MY 2013 AND 2014 GOALS AND WHAT I ACCOMPLISHED. NOW TELL ME HOW YOU DID!

[Jerry W.]

In reviewing my posted goals for 2013 and 2014 I have the following results.

2013 My goal was to buy a fix and flip and add 1-3 cash flowing rentals.  I bought a fix and flip in a nearby town that needed a lot of work.  It had one large and 1 small house on it.   The price was only $36K as it needed huge amounts of work.  I sold it in less than 2 months to another investor for $50K with no real work put into it.  I promptly bought a much nicer fix and flip that the work is going very slowly on due to it being about 35 miles away.  At this speed I will be lucky to get it on the market by 2015.  I did not add a rental in 2013.

    In 2014 I did pay off one nice rental but immediately did a line of credit against it and bought one rental house in Indiana and partnered on a fix and flip and one rental in Ohio.  The jury is still out on the fix and flip as it has not sold and has been on the market for 90 days.  I also bought a rental with a lot of potential to cash flow, but resold it to my handyman for a small profit (about net of $6K).  I then bought a property with one large 3 bedroom house and 2 small 1 bedroom houses on it (on my birthday).  Purchase price was $105,000.  I was able to rent the big house for $750 per month, and plan to have both small houses rented by the same tenant starting in October as her parents will move into those.  The 2 small houses will rent for a total of $750 which is slightly below market.  I am giving a price break in exchange for having only 1 renter rent all 3.  I was able to borrow the full purchase price by redoing a loan on another property that only had $17K owed on it.  The payments for the loan on all 4 houses is now $1030 per month and I will be getting $1500 on the new acquisition.  I am doing a rehab on the other house that I hope to have done by November and hope it will rent for around $600.  That house has been in the fix process for about 3 years.  Due to a very large number of turnovers and repairs I am at a standstill on acquiring more properties until I get all of my large repairs done and empty houses rehabbed and rented.  I had an additional private goal of trying to add 25 doors this year.  I don't think I will make that goal.  

Time to start thinking about 2015 goals.

Please let the rest of us know how you did on your 2013, and 2014 goals and what you plan for 2015.

[Sylvia B.]

In June of 2012 we bought land adjoining the land our home is on for a new 1/2 mile long driveway. It came with a house we didn't want. A friend asked if we were planning to rent it out and we weren't sure, but said we might. The next week the house he was living in sold, and he asked if he could rent ours. We became accidental landlords.

At about the same time we started thinking and talking about retirement. We came up with a landlord retirement plan. We set a goal of buying and renting 10 houses in 10 years and then we'd retire.

So in 2013 we bought, rehabbed & rented a house - barely! The lease was signed between Christmas & New Years. Goal for 2013 met.

For 2014 our goal was 2 houses.

House A we bought in February & we're still working on it. The goal is to finish before Thanksgiving.

House B we bought the last week of March. We spent 8 weeks doing extensive rehab and rented it right before Memorial Day.

House C we bought mid-June. It didn't need much work, but there were multiple delays. We have a deposit holding it, but no signed lease yet. We'll know by Monday if it's rented.

House D closed Wednesday. We need to put appliances in it, and that's about it. We've had two people ask about renting it already. It will be ready for move in by the 1st.

Two years into our 10 year plan and we're halfway to the finish line!