06.29.14 Mid Year Pulse on 2014 Goals

This year is screaming by, as they often do.  We're practically halfway through the year, so thought I'd reflect on progress on goals I set on 1/1/14:

• More visits to properties, perform 8-12 maintenance inspections, and be more proactive to reduce move outs or at least expensive move outs. Success is hitting 10 CAP instead of 9.5-9.7. PROGRESS: Have performed only 3 mtc inspections, too busy dealing with more move outs.  So far only one has been financially painful though. Estimate overall CAP for 2014 to be close to 10, but two properties are in the 7.5 range.
• Get to at least 500 forum posts. I read a lot of landlording posts on BP but often don't take the time to jump in. I should be able to average at least a post a day. PROGRESS: On track, have been able to post at least once each day.
• Explore seller financing to be better versed in my favorite potential exit strategy. PROGRESS: Have done research, less enthused about seller financing now.
• Read at least 8 real estate or business books, pulling from suggestions on BP. Rich Dad Poor Dad, 4 Hour Workweek, Section 8 Bible and many more are under my belt, but would like to read more to round out my education. PROGRESS: On track, have read 6 books so far this year.
• Take time to dream about and research what might be next after empty nesting - different location, different strategy, different level of real estate involvement, perhaps. PROGRESS: Have spent a few hours looking at properties on the market in target area, have been more intentional about staying in vacation rentals rather than hotels when travelling.

A recent podcast talked about setting lots of really specific goals, so here is a quick brainstorm of specific tasks I'd like to tackle at some point:

As savings grow, dabble in hard money lending

Read tenant-landlord law start to finish

Grow list of landlords in Highlands neighborhood

Bring landlord-tenant training to Highlands neighborhood

Property drive-by's at least monthly

Extend average tenancy to three years

Attend WLA conference (Done!)

Connect with Marcia Maynard from Bigger Pockets

Start targeting retirement property

Get property #2 back to cash flowing by year end

Educate myself more about tax strategies regarding real estate (started!)

Continue reading one real estate or financial book a month

Consistently fill vacancies within 10 days.

Consistently collect all money due by 10th of the month.

500 posts on BP

Pave/eliminate gravel at property #1

Paint property #2 (this summer)