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What goals are you looking to accomplish by the end of 2023?
2023: Starting out, Scaling, or Staying Put? How have your plans changed, or have they stayed the same since the beginning of the year?
- BiggerPockets Publishing Operations Manager
- Denver, CO
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Starting out AND scaling! I want to turn my primary residence into an investment property, then purchase my first "real" investment on top of that :)
Scaling, but a bit conservatively. We just bought a duplex that we'll focus on making one side two MTRs (up/down), then the other side another two MTRs or one larger LTR - living in each side as we rehab.
I'm really looking to get more comfortable with larger rehab projects this year
Diving into creative finance and hoping to scale using some of Pace Morby's brilliant systems + strategies :)
I plan to focus inward this year. I had a big chunk of money to invest, but then we were hit with some significant expenses with a family issue. I'll be working on improving my business and my investments that I already own unless something significant changes.
I will flip 2 more properties and complete a BRRR on one other.
I want to help 20 investors with multi-family, commercial shopping centers and office building mixed portfolios. Helping them to see how to maximize their revenue and help them keep tax liability as low as possible is my enjoyment.
I want to be debt free and able to buy more real-estate. I want the real-estate I have now to be more thriving in the Airbnb world.
Get the primary residence fixed up and work on building a glamping business setup on the same property.
Looking to purchase my first rental property before the end of the year. Longer term goal is to learn to scale this into a real business by next year and beyond!
My focus has definitely shifted this year. I'm offloading a number of my properties to eliminate headaches, and I've started focusing on a few different metrics (some less measurable than others):
-ROE (return on equity)
-ROT (return on my time required to manage the property, renovations, or property managers)
-ROH (return on headache - my #1 metric. How does the return compare to how much of a hassle the deal is?)
My active work in the real estate is now focused around coaching others, investing in other peoples deals, doing a little private lending, and optimizing my remaining STR
Invest in my first rental property and exit the "rat race" at the end of 2023.
I think starting out for many investors is always a great accomplishment. It took me almost 10 years to finally make the leap into my first investment. Almost 6 months after that first “leap of faith” I was ready for the next venture! As we all hear over and over again that it’s more important to just get started than to hit a home run on your first deal it is proving more and more true. At least in my experience. good luck to all the new investors ready to take that leap!
Our main 2023 goal is to acquire $30M worth of value-add commercial real estate with strong predictable cashflow from day 1. To achieve this goal, we had to break it down into smaller steps. First, we had to get very specific around the type of assets that we are targeting, which is Class B Industrial properties between 50k-200k sq ft, located in great areas around Milwaukee and Madison, WI. From there we are building out what we are calling our "Deal Machine" - which is a direct to seller outreach strategy, and we are also going to build our "Capital Machine" focused on finding additional capital partners to add into our network that may be interested in participating in the deal flow that we have. Through our deal machine outreach and traditional broker relationships, we are aiming to offer on $300M worth of deals in 2023, and through our enhanced capital raising efforts we are aiming to raise $10M in 2023.
To date we have offered on about $36M worth of real estate, and have raised over $1M to acquire one asset. We need to ramp up our efforts here in Q2 and Q3 to get back on track and meet our goals.
Great question, thanks for posting this! Goals, built on a sound plan and followed up with relentless action and execution is how anyone can make their dreams a reality!
Our goal for 2023 is to invest in our first multi family project. Our second goal is to invest in a 2nd multi family project so our son can begin house hacking! Our third goal is to retire one of our jobs and have a plan in place to retire the other job in 2024.
My goal is to save enough money to at least buy house. Im working as much OT as I can and Im giving myself until the end of October! If there’s any agents in the Round Rock/Austin, TX area willing to work with me, please reach out.
Didn't have plans to jump into investing at the beginning of the year. Things have now changed and hoping to buy a duplex by the end of the year.
Simple. I plan on getting a mentor.
We had planned on just adding one or two properties but have decided to go all in and aim for 8 flips, 20 Wholesales, and 20 door adds by end of year. I know it’s crazy but it has awakened this drive to improve my systems, relationships, analysis, and overall business.
I love seeing everyone's goals on here. I'd like to add just for my own sake of tracking later on:
I'm set to become debt free by Aug '24, and in the meantime gaining knowledge so I can jump right into investment portfolio building. I've always thought the best way to do anything is debt free, but I am interested in learning about the popular creative financing methods.
What's safer with more reasonable return: SF live-in-flip, or MF house hack?
#4 House Hacking Contributor
- CPA, Real Estate Broker & Investor
- Seattle & Woodinville, WA
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#4 House Hacking Contributor
- CPA, Real Estate Broker & Investor
- Seattle & Woodinville, WA
1031x the condo portfolio into multi.
@Noah Bacon Purchase one more multi family by end of 2023 bringing my total # of buildings to 8 with at least 3 more doors preferably at least 5 doors.
@Noah Bacon By the end of the year I plan to add a mid-term rental to portfolio and complete a full stabilization of a multifamily that we are working on. My goals for 2023 have definitely shifted for various reasons (market dynamics, opportunities and strategy).
Goal:
Turn my primary residence into rental property
Purchase a duplex in Indy
Develop relationships with contractors in Houston, I am looking to fix and flip there. I move there next weekend.
A few!
Real Estate - Pay off credit cards used to buy rental
Coaching & Bookkeeping Business - Add 2 more Monthly Clients
Candle Business -(Purchased in May) Turn profit, pay off credit card for materials, have a $10k Revenue month!
My plans have been to stay put and consolidate the portfolio- sold a couple properties and reinvested the proceeds into new properties. Same number of doors, but nicer units with higher rents.