My Bigger Pockets Goals for 2018- (you should do these with me)

[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 

[Todd Romero]

Just finished episode 166 on the podcast. 

[Jeffrey Holst]

Originally posted by @Todd Romero:

Just finished episode 166 on the podcast. 

 Nice. Keep it up

[Bryant Tumbelekis]

Originally posted by @Jeffrey Holst:

Happy April! Here are my original 2018 goals with italicized updates below:

• Achieve CA RE License 
  • Finishing last course on 27 April
  • Taking exam in May
• Create my CA PM company
  • Pending completion on RE licensing
  • Additionally, rebranding RE brokerage that PM Company will fall under.
• Take on first outside property for PM company
  • Pending previous goals
• Purchase 4 properties in NY
  • Visit target market May 18-26.
• Expand presence and develop partnership with a current operating REI/PM company in Upstate, NY
  • Visit target market May 18-26.
• Walk away from current career IOT move to full time investment focus in REI and other business opportunities
  • In progress.

I have additional focuses such as my reading/audio books and continued activity on this forum, but I am not setting a minimum requirement for these. Thanks again for keeping me honest and progressing forward!

Additionally, I have read about 30 audiobooks and inconsistently posted on this forum in 2018. I will try to maintain a stronger focus on this forum over the next few months.

[Christopher Finn]

Personal Goals:

1. Listen to every BP Podcast (not hard to do on my way to or from the office)

2. Get more engaged with the BP community (post daily)

3. Learn more about the differing needs of buy & hold investors in my area, and around the country

4. Build up to 200 connections

[Jeffrey Holst]

@Bo Kim @Ola Dantis @Vina Real @Nicholas Richard Ray @Bryant Tumbelekis @Omar Khan @Caleb Heimsoth @Stephen R. @Account Closed  (hope I didnt miss anyone)

Its update time.  Sorry I have been a little distant these last few weeks I had surgery and have been a bit out of it.  Its all good now though.  

First my goals and progress:

1) I plan to post a minimum of 120 times this year with a minimum of 10 posts in each calendar month.  (Im killing this one I am over 10 each month easily and am up to nearly 300 posts now after only posting 1x last year.  I also decided to shoot for 500 post club and am about 200 a way)

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. I hope to finish by June. So far I have listened to 1-18 and am about 1/2 through show 19.  (I dont think Ill finish by June but it will be this summer some time,  I am currently on show 98).

3) Purchase 1 property in my Self directed Roth ((I dont think Ill be doing this goal..I ended up loaning some cash out at 6% and now dont really have enough to make a purchase, but I will revisit this once the cash is repaid early next year-it is an extremely safe 6% deal).  

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.  (A couple of options fell through,  I am still looking)

Misc Updates

We closed on a 32 unit complex in Roseville MI earlier this month. I own 1/6th of it so its not all mine but I think it will be a really nice cash flowing asset that is basically passive for me so that's fun.  My 12 unit in the Chattanooga market is going great we bought it back in October and have been able to raise average rents from 614 to 690 and should be able to move a few more up over the next several months.  We have two year target rent of 725 and I think we will hit that target (we might even exceed it)  Similarly, we have been able to significantly raise rents on our 19 unit in Eastpointe MI which we bought late last year.  We should be able to raise rents by an average of 125/ per unit on that one by the end of this year.  And while I only own 1/3 of each of those two properties I am beginning to see the potential for real cash flow in the near future on each of them.  In summary the plan is working and cash is starting to materialize.  

I am excite to hear all about the progress each of you is making and anyone else who cares to jump in.  

All the best

Jeff

[Lamaine Hargrove]

@Jeffrey Holst He man! So far so good.

1. I wanted to post everyday in the forum. I haven't been nailing thins one lately. But I will slowly jump back in that, I have been crazy busy. 

2. I wanted to network more and go to meet ups. Killing this one. I have my regular meet up group I go to each month. I have a realtor friend who I pick his brain about real estate constantly, and he has taken me under his wind to teach me the ropes.

3. I wanted analyze deals and learn the numbers, killing this one. My realtor friends send me properties everyday for me to analyze and helps me with the numbers

4. Listen to all podcasts, I was killing this one until two week ago. Kind of fell off a little bit. But I'm jumping back on today to finish. I'm half way there to finishing 

5 and finally buying my first multi family and buying as many as I can this year. So with my realtor friend and the properties he sending and I'm analyzing. We're looking to make some offers on some. He even takes me to see the house to see what kind of work is need so when I look for funding, private money or loan, I will have all the details about the properties so it helps with my pitch. 

Thanks Jeff on making us accountable it's definitely a big help. Hope everyone is conquering there goals and staying consistent. 

Lamaine 

[David Grabiner]

@Jeffrey Holst Thanks for making this post it really encouraged me to make big goals and strive to achieve them. So here is my update.

My goal was to purchase 42 units this year. I purchased 20 units in January and I just got another 24 units under contract, so obviously a lot can happen between now and closing but it sure feels good to be on track to beat my annual goal in 6 months.

So everyone who hasn't written down their goals here, go ahead and do it now! It's FREE! and it will greatly increase your chance of meeting or even exceeding your goal. 

[Jeffrey Holst]

Originally posted by @David Grabiner:

@Jeffrey Holst Thanks for making this post it really encouraged me to make big goals and strive to achieve them. So here is my update.

My goal was to purchase 42 units this year. I purchased 20 units in January and I just got another 24 units under contract, so obviously a lot can happen between now and closing but it sure feels good to be on track to beat my annual goal in 6 months.

So everyone who hasn't written down their goals here, go ahead and do it now! It's FREE! and it will greatly increase your chance of meeting or even exceeding your goal. 

 Nice.  Keep it up.  

[Jeffrey Holst]

I have got a quick Memorial Day update for you. I have fallen behind pace on the podcasts. I just finished show 123. I have a 157 episodes to go plus any new ones that come out the rest of the year and given that we're almost halfway through the year I feel like I'm a little bit behind pace. Not a terrible amount but I still need to pick up my game. I'm still killing my posting goal posting while more than 10 times this month and way over the hundred and 20 for the year goal. I started the year with something like one post or maybe two and I think I'm in the 300s now. I deployed the money in the Roth in a note instead of a property but that's okay the main thing is and got that money working for me. and I'm still keeping my eye out for a property to buy individually. Also working on building a cash Reserve so that when an opportunity comes up I can jump on it right away. Made some pretty good progress and other areas my life as well. Hope you all are doing well and exceeding your expectations. So far 2018 has been pretty good and the second half of the year as where we can all crush it.

[Jeffrey Holst]

I listened to 14 episodes in the last 13 days so I am back on pace with that.  I have a long drive coming up and expect to get a few more in during that drive.   Im up to episode 136.  I look forward to hearing where you all are on your goals now that we are nearly half way through the year.

[Mark Hayes]

My BiggerPockets goal is to complete all the podcasts, I started backward and just finished #176 yesterday.

I completed my original 2018 goal of purchasing and completing my first flip, so my investing goal for the remainder of the year is to acquire my 2nd and 3rd flip properties.

Good luck to everyone else in reaching your goals this year too.

[Caleb Heimsoth]

Update on goal 1 to reach 2000 posts. I blew that out of the water. Goal is 3k now by end of the year.

Property two is about 2 months away

[Jeffrey Holst]

@Caleb Heimsoth nice.  My goal was 120 posts at least 10 per month,  I started the year at 1 post I am over 300 now so I also blew past it.  I am shooting for 500 by end of summer now

[Jeffrey Holst]

Mid July update. So far 2018 has been good to me. I have formed a new partnership and we are progressing towards our first deal. I closed my biggest (yet)transaction as a realtor. My primary partner and I closed on our largest apartment building to date a 32 unit. We did so using a 1031 and were able to consolidate several Detroit single families in to a very nice building. We have been able to raise rents by an average exceeding $100 a door in our 12 and 19 unit buildings and anticipate even higher average in the 32 unit. I am working on a class A office building deal. As far as my stated goals Posting is going well I am easily exceeding 10/ month, I am up to podcast 170 and should be able to finish them all this year. We used the Roth money to lend instead of buy (slight change there but it's deployed at a great rate with a safe borrower) the only real point of failure is I still have not acquired individual property but the year is only middle age. Hope everyone else is likewise crushing their goals.

[Vina Real]

Update: Finished rehabbing my house from Feb-April and found great tenants in my first house. They've been renting for 3 months and it's been great so far. I cash out refinanced it and closing will be next week. Recently, I found out that the house next door is on Auction and I want to buy it after my cash out. Do you guys have any experience buying from Auction online? 

[Jeffrey Holst]

@Vina Real great keep it up

[Jeffrey Holst]

@Bryant Tumbelekis @Omar Khan @Caleb Heimsoth @Stephen R. @Account Closed

[Caleb Heimsoth]

@Jeffrey Holst under contract with property 2 for this year as well as blew my original post goal out of the water.  Will be wanting 4K posts by year end.  

Hope to pay one rental off and buy another one by end of next year.  Also diversifying my overall portfolio (away from rEI into more liquid investments )

[Jeffrey Holst]

@Caleb Heimsoth I like it.  Keep it up.  Also given the uptick in the market it might make some sense to hold a little extra liquid.  I have been focusing on increasing my cash position and diversifying investments as well.  

[Omar Khan]

Originally posted by @Jeffrey Holst:

@Bryant Tumbelekis @Omar Khan @Caleb Heimsoth @Stephen R. @Account Closed

Great stuff! Thanks for ensuring this thread stays alive and we all keep each other accountable. 

You're killing it. With 400 posts you can afford to take it easy for the next 2 years ;)

I'm on track to exceed my goals. Raising capital for our latest deal (size: ~$40M) plus launching software company for underwriting multifamily/self storage/mobile home parks. The latter wasn't part of my original plan but people keep knocking on my door asking how to underwrite, paying me to consult that we're just going ahead and providing a service at the same level as investment banks/hedge funds/PE firms. 

Looking forward to hearing about everyone else's experiences and contributing to their success.

[Jeffrey Holst]

@Omar Khan sounds great. Hope the software company goes well.

[Matt B.]

@Jeffrey Holst Way to go with keeping up with your plans, you’re doing great. How did you come about partnering with your first partner? Were you both in those markets or did you go to Detroit and Chattanooga specifically? Really motivating posts for sticking with goals... thanks for this

[Jeffrey Holst]

@Matt B. My partner was flipping houses in Detroit and buying a bunch of rentals. I knew him from lawschool. I was living in Chattanooga. He called me and said he had a great deal and wondered if I'd split it with him because he was as low on cash at the moment. This was 2011 I think so we bought a condo together in Birmingham MI. We didn't buy Chattanooga until a few years later but after that first deal in Detroit area we just kept partnering on a deal every so often until we had a bunch of deals.

[Jason Lavender]

@Vina Real I have bid on several of the online auction sites and bought one house off xome.com there is defintly a learning curve there. They mostly have unstated reserve prices and bid against you until reserve is meet. If it doesn’t meet reserve price they simply put it back on auction again. I have seen properties available for over a year that I have placed bids on. Often time they will email you after auction closes and tell you the first buyer backed out (the auction company themselves lol) and ask for your highest and best. I didn’t figure out the secret sauce to the process and just moved on. I think there are deals to be had just need to perfect the process. As far as my goals I am finishing my third flip and closing on my fourth in 2 weeks. Cash is tied in projects, however I am learning that is not the way to go, OPM is my plan now. Started my marketing plan to buy off market deals, definitely the rout I’m pursuing going forward.

[Vina Real]

@Jason Lavander Thanks for the info on auctions. That's exactly what happened to one of the properties I was following on auction.com. Congrats on your flips! How are you marketing to off market deals? What sites will you recommend for that? As for my goals, I got my cash out refinance and I'm on the hunt for my next property. I just finished podcast 290 about 7 Paths to FI. I also listen to Money podcast as well.