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 

[Larry O'Connor]

@Jeffrey Holst Thanks Jeffrey. That confirms what I was thinking. My idea was that it more meant I was to get out there and get the ball moving so that's what I'm going to do and work on not getting discouraged as I'm doing this. I truly feel that this is there place where the millionaires will be made and I'm tired of being controlled by an economy that tries to decide what I can and can't do. I want to be sitting on some beach somewhere drinking margaritas as I watch my fortune amass.

[Jeffrey Holst]

@Larry O'Connor  100% agreed "This is the place where millionaires will be made..."  I'm going to tweet something along those lines in about 10 seconds FYI if anyone wants to follow me its @jeffreyholst  (I am not good at hiding myself)

[Nicholas Richard Ray]

Awesome set of goals @Jeffrey Holst!

I really need to take planning and achieving short and long term goals more seriously and this is helping me get the kick in the butt I need. 

1) I'll match your goal of the 10 posts in a month for a minimum of 120 in the year. I want and need to be more engaged to ensure I'm getting as much as I can out of this website.

2) I'll also match the podcast goal - Truthfully I started going in sequential order around November to get through them all but I certainly plan to continue! I'm at show 61 now so I'm on my way!

3) I will read at least 2 books a month. I love reading but go through ups and downs of wanting to read and wanting to do anything else. So with all the books I've accumulated with the intention to read I'll have a good place to start and hit at least 25 books read for the whole year just to have a little extra.

4) I will finish paying off my credit card debt to clear that financial liability.

5) I will restructure my budgeting to be a little more organized, track my income and expenses more accurately, and ensure I'm tracking everything about my rental unit as efficiently as I can.

6) I will use the organization of financial tracking to try and increase my savings rate to the coveted Scott Trench 50% mark! I have his book and will be reading it shortly to assist but it's something that seems so critical in pushing momentum in building a portfolio.

7) Work to get my schedule to allow for more REI meet-ups in the area. Haven't had much success with my varying hours of work but it's something I'll definitely fix!

Writing this list out has been great just to get my brain working on what is truly important and how I can move to accomplish these goals. Thanks for the post again and best of luck to you and everyone else in 2018!

[Jeffrey Holst]

@Nicholas Richard Ray  I am so happy to have you on board.  Its been really great seeing all the people taking my goals seriously and setting and sharing their own.  I just finished show 24 and I really do plan to finish them all.  Better take care or Ill be passing you,  2 months and you are up to 61 thats actually exactly the pace I need to set to hit my goal.  Paying credit cards off and increasing savings are huge.  You can do it.  Welcome aboard!

[Ola Dantis]

@Jeffrey Holst Thanks for creating this momentum. 

Goals

1. I plan to syndicate a large apartment community deal this year
2. Answer questions and post daily on BP 

We'll have to circle back in a year or so to see how far we've come :)

Awesome job Jeff! 

[Jeffrey Holst]

@Ola Dantis for sure we need to circle back and see but maybe we should update monthly just to be safe

[Dean Fryer]

Jeffrey, thanks for this post. I am new to BP (this is my first post to comments) and am just today setting my 2018 goals. 

I will join you by adding the following to my goals:

1. Listen to all the PB podcasts

2. Start being interactive on the BP posts. 

3. I live in San Francisco and the market here is out of my range so another goal is to investigate more affordable markets elsewhere--I do own property in Las Vegas so I am starting there.

I welcome input on this last goal regarding markets I should be looking into!

[Jeffrey Holst]

@Dean Fryer  Great welcome,  Please keep us updated as you move through the podcasts.  And congrats on the first of hopefully many posts.  

[Omar Khan]

@Jeffrey Holst I do like your idea of accountability through this thread. 

I like the way you're thinking - 32 units is near the 19 units. It allows you to enjoy economies of scale while you already have good knowledge about the local market. 

Are you looking to actively acquire on your own or partnering? We're doing a bit of both but finding better a risk/reward scenario for larger properties (still have to be conservative in buying the right assets). 

[Jeffrey Holst]

The plan right now is to finish off the couple deals we are working on inside of our existing partnership and then start working on syndicating the next deal or the deal after.  We have a group of investors that we have partnered with on and off that we are fairly sure would jump in on a deal with us if the right one came along so we aren't pushing the syndication too hard just yet.  So guess like you we are doing a little of each except that I have a single partner on almost all my deals and own nothing currently with out at least one partner.  Which is why I made my goal to buy something on my own.  

[Jeffrey Holst]

Quick Update for you all on my 4 goals

1) crushing it posting way more than 10/month for January

2) also doing well.  Up to podcast 26.

Real estate goals are still in formation but I have moved a little closer to identifying a property for my Roth.  My cryptocurrency holdings dumped today so I am a little further from having the cash to buy the individual property.  

[Sean McDonnell]

@Jeffrey Holst Solid plan, brother. Thanks for being open and up front regarding your personal goals. Accountability is way easier when you surround yourself with other motivated individuals. You have got my wheels spinning and I added posting 5 times per week to my goals sheet. Additionally, we are going from 2 to 7 units during 2018. Good luck with your aspirations, look forward to seeing and hearing about your progress.

[Todd Dexheimer]

Originally posted by @Mike Dymski:

How much did it cost to set up the checkbook roth and what are your ongoing fees?

 Mike, one of my investors just did this and it was really cheap. I think she spent around $800 for set up and the ongoing fees are $200/year

[Jeffrey Holst]

@Sean McDonnell  I wonder if that included the state filing fees etc?  I paid about 1400 all in and fees are about the same annually.  

[Victor Viyuoh]

@Jeffrey Holst, @Ernesto Hernandez, there was no Show 21. I never ran across an explanation as to why. Episode 16 was the Dodd Frank show and it lasted all of 4 minutes. They explained why the Land Contracts show they had recorded with Clay Huber was pulled off the air after the then new law was passed in the interim.

[Todd Dexheimer]

@Jeffrey Holst I am not sure the exact break down, but the $800 is what my investor told me was the total fee. The custodian was PGI

[Jeffrey Holst]

@Victor Viyuoh yeah I listened to the 4 minute show 16 and havent seen a reason as to what happened with 21.  I assume there must have been one at some point but Ill likely survive with out it.  

[Jeffrey Holst]

Quick Update,  I am just finishing up listening to show 28 with Dave Van Horn, and its a good one.  If you havent listened to it or its been a while you might want to take a moment to listen to it about buying notes. and raising money.  I have picked up several great tips. 

[Jeffrey Holst]

Just checking in,  Hope all of you are keeping to your new goals.  I am just finishing up episode 32 on the podcast and I went to look at a property for my Roth today.  

[Jeffrey Holst]

I am just finishing podcast 33 and about to start 34.  I have easily exceeded my posting goal for this month and can already see it paying off in the form of new connections locally.   

[David Grabiner]

I guess I am a little late to this setting goals party but I will throw mine out there now, better late than never.

1. Increase my network with other investors and lenders.

2. Purchase 42 units in 2018 ( I already closed on 20 units so 22 more to go!).

[Jeffrey Holst]

22 already very nice.

[Jeffrey Holst]

So  when I posted this it was my second ever post, This update will be my 100th post,  Since I started posting I have connected with several new local investors and have had 1 face to face meeting with 2 more planned.  My goals are already paying dividends. I will be finishing podcast 37 today and have already learned a bunch of new ideas.  I think the exposure to other peoples strategies will pay great dividends going forward.  

Anyway the point is I am keeping up on my goals, Hope y'all are as well.  would love to hear an update on your progress even if its I havent started yet but now I am going to or whatever.  

Hope all is well lets go out and kill 2018.

Thank you in advance for your responses

[Dean Fryer]

Update... Since I joined in on your goals on Jan 15 I have completed 16 podcasts, engaged to two BP posts and read one book. 

For the month of Feb, I will keep the goal of one podcast a day and reading two books this month but will up my participation on BP by participating in a minimum of 5 conversations.

@Jeffrey Holst, thanks for getting me motivated and moving forward. All the best.

[Jeffrey Holst]

@Dean Fryer Thanks for the update,  Keep it up.