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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
So update on my 2018 goals. I sold my first flip (started Oct 2017) half way through remodel on second flip, multiple offers out on third house. New goal is to land a consistent lending source instead of patching funding together.
Great. Hope the flips go well. Check small local banks you might find someone willing to help out. Best of luck and keep it up
Quick update, I am still listening to one plus podcasts a day and have posted 151 times this year. I also just posted my second blog post. Let me know what you guys think if you check it out. Leave comments here or in the comment section on the blog.
Also check this out. If you look up in the upper right of your screen assuming you are on the non mobile version you can see that I am officially the top contributor for this forum. How fun is that. Onward and Upward my friends. Keep it up and stick to those goals.
Update on the first house that I bought last month. So we're starting the renovation on Monday. Contractor quoted me for 20k for 3 weeks to replace the roof, finish the basement, place allure flooring on all floors and paint interior of the house plus all the miscellaneous things. I finished reading the book on flipping houses by j. Scott. I just need to reread Brandon's book on rental property investing so I can get quality tenants.
Thanks for the update. How was the how was the j Scott book?
It's good. It's my second time reading it. I also have his book on Estimating Rehab costs. I also have Brandon's 3 books and Greene's Long Distance Investing book.
March Update.
I was sick the last few days so I didn't get nearly as many podcasts done but I am up to show 56, I easily exceeded my posting goal for February and moved to the top contributor in this forum which is kinda fun. My two real estate deals locally both fell through but we are on pace to close on our 32 unit later this month. I wrote a blog posting about my transition from single families to multi family residential and how my partner and I plan to go from 0 to 100 units of multis in less than a year. You should all check it out and feel free to comment on it. I also developed a plan for how to use the Roth money to increase my real estate holdings.
Look forward to hearing all of your updates. ( @Bryant Tumbelekis @Omar Khan @Caleb Heimsoth @Stephen R. @Account Closed ) Hope I didnt miss anyone.
Ready set Go!
Right now we're in the middle of rehabbing the place. It's gonna take a month and hopefully we'll be getting good tenants after that. What do you guys use to advertise your place? Craigslist and MLS? I'm almost done reading Brandon's The Book on Rental Property Investing. Next in line is The Book on managing rental property investing.
@Jeffrey Holst awesome! Im up to date on podcasts still in contract to close on my first mfh - -hopefully it all sticks. Should know in the next couple weeks. As for posting been doing two per week. Wanna stay on the pattern for now.
#cheers
@Vina Real we use craigslist when we only have a small number of vacancies it works well. There are services that syndicate it out to lots of sites like zillow, hotpads etc my partner has an account for that but I dont recall the service at the moment
Originally posted by @Jeffrey Holst:
March Update.
I was sick the last few days so I didn't get nearly as many podcasts done but I am up to show 56, I easily exceeded my posting goal for February and moved to the top contributor in this forum which is kinda fun. My two real estate deals locally both fell through but we are on pace to close on our 32 unit later this month. I wrote a blog posting about my transition from single families to multi family residential and how my partner and I plan to go from 0 to 100 units of multis in less than a year. You should all check it out and feel free to comment on it. I also developed a plan for how to use the Roth money to increase my real estate holdings.
Look forward to hearing all of your updates. ( @Bryant Tumbelekis @Omar Khan @Caleb Heimsoth @Stephen R. @Account Closed ) Hope I didnt miss anyone.
Ready set Go!
Thanks for keeping this post active and checking in. Really appreciate it!
I'm building out my platform by working with a few major syndicators in designing their underwriting models and systems. I noticed a huge need for this in the 50-300 unit space.
The institutional guys have their own models. Most mid-sized syndicators are so focused on raising capital and managing their asset that they've never really updated their underwriting models. They modify their original models as deals come on without ever improving the model or systematizing their process. Hence, this is why leveraging my background (institutional finance) to move into this area.
Already placed investor capital into a MF deal and looking forward to increasing my network.
Still working on finding out ways to spend even more time with the family.
What has everyone else been up to?
@Omar Khan I might want to talk with you about that. We are working on syndicating a 48 unit so a little below your target market but we are moving on up.
Originally posted by @Jeffrey Holst:
@Omar Khan I might want to talk with you about that. We are working on syndicating a 48 unit so a little below your target market but we are moving on up.
Anytime!
The whole point of developing my own models was that syndicators were not getting someone professional to do the job for them. Every syndication group has their strength. The people that are superstars in underwriting need to pair up with those folks who are great in raising capital and vice-versa.
PM me and let's talk.
@Jeffrey Holst. Right now I'm learning more about analyzing deals. Still listening to podcast, keeping up with webinars. I haven't made any offers yet, right now going to meet ups building relationships and learning as much I can. Also me and a couple people in one of the meet ups I'm in just started a 90 day challenge to push ourselves more to find and close a real estate deal. I'm looking for from a 4 to 100 units. I know it's stretch, but I'm want to see how far I can get in the 90 days. Meeting a lot of interesting people on my journey. Glad to see everyone is still putting in some type of effort towards there real estate goals. I'm also want post everyday on the forum, so I have to work More on that. But keep up the good work everyone.
@Omar Khan I am very interested in learning more about syndication and would love to speak to you about the process.
@Jeffrey Holst Thanks for continuing the conversation Jeffery. I achieved one of my 2018 goals, by selling my single family rental. Currently, I am holding the proceeds and looking for a multifamily property to personally purchase. My business partner and I have a 9 unit property in Carson CA that should be listed for sale in the next 10 days. I will use the proceeds from that sale to aid my multifamily purchase.
Originally posted by @Jeffrey Holst:
Great update everyone keep them coming.
Would appreciate you keeping this post alive in the coming months.
Love to hear about everyone's progress.
Hello Jeffrey., this is great to start this with you.
I am starting a little late in the year but..
1. Learn all I can and begin my wholesaling journey. I plan to make at least 2 deals a month.
2. Buy a four-plex so that I can house hack and begin my journey into multi-family homes.
3. Read 24 books and listen to 96 audio books this year. I do not have time to read many books due to learning a new trade and home-schooling my two little boys.
4. Listen to all BP Podcast that has to do with what I am committed to doing this year.
5. Network more in the BP community.
@Omar Khan I plan to
@Philissa Gilliard welcome. I started this post late January so there is precedence for starting late. Great goals by the way. Last year I read 62 books about 40 of which were audible. If you hit 120 like your goal suggests you will have killed me. This year I am focusing my listening time on podcasts so I expect a much lower book count something like 20-30 total. Good luck with the flipping and house hacking.
Well, for some reason by the time I realized I needed to get things going with the podcasts, it was the end of the month and I realized that it was February. I did some read some but I didn't get all of the podcasts in. I have been spending this month with working on an income coming in so I have something to present to any investors. I still did numbers though like i said I was going to do.
Originally posted by @Larry O'Connor:
Well, for some reason by the time I realized I needed to get things going with the podcasts, it was the end of the month and I realized that it was February. I did some read some but I didn't get all of the podcasts in. I have been spending this month with working on an income coming in so I have something to present to any investors. I still did numbers though like i said I was going to do.
No worries man. It's a new month and you get a fresh start. Working numbers for the investors is very important so good work on that. You got this.
Quick update, on my goals which Ill repost here for reference. (Parentheticals are current progress)
1) post a minimum of 120 times this year with a minimum of 10 posts in each calendar month. (killing this one over 120 posts already averaging about 100/month)
2) I plan listen to all of the BP podcasts. So far I have listened to 1-18 and am about 1/2 through show 19. (im up to 67)
3) Purchase 1 property in my Self directed Roth (no real progress but have the cash ready to go)
4) Purchase at least 1 property without a partner. (still working on a few deals but nothing yet)
Look forward to everyone else's updates
quick update. We are still on path to close the 32 unit and I just started podcast 80. I made my Jan/Feb and march post goals. I am still working on the two additional purchase goals. Will keep you posted. Hope Y'all are out making money.
You guys are up
( @Bryant Tumbelekis @Omar Khan @Caleb Heimsoth @Stephen R.@Jonathan Hulen @Rupert Grant @Jason Lavender @Chizoh Uzegbu @John Morgan @Lamaine Hargrove @Vina Real@Todd Romero @Larry O'Connor @Aaron Hall @Benjamin Kelly @Nicholas Richard Ray @Ola Dantis @Dean Fryer @Bo Kim )
One new goal by the way is to hit the 500 post club by summer