Columbia, MO 路 Member since 2022 路 122 posts 路 66 votes
Hello All!
As the new year is approaching what鈥檙e your goals for 2023!? Let鈥檚 use this as a way to motivate and help one another achieve those goals 馃榿
My goal for 2023 is to purchase my first duplex to house hack, get all my systems in place to self manage my units, network and grow my connections, and start saving for my second property!!
If anyone wants details on how I WILL achieve my goals let me know.
Joking, kind of. I have a couple of residential development deals I'm juggling right now and so not in a position to take anything else on at the moment. Unfortunately 2023 for me is going to be a 'treading water' kind of year as I don't know how these flips will perform in the current market.
Good news is I have very low leverage on the deals, and if the houses don't sell my backup plan is to convert to either short term or long term rentals. Which the market does support. But until I can wrap up construction and either sell or rent these homes, I'm not taking on anything else.
I like the thread though! Will follow along to see what others plans are.
Love this thread! My goal is to finish off my two properties that are under rehab and then purchase my first flip, then use the profit from the flip to purchase a duplex at the end of the year!
I'm all about setting goals and am working during the month of December to figure out how to reach my goals. Currently have 20 units and want to get to 35 by end of 2023. But more importantly, I want to get to enough cash flow that my husband and I achieve the first level of Financial Freedom, where all of our bills can be paid by cash flow. So if that take 30 or 35 or 40. That's the number........
I'm all about setting goals and am working during the month of December to figure out how to reach my goals. Currently have 20 units and want to get to 35 by end of 2023. But more importantly, I want to get to enough cash flow that my husband and I achieve the first level of Financial Freedom, where all of our bills can be paid by cash flow. So if that take 30 or 35 or 40. That's the number........
Love to hear that!! It will be such an amazing achievement to reach financial freedom through cash flow鈥攖hat is my ultimate goal as well!
My first goal in 2023 is to relax and enjoy our honeymoon vacation. My wife and I postponed it to get our current property remodeled, rented, and cash-out financing completed.
After that I'm going to tread water on buying C/B class rental properties. The cash-flow were getting is not justifying the amount of work going into BRRRR type deals (at the higher rates).
Joking, kind of. I have a couple of residential development deals I'm juggling right now and so not in a position to take anything else on at the moment. Unfortunately 2023 for me is going to be a 'treading water' kind of year as I don't know how these flips will perform in the current market.
Good news is I have very low leverage on the deals, and if the houses don't sell my backup plan is to convert to either short term or long term rentals. Which the market does support. But until I can wrap up construction and either sell or rent these homes, I'm not taking on anything else.
I like the thread though! Will follow along to see what others plans are.
Haha! Your first goal made me laugh
I think this year will be a transitional phase for a lot of people. I like hearing how you already have a backup plan ready and it is good to see how other investors are managing their risk moving forward! Thanks for the insight.
In 2023 I want to sell 10 houses and make a foothold in the Colorado Springs Real Estate Market! I am a new real estate agent, just licensed in early October and have been diligently networking and growing my database in a new market. I am also an investor who plans to add 2 more rentals to my portfolio in 2023, one long distance LTR back in Nebraska and one primary residence house hack (hopefully a duplex) in the Springs!
I wish everyone the best with your goals this upcoming year!
Love this thread! My goal is to finish off my two properties that are under rehab and then purchase my first flip, then use the profit from the flip to purchase a duplex at the end of the year!
Sounds like great goals with a great plan. What rehabs are you currently working on?
My first goal in 2023 is to relax and enjoy our honeymoon vacation. My wife and I postponed it to get our current property remodeled, rented, and cash-out financing completed.
After that I'm going to tread water on buying C/B class rental properties. The cash-flow were getting is not justifying the amount of work going into BRRRR type deals (at the higher rates).
@Jaron Walling First off congrats on the marriage and your upcoming honeymoon!!
I was wondering if you had any additional insight on your lack of cash flow? That is currently one thing I'm struggling with finding when analyzing the properties in my area.
Love this thread! My goal is to finish off my two properties that are under rehab and then purchase my first flip, then use the profit from the flip to purchase a duplex at the end of the year!
Sounds like great goals with a great plan. What rehabs are you currently working on?
Thanks! I am working on a project in the historical district that was a full rehab, and just finishing up a light rehab by the hospital in my market! Hoping to use it as a STR!
I will finish my 2023 goals at the end of December when I go on a mini retreat in the woods to reflect. But they will be along the lines of... Investment business: purchasing 4 more mobile homes with the land as rentals, super dial in our systems to utilize every team member in their unique genius zone, and consolidate some debt.
Education: Create 1 new class, (most likely on the topic of private money), double my book sales, speak at 40 live events, and be a guest on 50 podcasts.
My first goal in 2023 is to relax and enjoy our honeymoon vacation. My wife and I postponed it to get our current property remodeled, rented, and cash-out financing completed.
After that I'm going to tread water on buying C/B class rental properties. The cash-flow were getting is not justifying the amount of work going into BRRRR type deals (at the higher rates).
@Jaron Walling First off congrats on the marriage and your upcoming honeymoon!!
I was wondering if you had any additional insight on your lack of cash flow? That is currently one thing I'm struggling with finding when analyzing the properties in my area.
We're conservative investors and we like every piece of the pie. Cash-flow only happens in select neighborhoods and it's just hard to bounce around (confidently) to find deals. For that reason (so far) I've focused on distressed, value add, and forced appreciation deals. I'll tell you from experience once you remodel a few properties you gain MASSIVE AMOUNTS OF KNOWLEDGE> and this helps you find/buy/create the next opportunity.
Each of our remodels have gone smoother and easier. We also help other investors because I recommend good contractors. Our roofing guy has done 3 roofs for us and got many other jobs just by word of mouth recommendation. An electrician we hired saved us time and money with helpful advice before we hired him. Now I'm going to recommend him to ALL my friends. If you want to capture more pieces of REI you need a small army of professionals and contractors to support you.
I'm setting a new goal for 2023. Connect with more contractors, hire them for a project, and recommend them to someone else.
As the new year is approaching what鈥檙e your goals for 2023!? Let鈥檚 use this as a way to motivate and help one another achieve those goals 馃榿
My goal for 2023 is to purchase my first duplex to house hack, get all my systems in place to self manage my units, network and grow my connections, and start saving for my second property!!
If anyone wants details on how I WILL achieve my goals let me know.
Get 400 more props for PM, flip 100 more properties, and buy more rentals
My goals are to close on two real estate deals, improve my physical fitness, finish my masters degree, and I am getting married in may so I want to start off my marriage well and enjoy life with my fiance!
In 2023 I want to sell 10 houses and make a foothold in the Colorado Springs Real Estate Market! I am a new real estate agent, just licensed in early October and have been diligently networking and growing my database in a new market. I am also an investor who plans to add 2 more rentals to my portfolio in 2023, one long distance LTR back in Nebraska and one primary residence house hack (hopefully a duplex) in the Springs!
I wish everyone the best with your goals this upcoming year!
Love to hear your goals! Do you have any difficulties with long distance rentals?
For me Finish renovating a single family rental. Install tenant. Get perm loan, cash flow. Then renovating my historic building and sell my historic tax credits. Hopefully finish with 3 tenants and a perm loan by 2024. Also like to flip at least 1 house in 2023 use profits for the historic building. Juggling a lot debt with the historic building but I think it will cash flow nicely once finished.
Then continue. Look for more multi unit buildings off market. Buy with private money. Renovate with private money or my own money. I can't find a bank that wants to build a relationship with me even though I have been successful in every project I have done with private money.
My goal for 2023 is to focus on my real estate business more than 2022. 2020 and 2021 were insane and I vowed to spend more time in 2022 with my husband and traveling. We did that but I have seen my business decline. The goal for next year is to focus on business and pick up at least one more door for LTR or STR. I would also like to refinance an STR to either increase cash flow or potentially cash out to buy another property.
In 2023 I want to sell 10 houses and make a foothold in the Colorado Springs Real Estate Market! I am a new real estate agent, just licensed in early October and have been diligently networking and growing my database in a new market. I am also an investor who plans to add 2 more rentals to my portfolio in 2023, one long distance LTR back in Nebraska and one primary residence house hack (hopefully a duplex) in the Springs!
I wish everyone the best with your goals this upcoming year!
Love to hear your goals! Do you have any difficulties with long distance rentals?
Hey David,
So far, so good on the long distance rental. It was my primary residence up until 6 months ago. We have kept up on maintenance and we just renovated the lower level and upgraded the plumbing so we do not anticipate too many issues, but you never know what tomorrow brings when you have a 60 year old house! haha
I will finish my 2023 goals at the end of December when I go on a mini retreat in the woods to reflect. But they will be along the lines of... Investment business: purchasing 4 more mobile homes with the land as rentals, super dial in our systems to utilize every team member in their unique genius zone, and consolidate some debt.
Education: Create 1 new class, (most likely on the topic of private money), double my book sales, speak at 40 live events, and be a guest on 50 podcasts.
I love the outreach goals as well as the real estate goals. It's a goal of mine before I die to write a book! What's the topic of your book? (If you're allowed to share on here. I'm unsure of the self promo rules.)
My first goal in 2023 is to relax and enjoy our honeymoon vacation. My wife and I postponed it to get our current property remodeled, rented, and cash-out financing completed.
After that I'm going to tread water on buying C/B class rental properties. The cash-flow were getting is not justifying the amount of work going into BRRRR type deals (at the higher rates).
@Jaron Walling First off congrats on the marriage and your upcoming honeymoon!!
I was wondering if you had any additional insight on your lack of cash flow? That is currently one thing I'm struggling with finding when analyzing the properties in my area.
We're conservative investors and we like every piece of the pie. Cash-flow only happens in select neighborhoods and it's just hard to bounce around (confidently) to find deals. For that reason (so far) I've focused on distressed, value add, and forced appreciation deals. I'll tell you from experience once you remodel a few properties you gain MASSIVE AMOUNTS OF KNOWLEDGE> and this helps you find/buy/create the next opportunity.
Each of our remodels have gone smoother and easier. We also help other investors because I recommend good contractors. Our roofing guy has done 3 roofs for us and got many other jobs just by word of mouth recommendation. An electrician we hired saved us time and money with helpful advice before we hired him. Now I'm going to recommend him to ALL my friends. If you want to capture more pieces of REI you need a small army of professionals and contractors to support you.
I'm setting a new goal for 2023. Connect with more contractors, hire them for a project, and recommend them to someone else.
Thank you for the insight. I'm currently heavily considering the PRR method (Primary, rehab, rent) where I get a SFH renovate it during the year while living in it, rent it out after the year, and repeat. Thoughts?
As the new year is approaching what鈥檙e your goals for 2023!? Let鈥檚 use this as a way to motivate and help one another achieve those goals 馃榿
My goal for 2023 is to purchase my first duplex to house hack, get all my systems in place to self manage my units, network and grow my connections, and start saving for my second property!!
If anyone wants details on how I WILL achieve my goals let me know.
Get 400 more props for PM, flip 100 more properties, and buy more rentals
All the best to everyone
Insane goals! Love to hear it. Best of luck as well :D