What's your end game?....

[Chris Hopper]

Just as the title says, what's your end game?  Whether you have a 9-5 or full time real estate, is this something you've actually put thought into and working toward?  For me, I do have a specific end game.  I have a specific number that I need to hit with positive cash flow from my rentals.  When I hit that, I'm done! lol. (I will admit my number has dropped considerably over the last couple of years!)  Done as in, I won't do anymore flips or be spending anything at all on marketing.  I'll buy something that falls in my lap or a decent deal from a wholesaler to add to the portfolio, but for the most part, I'll be done.  I'm past the point where I want to be worth $100M+ or be a billionaire.  I just want to travel and enjoy life.  2 more years or less is the goal.

So what is your end game?  Striving for that "B" status?  Is it attainable?  Are you taking actual steps to get there or still coasting by with your 9-5?  For those that have the 9-5, are you just banging it out until your 65 and then rely on social security or do you have a plan?  Are you working toward your plan or still procrastinating?  

I ask this question to a lot of investors, and surprisingly I get the "deer in the headlights" look quite often.  Especially wholesalers.  As a wholesaler, you don't have an endgame wholesaling, so what is your plan?  Most will say they are going to buy rentals.  Why are you waiting, why aren't you buying them now?  Wholesale 3, keep 1 or something along those lines.  It's surprising how many people haven't even thought about it or are working toward it.

Just some food for thought since we haven't had any decent posts lately!!!!!  

[Tony Castronovo]

Hey @Chris Hopper.  Intriguing post. "End game" seems a bit terminal...but I will infer this to mean what my "ultimate objective" is.

My goal has never been about retirement but rather a new career. I have been in the management consulting space for the last 24 years and the corporate america thing just doesn't excite me like running my own business does. Real estate has always been an interest and passion of mine. I got into the construction business back in my early 20's and it's part of my DNA. It's hard for me not to get hands-on with my properties. But the business consulting skills translates well to deal analysis, capital raising, and networking...all valuable skills in REI. I want to do more of it!

Ultimately, I am not looking to drive a Bentley (love my F-150) and don't need to travel the world.  My wife and I share a passion for the outdoors...specifically in the mountains.  We want to buy a place in Colorado and split time throughout the year with our homestead in Houston.  I want to live a healthy lifestyle focused on more outdoor activities such as running, hiking, and skiing.  And reduce some stress from juggling a demanding job, work travel, building a business, etc.  To just gain more focus on the business, my family, and my health.

We aren't just daydreaming about this.  We are taking action.  Of course we are building our business.  But it took some time to realize that "replacing my income" is like a dog chasing his tail.  I have a job that pays well and I annually get increases and bonuses.  So the focus really needs to be on "covering our expenses".  To accelerate this we are looking for ways to cut out the fat.  We are planning to list our 5BR house this summer and settle into a more modest 3BR...which means reducing our overall housing costs.  We are also reducing other unnecessary expenses.  

Another HUGE element of the action plan is mindset (often overlooked).  I've been pretty vocal about the plan at work.  I used to think it was risky to tell people but I believe you have to hold yourself accountable if you make your goals transparent.  Another important aspect is to ensure my wife is onboard.  

It's really scary to think about dropping the W-2.  But the quality of life and ability to live life with passion rather than waking up every day to collect a paycheck is driving me to take action each and every day.