Goals, Business Plans & Entities

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Peri Eryigit
  • đź“šMarketing Manager, Publishing and Events
  • Salt Lake City, UT
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👉Boldest real estate goal you ever set and how you achieved it!?

Peri Eryigit
  • đź“šMarketing Manager, Publishing and Events
  • Salt Lake City, UT
Posted Jan 16 2023, 08:44

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. 

👇What's your boldest goal?👇

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Replied Jan 18 2023, 11:36

2022 Goal (Nov):  Buy 2 properties by the end of the year and have them cash flowing.

2022 Outcome:  Bought 4 properties in 2 different states (not mine).  Closed on all 4 before the end of December.  Have received mail box money for 2 months now on 2 properties.  The other 2 need typical cosmetic work (paint, cabinets, door knobs, faucets, toilets, etc) which I will fly up & do most of the work myself adding even more equity.  They will be rented out for $800-$1000 a month each.  The 2 already rented bring in $650 & $750 a month.  I will self manage these properties until I can't, adding even more cash flow.

2023 Goals:  Buy 2 properties a month (24 for the year) and also get into multi-family

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John McKee#3 Commercial Real Estate Investing Contributor
  • Investor
  • Fairfax, VA
542
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John McKee#3 Commercial Real Estate Investing Contributor
  • Investor
  • Fairfax, VA
Replied Jan 18 2023, 17:14

Goal: To buy as much NNN property as possible or at least as much as my wife will allow :) This is an ongoing addiction that my wife is trying to control.

Steps:  Talked to every broker, and looked through hundreds of listings a week to find what I was looking for.

Outcome:  I bought 4 commercial properties last year due to my relentless research.

Future goals:  Listen to my Wife.

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Donald Muschany
  • Investor
  • Sarasota Florida
5
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Donald Muschany
  • Investor
  • Sarasota Florida
Replied Feb 26 2023, 14:14

We called a company called hireplacerr.com and our goal was to get into 3 new homes per year. The problem we had was cold calling it took a ton of time and was not something we liked to do. We ended up hiring a VA that could do these cold calls and we needed up spending most of our time working the deal and very little time finding the deal. I don't know how I could do business now without VA. It's all about systems!

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Don Konipol#1 Innovative Strategies Contributor
  • Lender
  • The Woodlands, TX
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Don Konipol#1 Innovative Strategies Contributor
  • Lender
  • The Woodlands, TX
Replied Mar 15 2023, 12:51

In 1998 I made the decision to sell my automotive repair shops and enter real estate syndication as a full time occupation.  By 2001 I had reached that goal.  All the success I achieved since has been “gravy”, just being able to completely change my career, business, and lifestyle from an activity I had grown to dislike to one I loved was the greatest achievement in itself.  

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Todd Dexheimer#2 Multi-Family and Apartment Investing Contributor
  • Rental Property Investor
  • St. Paul, MN
3,549
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Todd Dexheimer#2 Multi-Family and Apartment Investing Contributor
  • Rental Property Investor
  • St. Paul, MN
Replied Mar 16 2023, 09:38

Goal in 2022 was to raise $25mm from passive LP investors in 2022. 

Result: Raised $28mm on 5 new assets. This was done through years of dedication and building credibility. Our biggest source of investors come from my podcast and listening to me on other podcasts. The next source is investor referrals. 

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James W Tollick
  • Rental Property Investor
4
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James W Tollick
  • Rental Property Investor
Replied Apr 3 2023, 20:47

My goal: 

To have $1 million in equity from real estate properties. Currently active duty in the U.S Navy, and my initial goal for myself before I retire (August 2027) is to own 5 units. I currently have 1 single family home as a fixer upper (almost done fixing it) and looking to get into duplexes. 

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Alisa Lewis
  • Milwaukee
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Alisa Lewis
  • Milwaukee
Replied Apr 10 2023, 12:28

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Replied Apr 18 2023, 17:00
What part of Louisville?