01.01.15 Year End Results for 2014 Goals

2014 is over, time to reflect on the year and set goals for 2015.

My 2014 goals relating to real estate:

• 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. RESULTS: We were proactive with maintenance inspections early in the year, but we stopped doing them for the rest of the year, since we were getting inside units plenty between maintenance issues and turnover. We haven’t been vigilant about driving by all our properties routinely, but are making sure more than a few months don’t go by without checking on them. We had 8 move outs in 2014, our highest yet. The move outs led to over $8,500 in unreimbursed incremental cost, another failed goal. Three tenants stayed less than 3 months, making us question our rental criteria. Rent is coming in great now, maybe we finally found some stable tenants! Our CAP rate is at 9.5, with only two units over our goal of 10. All properties cash flowed at least, one only $500, but looked like it could have been much worse.
• 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. RESULTS: I got to over 800 forum posts. Consistently posting twice a day, unless the day is really crazy, which I feel is a good balance. Love key word alerts to find new local members and low income topics.
• Explore seller financing to be better versed in my favorite potential exit strategy. RESULTS: Did the research. Less enthused about seller financing now, but still see it as a viable exit strategy to have in our toolbox.
• 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. RESULTS: If only the first goal was this easy! Read eleven real estate related books and reviewed them on this blog.
• 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. RESULTS: Spent several hours looking at properties on the market in target area, have researched and prepared to turn some current properties over to a property manager at some point, and have been more intentional about staying in vacation rentals rather than hotels when travelling.

From a landlording perspective, 2014 was a rough year, and it is nice to close the book on it and get a fresh start in 2015.