2021: Did You Meet Your Goals?

Question

With 2021 almost in the past I'm sitting here taking a break from typing out a lease/gathering related paperwork for a property I bought last month (that was part of a small portfolio). This property had been vacant; me and my handyman and his assistant worked hard to get the property ready for rent.

The occupants will be signing the lease and receiving the keys tomorrow and I'm quite pleased as we're completing the property repairs/clean-up today.

2021 was great. I added a handful of value-add properties to my rentals and decided to move to my Pennsylvania market and hometown to manage and further add to my properties.

I hope you all had a great 2021 and accomplished the goals you had set for yourselves and if you hadn't set any goals I hope you achieved a good amount over the course of the year.

My 2022 goals are to have a successful move back to Pennsylvania and to purchase more properties; which will be much easier since I'll be back full-time in my main market for the first time since entering real estate.

Did you meet your 2021 goals? And what do you want to accomplish in 2022?

Happy New Year!

Nathan Gesner · Answer

I don't set specific goals with investing because I have a business to run and that's my focus. However, I do have a very basic goal of setting aside money for investments, constantly looking for deals, continuing my education, and improving my portfolio.This year I bought an investment that is also a charity. It includes two single-family homes and then a commercial space. I've donated the use of the commercial space to a local food pantry. They use it for free, so it's about $20,000 in value to the community every year. Unfortunately, there's no tax write-off so it's a true donation.I bought my first storage facility with 150 storage units and three residential units. It's a C- property but it has amazing cashflow. It's definitely my best investment ever made and I intend to do more storage in the future. Finally, I bought a new commercial property that will become my real estate office. It requires some major cash to renovate and turn it into what I want, but it is in an excellent location that I couldn't turn up. I will be the only real estate office on the east side of town and it's on the busiest road in the county between the two towns I serve. It has a 1,500 sq.ft. shop so I can start building my maintenance company to supplement my property management. Unfortunately, it will eat up all the cash I have and some of 2022 cash, so I may not be investing in much else next year.Goals for 2022? Start a maintenance company with a maintenance coordinator, plumbing, handymen, and cleaners. It's ambitious, but I think we're up for the challenge.

Bjorn Ahlblad · Answer

My wife and I are retired so we are using rentals to fund our retirement and keep us from having to get jobs at wallmart! So far it is working. I continue to look at deals because it is hard to stop! So ya, we are meeting our goals and more.

Joe S. · Answer

My wife and I were aiming at buying 12 properties. We bought 13 And kept 12.

Lawrence Briggs · Answer

@Karl B. Thank you for the support! To get the first property, it took a ton of discipline to work 2 jobs on days I did not want to work. I have to budget even more strict than before, because I was paying off debt and saving at the same time. Also, because of the crazy 2021 real estate market, it took me driving for dollars and getting the property under contract off-market directly with the seller. Also, education was very important such regarding the BP forum and books about real estate all 2021!

Karl B. · Answer

That sounds like a good year. 2022 should bring more deals for you!---Originally posted by @Lawrence Briggs: Great reading the post! For me, I worked two jobs and was able to pay off debt and save for my first single family investment property. I will be closing on it in a few weeks! The goal for 2022 is to purchase another property by 12/31/22! Wishing everyone a great 2022 :) Welcome to real estate investing! You did what it took to get that first property! I'm confident you'll buy another before 2022 ends. The great thing now is you'll learn by being a landlord and that knowledge will make you a better investor and the tenants will help by adding toward your wealth. Happy 2022 and beyond!

Lawrence Briggs · Answer

Great reading the post! For me, I worked two jobs and was able to pay off debt and save for my first single family investment property. I will be closing on it in a few weeks! The goal for 2022 is to purchase another property by 12/31/22! Wishing everyone a great 2022 :)

Karl B. · Answer

The first one is always the toughest and the scariest to do. For me, after a few months as a new landlord I began looking for my next deal! I closed on my 2nd property 7 months after closing on the first property. Find a deal just as good as your first deal (or better) and make it happen! Being a landlord and buying more and more property is like a snowball rolling down a hill... moment by moment it gains speed and grows larger at a faster pace.

Karl B. · Answer

Very cool! It's great to see fellow real estate folks making things happen. Some of you are doing very big things and I appreciate you sharing with me as it's inspiring to read!