.
Good luck and let me know
Personally for me, I will never make activity on the boards as a goal. It will always be a byproduct of my knowledge and experience in real estate, and the deals in which I am currently engaged. Same goes with podcasts. For e.g. I have no interest in consuming podcasts on Note Investing, outside of gaining cursory knowledge, as that is not my focus. So, if there are 10 podcasts on Note Investing, I will may be consume 1 or 2.
Activity on boards can be very rewarding in an intangible sense, but doesn't put any money in my bank account.
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#5 Investor Mindset Contributor
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Originally posted by @Chinmay J.:
Originally posted by @Jeffrey Holst:
Hey everyone,
Each year I make a list personal goals and work to make sure I hold myself accountable. Many of these goals are private to me and my wife but a couple of them are relevant to the BP community.
1) I plan to post a minimum of 120 times this year with a minimum of 10 posts in each calendar month. For the purposes of this goal I count each response, blog posting or new forum post that I make. So far I am at 3 (last year I posted a total of 1 time so this a major change for me) I'd love it if some of you would keep me honest on this one.
2) I plan listen to all of the BP podcasts. I think I have listened to about 40 total prior to this year and if there is one that I remember well Ill probably skip it and move on but if I dont recall the details I am going to relisten to it. Last year I read 62 books about half of which were on audible this year I am using my audible time for BP podcasts. I hope to finish by June. So far I have listened to 1-18 and am about 1/2 through show 19.
and now some real estate goals
3) Purchase 1 property in my Self directed Roth (just set this up in December by selling some stocks and moving the funds over to a Checkbook LLC Roth. So I am excited to track down the right opportunity and put that cash back to work. (its not a lot of money so Ill have to be selective but I think I can do it--ill keep you posted).
4) Purchase at least 1 property without a partner. I currently have a bunch of partnership interests but I want to have at least 1 undivided interest in a property that my wife and I own outside our retirement accounts. (This is in addition to the Roth property listed in goal 3)
Id love it if a bunch of you were to join in so if either of my first two listed goals seem like something you would like to do drop me a line or reply and get started posting/listening. To listen to all podcasts is probably an hour a day commitment for the rest of the year but if you get behind you can always shoot for more time or start your year today instead of Jan 1.
Good luck and let me know
Personally for me, I will never make activity on the boards as a goal. It will always be a byproduct of my knowledge and experience in real estate, and the deals I am currently engaged it. Same goes with podcasts. For e.g. I have no interest in consuming podcasts on Note Investing, outside of gaining cursory knowledge, as that is not my focus. So, if there are 10 podcasts on Note Investing, I will may be consume 1 or 2.
Activity on boards can be very rewarding in an intangible sense, but doesn't put any money in my bank account.
Many of us are doing business with people from posting and podcasts. It's networking on a national level (and it can be done without leaving your house, on your own schedule, in your underwear, and at 3 am).
Engaging in posting also increases knowledge for some investors. Much of it is nonsense but there are golden nuggets every once in a while (just like any knowledge source).
As you mentioned, the value of posting will vary by member.
Quick Update on the 4 goals
1) BP Posting Goal: posted more than 10 times this month (so ahead of schedule on that) I think the hard part is consistency which means I need to make sure I hit my subsequent month goals. I think it would be relatively easy to post 120 in next 2 weeks and be done for year which is why I added the 10 per month requirement.
2) Podcast Goal: Just finished show 22 and am getting ready to start the next one. To @Omar Khan's point some shows are less relevant than others to me. Show 22 was about flipping high end houses and doing new builds in a higher end market, which is something I am unlikely to do anytime soon but I did learn some valuable tidbits about marketing and website construction. The main take away from 22 for me though was to be flexible and find the market that makes sense to you.
3) Self directed Goal: I have identified a possible deal and am doing the due diligence now on it. Its unlikely that this deal will be the one but the only way to find the one is to be out looking.
4) 100% Ownership Goal: I have crafted a plan to set aside additional resources to ensure that by mid summer I have funds on hand to cover a down payment. I am assuming Ill need 20% down and will be spending about 75 to 100K so I am targeting a cash fund of 15-20K by summer a fair chunk of that is already set aside but I need to build a little more plus some additional reserve capital.
@Chinmay J. The board activity goal for me is because I know that I have insights that can be shared and I havent been sharing them, and two i know that there are things I can learn by interacting with other investors. You have 100s of posts so you probably dont need a goal like this one. Prior to this goal I had posted 1 time so I needed to force myself to take advantage of the forums etc. regarding the podcasts I get it, last year I listened to 40 books on audible , this year I am choosing the podcast over audible for the most part. I find the podcast entertaining and I feel like I learn a little bit from each one and a ton from some but to each their own.
As I recall there was one podcast deleted because the primary strategy discussed was disallowed by changing laws. I never heard that one either but I think it was affected by Dodd Frank. So rather than lead people down a rabbit hole they deleted it. I believe that was episode 21.
@Jeffrey Holst I like your goals and that you posted on BP for accountability. I am working my way through all the podcasts as well, working from newest to oldest though. Posting more on BP is a goal of mine as well, aiming for 52 posts trying to post at least once a week. My big goal for 2018 is to get my fist multi-family property before November. Reading more real estate and business related books is something I am trying to implement into my daily routine with an overall goal of reading 12 books this year. Thanks for posting and look forward to your updates.
Goal for 2018: Sell my duplex and use the proceeds to buy 4 value add duplexes out of state that I will later refinance. However if I can't find good deals I'm not going to rush it just to accomplish this by the end of the year. I will be patient and only buy good deals.
Andrew I believe that episode 17 was the one they pulled for Dodd Frank.
Originally posted by @Stephen R.:
@Jeffrey Holst I like your goals and that you posted on BP for accountability. I am working my way through all the podcasts as well, working from newest to oldest though. Posting more on BP is a goal of mine as well, aiming for 52 posts trying to post at least once a week. My big goal for 2018 is to get my fist multi-family property before November. Reading more real estate and business related books is something I am trying to implement into my daily routine with an overall goal of reading 12 books this year. Thanks for posting and look forward to your updates.
Originally posted by @Chinmay J.:
Originally posted by @Jeffrey Holst:
Hey everyone,
Each year I make a list personal goals and work to make sure I hold myself accountable. Many of these goals are private to me and my wife but a couple of them are relevant to the BP community.
1) I plan to post a minimum of 120 times this year with a minimum of 10 posts in each calendar month. For the purposes of this goal I count each response, blog posting or new forum post that I make. So far I am at 3 (last year I posted a total of 1 time so this a major change for me) I'd love it if some of you would keep me honest on this one.
2) I plan listen to all of the BP podcasts. I think I have listened to about 40 total prior to this year and if there is one that I remember well Ill probably skip it and move on but if I dont recall the details I am going to relisten to it. Last year I read 62 books about half of which were on audible this year I am using my audible time for BP podcasts. I hope to finish by June. So far I have listened to 1-18 and am about 1/2 through show 19.
and now some real estate goals
3) Purchase 1 property in my Self directed Roth (just set this up in December by selling some stocks and moving the funds over to a Checkbook LLC Roth. So I am excited to track down the right opportunity and put that cash back to work. (its not a lot of money so Ill have to be selective but I think I can do it--ill keep you posted).
4) Purchase at least 1 property without a partner. I currently have a bunch of partnership interests but I want to have at least 1 undivided interest in a property that my wife and I own outside our retirement accounts. (This is in addition to the Roth property listed in goal 3)
Id love it if a bunch of you were to join in so if either of my first two listed goals seem like something you would like to do drop me a line or reply and get started posting/listening. To listen to all podcasts is probably an hour a day commitment for the rest of the year but if you get behind you can always shoot for more time or start your year today instead of Jan 1.
Good luck and let me know
Personally for me, I will never make activity on the boards as a goal. It will always be a byproduct of my knowledge and experience in real estate, and the deals in which I am currently engaged. Same goes with podcasts. For e.g. I have no interest in consuming podcasts on Note Investing, outside of gaining cursory knowledge, as that is not my focus. So, if there are 10 podcasts on Note Investing, I will may be consume 1 or 2.
Activity on boards can be very rewarding in an intangible sense, but doesn't put any money in my bank account.
The boards have been a great way for me to connect and do business with like-minded folks. It has also offered a lot of education as different people bring different perspectives, problems and solutions that I would either not come across or might not have thought about.
I agree with your point that board activity has to be balanced with actual economic activity, but for a lot of us board activity has directly translated into $ and very rewarding connections with BP members both online and offline.
Jeffrey, thank you for starting this tread. I only discovered BP Podcasts last month and have been hooked. I listen to the podcast in the car (Los Angeles traffic) and love them.
My personal RE goals:
1. Buy two multifamily properties in 2018
2. Sell single family rental and apply proceeds to a multifamily property
3. Listen to all relevant BP Podcast
4. Get engaged with the BP community (last weekend I went to my first meetup)
5. Learn about an out of state market for multifamily, Maybe Atlanta.
Originally posted by @Jeffrey Holst:
@Chinmay J. The board activity goal for me is because I know that I have insights that can be shared and I havent been sharing them, and two i know that there are things I can learn by interacting with other investors. You have 100s of posts so you probably dont need a goal like this one. Prior to this goal I had posted 1 time so I needed to force myself to take advantage of the forums etc. regarding the podcasts I get it, last year I listened to 40 books on audible , this year I am choosing the podcast over audible for the most part. I find the podcast entertaining and I feel like I learn a little bit from each one and a ton from some but to each their own.
I completely understand where you are coming from, and trust me posting has been a value add to my knowledge as well. We all are learning. What I was trying to say was, sometimes people get way too carried away with posting and take their eye off the ball.
My main real estate goal is to flip 5 house and have them on the market, and build cash reserves to $50,000. I set smaller goals each week and month to get me to my bigger goal. Some may call that a to do list lol
Thank you all. I am really happy hearing all of your perspectives
2018 goal...
- Buy 1 multi family property (triplex) prior to MARCH 2018.
______________________________________________________________________________
-I already listen to the podcasts weekly and have gone through past ones.
Gonna keep it simple since Im a newbie and build up from there.
#CHEERS