馃憠Boldest real estate goal you ever set and how you achieved it!?

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馃憠Boldest real estate goal you ever set and how you achieved it!?

Account Closed
Senior Marketing Manager, Memberships 路 Denver, CO 路 Member since 2022 路 48 posts 路 276 votes

In honor of the annual Intention Journal Sale (25% off starting today!) -- What's the boldest real estate goal you ever set for yourself? Tell us what your goal was, the steps you took to achieve it, how long you worked at it, and what the outcome was! 

I'll go first: 

1. Goal: To get my first investment property before my 26th birthday. I set the goal 3 months before my birthday.  

2. Steps: Read Long Distance Real Estate Investing. I was living in California at the time. I scoured Zillow for a property that was cash flow positive from day 1. Found a $310K triplex in Louisville, KY. Added up all the numbers (mortgage, taxes, insurance, utilities, capex, maintenance, etc.) in my Excel sheet and found that it would cash flow. Used the investor-friendly agent finder and matched with @Rob Bergeron! Went under contract with an offer for $300K. Did a virtual walk through with a local inspector, no major issues but got some seller concessions for minor repairs. 

3. Outcome: Closed 1 month before my birthday. Appraised for $310K so automatically made $10K at closing. Flew out to the property after closing and made cosmetic updates on all 3 units within 3-4 months (new paint, tile, etc.). Increased rents, increased property value. Current PITI is $1945 and rental income is $3250. Amazing tenants.

This was in September 2021. In the following months, we added 8 more cash flowing units in Lousiville, KY. Setting goals with hard deadlines + defined steps is so powerful! If you need some goal-setting inspiration, I highly recommend The Intention Journal by Brandon Turner. 

馃憞What's your boldest goal?馃憞

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Ellis San Jose
Specialist 路 Westlake Village, CA 路 Member since 2010 路 1k+ posts 路 781 votes
3y

Identify tactics and strategies to acquire assets at a 40% or more discount and to build a 8 figure net worth and annual income of 6 figures or more.

I had to surround myself with people that have achieved this and build the habits necessary to make it happen.

Still on the journey but I鈥檓 on track

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  • Paul De Luca
    Real Estate Agent 路 Chicago, IL 路 Member since 2018 路 1k+ posts 路 1k+ votes
    3y

    My boldest real estate goal was to house hack my first property before my lease expired and I had about a year to make that happen. I listened to the BiggerPockets podcast everyday, read several real estate investing books, and made my BP account in August 2018. I wrote down my goals and eventually made my first post in February 2019. That's how I connected with my first lender, who then connected me with the agent that would help me close on my first property. My lease was set to expire on 6/30 and I closed on 6/5/2019 so it all worked out. I still have the property and so far I've had awesome tenants!

    8Reply
  • Rami Khaldi
    Philadelphia, PA 路 Member since 2022 路 46 posts 路 38 votes
    3y

    This is awesome, good for you Peri!! Very exciting to hear that as a newcomer. Did you use personal capital and/or hard money loan for this? Sounds like this was just minor remodeling, so maybe not hard money. Just curious. But thats an amazing first investment. My hard deadline to have acquired my first property for project #1 is by end of March of this year. Lots of work to do.

    3Reply
  • Rob Bergeron
    Real Estate Agent 路 Louisville, KY 路 Member since 2017 路 1k+ posts 路 1k+ votes
    3y
    Quote from @Account Closed:

    In honor of the annual Intention Journal Sale (25% off starting today!) -- What's the boldest real estate goal you ever set for yourself? Tell us what your goal was, the steps you took to achieve it, how long you worked at it, and what the outcome was! 

    I'll go first: 

    1. Goal: To get my first investment property before my 26th birthday. I set the goal 3 months before my birthday.  

    2. Steps: Read Long Distance Real Estate Investing. I was living in California at the time. I scoured Zillow for a property that was cash flow positive from day 1. Found a $310K triplex in Louisville, KY. Added up all the numbers (mortgage, taxes, insurance, utilities, capex, maintenance, etc.) in my Excel sheet and found that it would cash flow. Used the investor-friendly agent finder and matched with @Rob Bergeron! Went under contract with an offer for $300K. Did a virtual walk through with a local inspector, no major issues but got some seller concessions for minor repairs. 

    3. Outcome:     Closed 1 month before my birthday. Appraised for $310K so automatically made $10K at closing. Flew out to the property after closing and made cosmetic updates on all 3 units within 3-4 months (new paint, tile, etc.). Increased rents, increased property value. Current PITI is $1945 and rental income is $3250. Amazing tenants.

    This was in September 2021. In the following months, we added 8 more cash flowing units in Lousiville, KY. Setting goals with hard deadlines + defined steps is so powerful! If you need some goal-setting inspiration, I highly recommend The Intention Journal by Brandon Turner. 

    馃憞What's your boldest goal?馃憞


     Proud of you both! Love watching you complete your projects, you guys have a special gift!

    2Reply
  • Kyle Momany
    Real Estate Agent 路 Tampa, FL 路 Member since 2018 路 144 posts 路 132 votes
    3y

    @Account Closed I love it. Mine was pretty similar!

    For Me:

    1. Goal - Buy my first investment before my 25th birthday ( Set roughly 6 months before)

    2. Steps:     I had jumped into real estate full fledged a little over a year prior, as an agent. I found a 5 bedrooms off-market STR, proposed it to my partner, structured the deal to everyone's liking, then closed on it 29 days before my birthday!

    3: Outcome:      Appraisal came in at value. With it being a turnkey property, we were able to transfer over some great bookings ( Over $1100/night!) and make super host in our first Quarter. 
    Purchase Price - 770k
    Rental Income - 110k

    2Reply
  • Phillip AustinPro Member
    Property Manager 路 Denver, CO 路 Member since 2023 路 236 posts 路 204 votes
    3y

    CONGRATS @Account Closed! Being an out-of-state investor is not easy! Well done.

    My boldest real estate goal was to start my own brokerage for Property Management which I finally did last month! Without any industry experience, I switched from a comfortable career with Four Seasons Hotels & Resorts to becoming a Property Manager with Evernest in 2019. Many BP members may have heard the name Evernest since they're a national Property Management company with over 13,000 units under management. I managed a large portfolio of properties for all types of landlords and investors, eventually working my way up to run all of their operations in Colorado which encompassed 2,100+ units, 40+ employees, 3 regional offices and hundreds of investors. 

    Today, I manage for a small group of investors in Greater Denver area and have a goal to reach 100+ units under management by 12/31/2023. I'm, also, working on house hacking my first duplex/triplex on the Front Range of Colorado. Wish me luck!

    If you're looking for a professional Property Manager in the Greater Denver area or simply have general questions related to landlording, send me a message and let's connect!

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor 路 VA 路 Member since 2015 路 21k+ posts 路 19k+ votes
    3y

    Goal

    Raise $50M this year.

    Will let you know if we get there.

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    7Reply
  • Rami Khaldi
    Philadelphia, PA 路 Member since 2022 路 46 posts 路 38 votes
    3y
    Quote from @Chris Seveney:

    Goal

    Raise $50M this year.

    Will let you know if we get there.

    More power to you! As a newcomer, would love to hear about the progress along the way and lessons learned.
    2Reply
  • Ellis San Jose
    Specialist 路 Westlake Village, CA 路 Member since 2010 路 1k+ posts 路 781 votes
    3y

    Identify tactics and strategies to acquire assets at a 40% or more discount and to build a 8 figure net worth and annual income of 6 figures or more.

    I had to surround myself with people that have achieved this and build the habits necessary to make it happen.

    Still on the journey but I鈥檓 on track

    10Reply
  • Levi DobsonPro Member
    Member since 2019 路 69 posts 路 36 votes
    3y
    Quote from @Ellis San Jose:

    I had to surround myself with people that have achieved this and build the habits necessary to make it happen.

    Still on the journey but I鈥檓 on track 

    This 馃憜

    2Reply
  • Todd Heitner
    Specialist 路 Huntingdon, PA 路 Member since 2014 路 160 posts 路 59 votes
    3y

    Very interesting thread and a good reminder to set specific goals and write them down after all, "he that aims at nothing, hits it every time!"

    2Reply
  • Mary Smith
    Rental Property Investor 路 Member since 2021 路 385 posts 路 197 votes
    3y

    @Account Closed I was very curious about the Intention Journal and how helpful this is. Have you used it before? If yes, could you please describe your experience with it? 

    1Reply
  • Stephanie Guillaume
    Member since 2022 路 4 posts 路 3 votes
    3y

    I love this thread. As a new and aspiring investor I love to learn about everyone's journey and see how to apply them to achieve my goals. 

    Goal: buy my first multi family in 6 months. 

    I'd love to do STR so not sure where to look for the best deals.

    2Reply
  • Carlos Valencia
    Lender 路 92703 路 Member since 2022 路 326 posts 路 538 votes
    3y

    Thank you for sharing your amazing journey! Best of Luck to you in 2023! 

    @Albert Bui @Matthew Kwan

    3Reply
  • Nathan Harden
    Real Estate Agent 路 Puyallup, WA 路 Member since 2022 路 551 posts 路 379 votes
    3y

    1. Goal- 2022 was the year that I was going to quit construction and get my real estate license so I could free up some time to learn more about REI and hopefully buy my first investment property before the end of 2022.

    2. Steps- I completed my Real Estate Licensing course is under a month, passed the test and was hired by a brokerage the next day. I read books, listened to podcasts and learned a lot on Youtube. I made the leap and bet on myself knowing that getting started in Real Estate is the hardest part when it comes to getting clients and getting your name out there.

    3. Outcome- I quit my construction job, became a fulltime Real Estate agent, won "Rookie of The Year" in my brokerage and I was also able to learn more about REI which led me to buying my first 3 rental properties. The properties were out of state so it took a little more knowledge and time on my end but got it done before the end of 2022!

    4Reply
  • Kyle Momany
    Real Estate Agent 路 Tampa, FL 路 Member since 2018 路 144 posts 路 132 votes
    3y
    Quote from @Stephanie Guillaume:

    I love this thread. As a new and aspiring investor I love to learn about everyone's journey and see how to apply them to achieve my goals. 

    Goal: buy my first multi family in 6 months. 

    I'd love to do STR so not sure where to look for the best deals.

    As an agent/investor in the Florida panhandle, and currently owning multifamily units used as strs. I can say, Panama City Beach has great multifamily options near the beach to be used as STR.

    Let me know if you have any questions.
    2Reply
  • Stephanie Guillaume
    Member since 2022 路 4 posts 路 3 votes
    3y

    I definitely would love to hear about some of the best areas in FL for STR. I heard Orlando is a great option, do you cover that area as well?

    1Reply
  • Tyler GibsonBusiness Member
    Real Estate Agent 路 Orlando, FL 路 Member since 2017 路 1k+ posts 路 2k+ votes
    3y
    Quote from @Stephanie Guillaume:

    I definitely would love to hear about some of the best areas in FL for STR. I heard Orlando is a great option, do you cover that area as well?

    I'm an investor agent and cover the Orlando area. Be happy to help answer any questions you might have.
    [email protected]407-590-9858
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    3Reply
  • Alex Wollin
    Member since 2022 路 4 posts 路 7 votes
    3y

    Such an awesome accomplishment, Peri! Great job!

    1. Back in 2020 (I was 22 at the time) I was, and still am currently working fulltime at the fire department and wanted to earn extra income. Had heard from STR owners that they earned a steady passive income from AIRBNB and VRBO. That gave me the goal to get my foot in the door with REI and STR.

    2. With the help of an awesome realtor/friend, bought in a brand new development and moved into my first property. The house was a 3 bed 2 bath. I rented one room to a friend of mine, and the other room as an STR that would remain relatively busy. From renting out both rooms I was able to put that money towards furnishing the house and prepare it to become a full STR.

    3. A year later I moved out and turned the entire house into an STR. The house now stays steadily booked throughout the year, bringing me positive cash flow every month.


    New goal. I have since leveraged cash on the house and am ready to expand my real estate investments. I will admit, setting goals is hard and even more so to follow through on said goals. With that being said, I am going to utilize The Intention Journal that you mentioned. 

    2Reply
  • Matthew MorrowBusiness Member
    Investor 路 PA - NY - NJ 路 Member since 2019 路 924 posts 路 324 votes
    3y

    The whole reason I got into real estate was to provide generational wealth to pass down to my kids.  
    Wanted to start traditional with the single family rental.  Well- first deal was a call of a post card -turned into a 5 unit mixed use that was a slam dunk value add.  Pushed appreciation thru market rents and capital improvements.  Property doubled in value of 2 yrs.  Cash out refi and took proceeds to buy a bunch more places in similar fashion. 鉂わ笍

    [email protected]484-791-6200
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  • Jason Jim茅nez
    Orlando, FL 路 Member since 2020 路 3 posts 路 3 votes
    3y

    My boldest real estate goal hasn't materialized yet.  I will one day own rental properties in all 24 time zones of the world and create global passive income.  

    3Reply
  • Account Closed
    OP
    Senior Marketing Manager, Memberships 路 Denver, CO 路 Member since 2022 路 48 posts 路 276 votes
    3y
    Quote from @Rami Khaldi:

    This is awesome, good for you Peri!! Very exciting to hear that as a newcomer. Did you use personal capital and/or hard money loan for this? Sounds like this was just minor remodeling, so maybe not hard money. Just curious. But thats an amazing first investment. My hard deadline to have acquired my first property for project #1 is by end of March of this year. Lots of work to do.


    Thank you! I put 3.5% down for the property and used my own savings for the remodel. My partner and I went one unit at a time and renovated ourselves to offset the costs and keep the rents coming while we worked. Started building a local team and network in that process so that we don't have to rely on our own limited funds and mediocre DIY skills in the future :) 

    Congrats on your first property goal. That's very exciting!

    0Reply
  • Account Closed
    OP
    Senior Marketing Manager, Memberships 路 Denver, CO 路 Member since 2022 路 48 posts 路 276 votes
    3y
    Quote from @Mary Smith:

    @Account Closed I was very curious about the Intention Journal and how helpful this is. Have you used it before? If yes, could you please describe your experience with it? 

    Hi Mary, I just started mine earlier this month!

    It's helped me set + clarify + specify my big goals for 2023. Then, you work backwards and fit those goals into your weekly and daily actions. It has a "weekly battle plan" which I fill out every Sunday/Monday with my goals for the week. You then track those goals throughout the week in your "daily habits" section. At the end of the week, you reflect on what you accomplished and what you need to refine in order to achieve your goals. 

    It's been really impactful for me so far. I'm trying to establish 2 new health habits and 1 major investment goal before March. My life is a little chaotic and unpredictable these days but despite that, it's helped me establish consistency, a healthy routine, and everything is on track with the investment goal :) Really recommend it!
    1Reply
  • Mary Smith
    Rental Property Investor 路 Member since 2021 路 385 posts 路 197 votes
    3y

    @Account Closed Thank you so much for your detailed explanation! I think I might give it a go for 2023!

    2Reply
  • Nate Marshall
    Real Estate Consultant 路 Evergreen, CO 路 Member since 2018 路 1k+ posts 路 738 votes
    3y

    This morning I challenged the private money industry to offer $1 billion in funding over the next 100 days. We will see how that goes. 

    0Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker 路 Canton, GA 路 Member since 2010 路 15k+ posts 路 11k+ votes
    3y

    48 years old now. By 70 years of age to have interviewed on a 1,000 podcasts, bought over 1,000 NNN STNL and MTNL properties (combo of ones owned exclusively by me and also with my accredited investors), and net worth of 1 billion plus. The goal is to work no more than 30hrs a week.

    People ask me the WHY of the goal.

    2 main reasons and it's not about getting wealthier really.

    1. To give back more. I get joy out of tipping big when going out to a restaurant, car wash, etc. Even talking to someone that maybe gets a spark to get an idea they could be financially free and forge their own path in life on their terms instead of stuck in a rat race living to pay the bills.

    2. For future bloodlines in the future decades to hundreds of years from now and beyond to see there was an ancestor in the family who achieved a dream so big that they view their dream possible. The size of it would make them feel anything is possible. If I can give that gift of inspiration to future generations in my family that makes me feel better than any amount of money in the world.

    For those that are not already multi-millionaires they often think of being financially free constantly. When that is achieved most people become more philanthropic about giving back more in life.

    For me I will check when I am 70 and see if I achieve the goal. The goal is 30hrs a week or less. If I had to work 60,70hrs a week to get there then it's not for me. I want harmony in other aspects of my life and have fun along the way with the journey.

    Whatever goal you set do not look at what everyone else is doing as the way things have to be done. They all have a different version of what a happy life is and that can even change over time as they go through life. I have talked with thousands of millionaires over the phone through the decades and only about 2 to 3% I would say are ego driven and all about the money. Most when they achieve financial freedom focus and quality of life and having harmony on a daily basis to get the most out of living. They want to keep money growing but do not obsess about it. They are more excited about what financial freedom has given them to pursue their passions.   

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