BiggerPockets

There are a few hours remaining in June, but I thought we'd get a head start and post the July Goals Thread . . .

For those of you who have been participating in the goals threads, I hope that you've found the act of sharing your goals to be useful in attaining them.

As always, I'll reiterate how important goal-setting can be in achieving success in real estate and real estate investing.

So . . . without further adieu, lets kick things off and start sharing our goals for the month of July!

1. Tidy up financials for fiscal year
2. 100 Letters out to property owners in preparation for August
3. Secure $150,000 in investor money for Chicago hot properties.
4. Organize plans for NY apartment.
Enjoy the fireworks, Everyone! -Greg

Well, my goal for last month was to get the LLC setup. This is in process now and I am waiting on the state to do their part.

For this month, my goals are as follows:

1. Finish up the incomplete sections of the website.
2. Get our logo created. I have been in contact with a company to create it, so I am just waiting to see what they come up with.
3. Once the LLC is created, and the logo is done, order 5 " For Rent" signs with the new logo and company name.

We are putting in offers on two duplexes today. I may have a few additional goals if they get accepted.

Sounds like some good goals. Goal setting is very important. It is the first step to achieving them.

One point of advice though. It currently looks like you have short term and long term goals mixed up together. What you should do is sset goals and a time period for achieving them. Additionally, you want them to be specific so that you can measure success/failure. Ex.

1 Month
1. Spend 1/2 hour each day reading on the forum.
2. Find a local REIA group and attend the first meeting.
3. Order 100 bandit signs

3 Months
1. To have put out 50 bandit signs every other week for the past three months

6 Months
1. Flip my first property
2. Obtain a mentor who is knowledgable in Sub 2/Lease Options

12 Months
2. Flip second property

By doing this, your goals are now very measurable. As you approach the end of each time frame, you can look at your list and finish up whatever you have not completed yet.

What you should also do once you have made a list is to figure out a plan that you can follow to achieve each of these. Ex. for the flip (I'm assuming wholesaling).

In order to wholesale two houses this year, I will need to learn more about the subject. I will order Vena Jones-Cox's Wholesaling course off e-bay (10 Cds & 1 Binder) for around $100. While I am going through the course, I will start contacting realtors to find one who will take me around to beat up properties that need a rehab. When I go to these properties, I will have a checklist in hand to note all of the problems with the property, and will try to come up with some repair estimates based on what I see. I will then call three different contractors to get estimates on how much the work will cost. With these costs, I will then use a formula (for example. After Repaired Value (ARV) * 70% -rehab cost - your wholesaling fee). Once I come up with I can pay (you won't be paying it, your buyer will), then have the Realtor submit an offer. During this entire process, I will be writing down numbers from bandit signsand getting business cards from every investor that I meet. Once my first deal is accepted, I will begin calling these people and letting them know the deal that I have.

By getting down to this level of detailed, you have thought out and put an action plan together to accomplish your goals.

Good luck, and keep us updated.

1. Have website up and running. (Logo as well)
2. Continue putting my real estate team together.
3. See a few properties that I've had my eye on.
4. Have the code inspection for my property (7/11) and fix whatever is needed.
5. Quit claim my property to my LLC.

I'm sure there's more that I need to do for this month. I'll add to and revise this list in the next few days.

My goals for July are:

1. Form an LLC
2. Find financing for deals with no money out of pocket.
3. Have at least two deals under contract one in negotiation.
4. Formulate a plan to not only cash flow, but to put the cashflow on auto pilot.
5.Work on my business not in my business.