Real Estate Investing Basics

Goals for 2013

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2013 Goals

As I have said before, I believe setting specific goals is very important for your business.  I also believe sharing your goals publicly is a great idea as it adds focus and some pressure.  I started this three part series by reviewing our 2012 goals and performance against them.  I then highlighted my thoughts on 2012 from both a macro and a micro level around real estate investing.  I closed the last article with my personal lessons learned.  Now I will highlight our goals for 2013.

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Goal #1: Keep Sharing

First, I would like to continue our goal of sharing our story with real estate groups.  I like the idea of sharing the idea that working a demanding full time job and real estate investing can work if you are prepared, committed and willing to sacrifice.

I would like to speak at no less than 6 real estate focused events. I have one extra special goal in 2013 on this topic.  I want to speak on the Bruce Norris Radio show.  If you don’t know Bruce Norris look him up as he one of the best resource on real estate investing and research and he single-handedly saved my investment portfolio by telling us to sell near the peak.  I would like to shake his hand and say thank you again; I had lunch with him at the BiggerPockets event last year and it was one of my highlights of the event.

Goal #2: Close on Five Deals

Second, I would like to close no less than five transactions in 2013 that were financed with owner financing.  These transactions will still need to meet our internal goals but given we can control the terms to a greater degree I am sure we can put together several win-win transactions.

Goal #3: Increase Our Monthly Cashflow

Third, given the increased competition and our high expectations for returns we are going to lower our goal for expected net cash flow generation from last year.  We are going to set our goal at 2012 goal at increasing our monthly cash flow by $4,000.  If something dramatic like the fiscal cliff, the loss of mortgage deduction, or other government intervention causes supply to increase or demand to decrease we will likely raise our goal; at this point we would be excited to add another $4,000 to our growing personal income and cash flow statements.

Goal #4: Trade Up

Fourth, I believe as this year progresses we will be able to sell one of the cheap houses we bought in 2008, do a 1031 tax deferred exchange,  and move the equity into a profitable multi-family building.  We used this strategy in 2006 and when we get to do it again in 2013, 2014 or 2015 we will be very happy.

Goal #5: Grow our Networking

Fifth, like last year we want to grow our network of contacts in the Fresno market by no less than 50 people.  The market is always changing and if the market increase like I believe it will the investor with the most trusted contacts will win and be offered the best deals.

What are Your 2013 Goals?

In closing what are your goals for 2013?  Have you thought about them?  Have you written them down? If you want to share them feel free to leave a comment below.

Good Investing and Happy New Year
Photo: BlinkingIdio

    Candyce Blodgett
    Replied over 7 years ago
    Thank you for that timely kick in the butt! I copied your list, popped into Word, then started the planning and editing process to conform to my own goals. It was a great jumping off point and here I am by noon on the very first day of 2013 with my Top 7 Business Goals for 2013 on my desktop as well as hanging in my office to remind myself daily of the goals I’m trying to reach.
    Mike Z
    Replied over 7 years ago
    Candyce You are welcome and nice job Good Investing
    Keith and Kinsey
    Replied over 7 years ago
    Great post! I strongly encourage people to make goals. Here’s five things that will help make a goal more likely to be a reality: 1) Write it down 2) Have someone hold you accountable 3) Make it measurable 4) Give it a timeline 5) It must be realistic
    Mike Z
    Replied over 7 years ago
    Keith and Kinsey, Couldn’t agree more Good Investing
    Mike Z
    Replied over 7 years ago
    Keith and Kinsey, Couldn’t agree more Good Investing Reply Report comment
    Susan Barnett
    Replied over 7 years ago
    Thanks for this. I’m new to real estate, it’s been a slow start in this economy, but I am determined to make this a going concern in 2013. Goals? More networking, more aggressive pursuit of listings, more confidence in my own skills. I’ve got the hard work and commitment to service down -now to add more spice to the sauce.