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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
Your goal should be to purchase every property without a partner...
@Chris Purcell to each there own I guess but I have a really great partner and we work extremely well together. We have property in Chattanooga near me that I manage and property in Metro Detroit near him that he manages so it works really well. We also have minority partnerships where we have majority interest between us and we take on silent investor partners. Maybe I'd be better off not having partners but I seriously doubt we could have individually accomplished what we have together.
Jeffrey Holst
Jeff,
Love this idea! Count me in!
@John Morgan welcome aboard. The more the merrier. The posting goal is easy, the podcast goal is a little less than 1 a day so that requires real commitment.
Great to hear.I'm new and my real estate goal is to learn everything about real estate this year. And buy my first 4 unit multi family this year with a positive cash flow. And network and buy some more. Hope everyone here completes all there goals this year.
@Jeffrey Holst, I love this post. I actually starting going back through the episodes 3 months ago, but I started from current and am going backwards. I think I will start up with you guys and finish them out from Start to Current.
@Lamaine Hargrove welcome to real estate. Buying a 4 unit in your first year is a great goal. Best of luck keep up posted.
My goal is to buy and hold my first 2 properties this year and then progress until I reach my goal of 25 doors in 7 years.
Furthermore, I want to engage more in the forums to meet new friends and learn a lot in the process.
@Vina Real, great goals. I think 2 properties per year is a solid, tangible goal for you. I wish you the best!
@Vina Real great I love measurable goals like buy and hold 2 properties. Very reasonable. Make a plan, stick to the plan and you will easily be able to hit your goal of 2 this year and 25 over the next 7. Please keep me posted.
I love this conversation and I definitely don't want to kill it but I reposted my original forum post as a blog posting, (my first ever). I did this because I think that format may work better for keeping me accountable. I am happy to continue the discussion in both locations.
@Jeffrey Holst thank you. Definitely will. Dominate your goals this year bro.
I love this thread and this is my first post on the forums lol. I started listening to the podcast from episode 1 and have made it to episode 116 so far. I’ve also recently started watching Wednesday’s webinars. As far as goals go for 2018, I have many and keep an ongoing list of short term, mid term, and long term goals.
2018 Real Estate related goals:
1) purchase cash flowing single family and multi family properties
2) fix and flip single family homes
3) get real estate license
4) be more active on the forum and network with like minded people here at BP
Welcome Todd. I love that this is your first post. Glad to have you. Jump on in anytime
Originally posted by @Jeffrey Holst:
Welcome Todd. I love that this is your first post. Glad to have you. Jump on in anytime
Thank you my friend...
@Jeffrey Holst, allow me to throw a couple curves your way. First, I've always practiced setting goals. Last year was the first year I didn't and I killed it. I'm sure that had as much to do with the up cycle in the market as anything else but it was still pretty nice. Second, while I know you most likely already know this, why own property in an IRA outside of flips? I do and it's a been a waste in my experience but I'm always open to learning new things. We have the luxury of getting together and discussing in person but but for those here the discussion may be helpful.
First off glad you had a great year however, I'd argue you had a great year because of the goals you set before not because you didn't set new ones. Those prior accomplishments put you in the place you are now.
To your second point, I didn't actually say I was doing a buy and hold in the IRA the deal I am currently looking at is a flip. My goal for IRA is to flip a few quick deals to build it up and then buy some discounted notes so the funds can grow consistantly with relatively low risk.
As a final aside, I believe it is time I buy you lunch or drinks.
Originally posted by @Brian Levredge:
@Jeffrey Holst, allow me to throw a couple curves your way. First, I've always practiced setting goals. Last year was the first year I didn't and I killed it. I'm sure that had as much to do with the up cycle in the market as anything else but it was still pretty nice. Second, while I know you most likely already know this, why own property in an IRA outside of flips? I do and it's a been a waste in my experience but I'm always open to learning new things. We have the luxury of getting together and discussing in person but but for those here the discussion may be helpful.
I love this idea Jeffrey Holst and I will join you in posting my goals. I am doing this without support from family and no significant other so it will give me that accountability that we all need to keep that pressure on to accomplish what they want to achieve. As a precursor, I have read a lot and now I am putting that first step forward in creating my new career.
1) I am going to join you in doing at least 10 posts a month which will consist of new posts, responses and maybe a blog about my beginning in my new career as real estate investor which will go along with my beginning of writing of concise books in the kindle publishing venue.
2) I am going to begin to listen to at least 7 podcasts a week, and at least 2 of the webinars that are in the resources available. I am going to listen to at least 2 audible books a month and I am already ahead of that with 2 this month.
As far as my real estate goals they consist of these at this point:
1) I am going to fill out and create analyses on at least 3 properties a week. I will analyzing various neighborhoods in search of potential properties that create positive cash flow. I will be, and already am, participating in various trainings on becoming more of a professional in the area of real estate investing.
2) My goal is to check out 100 properties whether that be visiting them, scheduling a tour and meetings with agents. Out of that 100 I will be looking at picking 10 potential and making offers on 3 and picking up 1 and my time frame for this is within the next 90 days. Types of real estate will be either single family residences or small multi-family residences and possibly using one of them in a land hacking type of buying and holding.
Well, that's where I am at this point. Looking forward to any input on this and looking forward to working and talking with all of you.
Thanks,
Larry
Great list Jeffrey. My 2018 goals are purchasing 2 properties with solid positive cash flow and learning from the experience.
Originally posted by @Jeffrey Holst:
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.
Sounds like you're well on your way! We decided to scale up to bigger assets because it is roughly the same work if you're buying a 20 unit or a 100 unit property. Might as well aim to get economies of scale and minimize revenue risk by scaling up in size.
It is fun to dream about owning a major building but, right now, the focus is further developing a rock-solid business with the right partners that can continue feeling our progress.
I've become a big proponent of only doing 1 or 2 major things and ignoring everything else. Are you following a similar strategy or focusing on multiple opportunities?
Great idea Jeff! This is a great way to keep accountable and to create measurable successes. My RE goals are the following:
1) Complete six multifamily deals this year. (Just completed my first deal last month, it was an out-of-state triplex)
2) Post 250 times this year to BP. Break it down to once every weekday.
3) Write at least one article for BP detailing my jump into RE and challenges along the way.
4) Get engaged with the BP community (meetups, coffee, etc.)
@Larry O'Connor Thank you so much for the encouragement. please hold me accountable as well. I see you joined the 10 post a month challenge and set a pace on pod casts to finish them up this year I like it! Your real estate goals are well thought out and should work. I do caution though not to get discouraged, the first time I heard the 100-10-3-1 rule was a couple decades ago when I was in high school watching a no money down guy on a late night infomercial and I like the concept but keep in mind that it doesnt have to play our exactly like that. My rule is look at bunch of stuff online get out a drive some of those that look promising, call agent on a couple of the ones you drive and offer on whatever makes sense then only buy the ones that you get for your price. Sometimes I look at 1 online drive 1 offer on 1 and buy 1, other times I look at hundreds and drive 0. The main thing is no what you are looking for, keep looking and be ready when you find it.
@Aaron Hall Thank your great goal, I think its helpful if you define it as close as you can even if its not on BP, You should know what "solid positive cash flow" means to you. For me it might $300 for you it might be $1000 the point is great goal but make sure you know what you are aiming at with as much detail as possible.
@Omar Khan Thanks, So we are moving from single families to multis but we are 100% focused on a specific class. My plan is to buy return so if I see a duplex in a market where I have 3 or 4 already and I know the rents and work involved then if the return is good I jump at it but if I am buying something in an area outside of very small limited neighborhoods I am looking to get some larger deals, which for us means 20+ units our largest now is 19 we have a 32 under contract and I certainly hope that we can close that one so that moving forward we have a new measuring stick for large deals. What i like about the 32 is that its 3 miles from my 19 which starts to get us some economies of scale.
The big building dream is just that at the moment its not something I plan to do in 2018... @Brian Levredge probably will be me to it since he doesn't have a goal holding him back like I do.
@Benjamin Kelly Thanks, your multifamily goal is great, 2 month seems doable to me as long as you focus, and the 250 post goal makes me look lazy which is awesome I love it. Hopefully I am inspired by that to do more. I am also thinking about writing an article on my blog I have a few ideas floating around I want to share. Engagement is great I try to meet new real estate people as often as I can locally you just never know when something will lead to something else.
@Jeffrey Holst Excellent advice, I appreciate your input. I'll make sure to really narrow down my goals to some specific cash flow expectations among other things. Wishing you a successful 2018!