"New" Member from Columbus, Ohio

[Aaron Einfrank]

Hi Everyone!  I have a confession.  I am not really a new member.  I have actually been on Bigger Pockets since 2008 and I have yet to actually make a real estate investment of any kind.  The reasons why I am where I am today are probably the same as everyone elses who find themselves in a similar position but the main one is not being able to hold myself accountable.  Thats where I need your help...

A few weeks ago I was reading through the Bigger Pockets Blog and came across an article titled You're Just One Relationship Away from "10xing" Your Goals by Michael Blank.  In the article, he talks about how the key to achieving massive results is to share your goals with the "universe" so that you can connect with people who can help you along the way.  Not only that, telling other people about your goals is a great accountability tool because if you don't take the action necessary to achieve them its much harder to hide!

So here goes...my goal is to build a real estate business that replicates my current income in the next 6 years.  There it is...out in the universe!  

Special thanks to Michael Blank.  If you are reading this, I sent an email to Robert Kiyosaki telling him about your podcast.  Hopefully it helps! 

[Chris Washington]

@Aaron Einfrank 

Congrats on taking the step to acknowledge your REI failure over the last 8 years. First step to recovery is admitting you have a problem... :)

Having said that, while stating your goal is great I would highly recommend you break that goal down into much smaller pieces so you are able to track your progress (i.e. Analyze 3 properties a day for next 90 days, Contact and meet with with 3 local RE broker(s) in next 30 days, Close 1st REI deal netting 15% annual cash on cash return by 12/31/16, etc). I would also tie this to broken down financial goals as well (i.e. if your current income is $100k, your goal could be to generate $10k passive by 12/31/17, $25k passive by 12/31/18, $50k passive by 12/31/19, etc.). Its hard to hold yourself accountable when you have 1 goal with 1 number that's so far in the future. Also, goals are only as good as your determination of what you are willing to do to accomplish them.

I would also recommend digging deeper to understand why you have not made any REI moves in the last 8 years. Is it lack of knowledge of your investment strategy? Being afraid to reach out and connect with local RE professionals? Not having enough money and not knowing how to creatively finance?, etc.... Once you are able to identify the gap, you can put together a specific action plan to close that gap and propel you forward. In my experience, I've found that almost all causes of inaction are related to lack of education. It's a lot easier to move forward when you understand how exactly to do so.

Hope this helps...best of luck and I hope your next 8 years in REI are better than the last 8!

[Aaron Einfrank]

@Chris Washington Thanks for the advice.  Those are some really good points.  I absolutely do have a financial plan broken down by year with the goal of achieving approx. $1.5m in equity in 6 years which is what I estimate that I will need to generate returns necessary to replace my current income. 

My main focus over the next 30 days is to generate motivated seller leads.   I plan on building my pipeline through direct mail and have set a goal of sending my first mailerby June 4th.  Between now and then, I will be looking for another experienced wholesaler or flipper here in Columbus to partner with on the first few deals to help me work through the process so if you have anyone in mind that would fit that description I would appreciate a referral!  

[Chris Washington]

@Aaron Einfrank Great to hear that you've got a detail plan laid out to get you where you want to go. Unfortunately, I am 100% focused on my local Cincinnati market at this point, so I do not have any network in Columbus. However, I've seen a lot of discussion around Columbus market here on BP, so I don't think you'll have a problem finding some connections in your local area.

Best of luck! I look forward to seeing your future success...

[John Horner]

So you've made the decision, the next step is taking action!!!  Best of luck and welcome back to the site!