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