Connecticut W2 side hustling accountability update

[William Collins]

Update time on previous threads, mainly as accountability for all y'all CT real estate folks.  

Where are we:  Currently we are up to 16 properties across Connecticut, but about to 1031 ladder a bunch.

Breakdown summary: 1 sixplex, 1 fourplex, 2 triplexes, and 12 duplexes.  Total units: 40

Selling this year: 5 duplexes, 1 triplex.  Buying a triplex, sixplex, fiveplex, and two four plexes.  Total end units: 49

Goal 1: 50 units total in 2021- Close but no line of sight to that last unit. 

Goal 2: Each building cashflows $1000 or more. Each door cashflows $300 as an average. In the progress of weeding/ harvesting equity from duplexes which are good- but not great cash flowers

Goal 3: Create $500,000 of equity from forced appreciation. In progress, I have a line of sight to the creation but need to close on some units and start raising NOI.

Goal 4: Controlled real estate passing $3,500,000 of value.  I blew past this one by a mile currently at  $4,900,000 range.

What are my main challenges:

• The first contractor I had, who did great on half my portfolio went sour.  Did some real halfway work and made me start looking elsewhere.
• The town did not accept the hardship to convert a commercial unit to a residential unit. So I was trying to go from mixed-use to residential- and that was blocked.    
• Velocity of money.  I am seeing lots of really decent investments, but having the capital through 1031's is taking time and the personal capital contributions are limited.

What do I need:

• More time.
• More capital.
• A mastermind of folks operating at this level.  I would call it the middle ground, not a rookie- not a mogul.