Business Management

What Types of Goals Should Investors Be Setting for 2017?

Expertise: Commercial Real Estate, Personal Finance, Real Estate Marketing, Business Management, Landlording & Rental Properties, Real Estate Investing Basics, Personal Development, Real Estate News & Commentary, Mortgages & Creative Financing
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It’s prime time to set some new goals. What types of goals should you be setting for the next 12 months?

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While I’m not a big believer in taking much time off during this season, which is packed with opportunities, I do believe everyone should be taking an appropriate amount of time to set goals for the coming year. Unfortunately, we often don’t set specific enough objectives or have a solid plan of action that will deliver on what we really want. Most people have a number, right? That’s usually what they want to make in the next year. It might be $100k, $1M, $10M, or more. I suggest that you get far more specific this year.


Leads, Units, and the #1 Most Important Number

How are you going to get to that top line revenue or income goal? What will it take to get there? Investors need to be thinking in terms of real estate leads and the number of units they need to close on in order to make their big goals happen. You want to set the goal and map out your plan to achieve it. My goal is to acquire 500 apartment units in 2017. In order to achieve that, I need to consistently look at deals everyday and send out offers practically every week.

Related: How to Set Short, Mid & Long-Term Goals on Your Quest for Financial Freedom

Just make sure you don’t just get busier and end up making less. Many do. Make sure your net returns and the money you really get to spend, reinvest, or add to your nest egg is really moving up as well. Be sure your profit margins stay strong, even as you grow your volume.

Goals for Improving Your Money Making Machine

If you’ve read some of my other blog articles on BiggerPockets, you know that I am a big advocate of hiring other people to assist in helping you achieve your goals (and theirs). Don’t try to do everything yourself. How many people do you plan to hire this year? What will they do? Where will you find them?

This is a part of working to make your business and investments more efficient, effective, and scalable. You may also want to create a list of areas of your business or certain tasks you want to outsource or automate this year. Where can you plug in systems to make things flow more consistently and profitably? Perhaps it’s property management, screening leads, or staying on top of tax deductions all year round.


Related: How to Set Goals as a Newbie Wholesaler (& Actually Achieve Them!)

Effective Goal Setting

Thinking and setting goals is easy. So many people set goals and new year’s resolutions. Not everyone actually follows through. I recommend setting high goals and writing them every day. Some people write them once and then just read them daily. I write my goals when I wake up, as well as right before I go to sleep to keep them fresh in my mind. I believe that whatever you focus on the universe will give you, but you have to be sure to take the necessary actionable steps too.

What are your goals for the coming year?

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Sterling is an multifamily investor specializing in value-add apartments in Indianapolis and other Midwestern markets. With just under a decade of experience in the real estate industry, Sterling w...
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    Waverly Rennie Rental Property Investor from Dunedin, FL
    Replied over 3 years ago
    Thanks for these thoughts- a good reminder to stop and ask myself what I can do to be more efficient, rather than just getting busy and making slightly more $. And it’s helpful to remind myself to identify what I can delegate- having just spent two days doing bookkeeping, I know this is something I need to outsource!! Thanks for a useful and timely article.
    Alex Sanfilippo from Jacksonville, FL
    Replied over 3 years ago
    Good stuff!
    Nathan G. Real Estate Broker from Cody, WY
    Replied over 3 years ago
    Key: ensure your goals are realistic! Most people set goals that are unrealistic, causing them to fail quickly and give up. That’s why February and March are good times to buy (barely) used fitness equipment! You could set a goal like, “I’m going to jump on top of this six-story building!” You’ll never even make it to the second floor and will give up. But can you jump up one step a day? Yes! It’s easily attainable. By consistently taking one small jump a day, you will experience a small success every day and eventually reach your goal. Do you want a certain number of units or a certain amount of cash flow? Try to get rich quick and see where it gets you! You can set the big goal but break it into small, realistic goals and you are far more likely to reach success. And if you are tired of your Concept II rower and want to get rid of it cheap, contact me!
    Sterling Anderson Investor from Omaha, NE
    Replied over 3 years ago
    Great Post Sterling. I’m focusing on more passive income in 2017
    Ross Bagley from Kenmore, Washington
    Replied over 3 years ago
    My goal is to firm up my vacation home rental business. I plan to have two more vacation homes renting by July 1 and be in a position to close one more ski-season property by Thanksgiving. Stretch goal: be able to make a fourth 2017 offer over the Christmas holidays, when anyone who is selling is hungry and the deals are better. Larger goal: be in a position to quit from my day job at the end of 2018 and only run the vacation home rental business from then on.
    Dante Pirouz Rental Property Investor from Fort Gratiot, MI
    Replied over 3 years ago
    Great article! My goal is to increase my current portfolio from 7 to 20 units by the end of 2017. That’s my “freedom number.” Let’s see if I can deliver the goods!! 🙂
    Shiloh Lundahl Rental Property Investor from Gilbert, AZ
    Replied over 3 years ago
    Another Great Article Stirling, I really liked the idea of writing goals at night and in the morning. I usually just write them once and then look at them each day but I don’t rewrite them each day. I think this would definitely help me recommit daily to achieving my goals. I also really like making big goals ever since I went to a seminar with Robert Shemin (author of “How come that idiots rich and I’m not”) and he taught about “quantum goals” and after I read the book “The 10X Rule” by Grant Cardon. I used to be embarrassed to make really big goals because I thought I would be mocked or laughed at. Now I tend not to hang out with people that would do that and I’m naturally associating with people who have big goals themselves and do great things. I posted some of my goals for 2017 in a recent post a few days ago here:
    Sheila F. Investor from Statesville, North Carolina
    Replied over 3 years ago
    In my many years of investing, and as silly as it sounds, my goals always now begin with being grateful for what I have accomplished and what the next goal will help me become!!! That gives me the drive when things don’t go as I expect!!! As Zig Ziglar says: You can get everything you want out of life, if you just help enough other people get what they want” I love Win – Win Deals!!!!