Good morning and happy Monday to everyone out there. In advance of the BP conference I wanted to craft a summary of what my top three expectations are for myself to get out of this conference (purely from a self accountability stand point). Wise people say to put it in writing and share with the world right.
First off I want to share a quick thank you with @Ethan Cooke, @Avery Carl and @Kendra Levy for the excellent conversations I have had regarding your experience and approach on building your portfolio in this business so far. So let's get to it:
- 1. Goal - Money/Cash Flow - My wife and I have a goal of getting to $30k/month net income within the next 18-24 months. With the three STR's we have set-up throughout this summer we have chunked a good $3-$5k (depending on the performance) towards that goal so far.
- Our Problem - Acquiring Property - I still do not think I am any good or confident at actually evaluating properties and have had more luck at this point than anything. I have read many unique angles people take on their business in this forum and I would love to continue to learn from anyone what gets put in their portfolio and what gets left out and why. I will gladly share the challenges we have faced so far (HOA violations, snakes hanging from lights, low pricing, high pricing etc...)
- 2. Goal - Leveraging Capital More Effectively - This is an area I feel my wife and I could improve tremendously as we don't have any specific strategy on how to leverage each dollar we have access to effectively. Naturally, with my first goal, you would think this would be all poured into acquiring additional properties and while I am not opposed to that, we are expecting a baby in January so maybe the short term course of action is to find good partnerships where our capital can be leveraged in someone else's model for the time being.
- Our Problem - We do not have many/if any like minded people in our social circle that we feel comfortable lending capital. Nor am I experienced in proper contracts in establishing the right paperwork to ensure legal/asset protection for both parties. I am hoping to walk away with not only some enhanced knowledge in this area but hopefully some serious potential partners that share similar goals/mindset on how and what they want to achieve. I would love to discuss this with folks on this and be able to provide value from a partnership perspective.
- 3. Goal - Simplification of Focus / Measuring Your Success - This is probably a bit philosophical at this point but wondering techniques on how people stay laser focused on the select few things that move their goals and business forward. I am a fan of writing things down and now actually want to start videotaping conversations between my wife and I on our goals and perceived challenges to hold ourselves accountable and reference through replay. My conversation starter here is regarding what you implement to distract from the noise that makes you focus on executing on things that don't matter (i.e. irrelevant and seemingly important tasks that consume your day.)
Excited to meet everyone and share info on the STR and vacation rental world and how to make everyone's financial goals a reality! Please feel free to reach out before, during and after the conference! Talk soon!
Jonathan
