I would love to hear what goals people are setting for 2014.
Personally, I am going to-
-hire an assistant to help with my wholesaling and tenant placement business
-do a 1031 exchange with a property that a biz partner and I acquired this year through a wholesale deal
-streamline more of my rental business so that it requires less of me!
As far as personal goals go- exercise and lose 30 pounds! Ugh.
I'd love to hear your goals.
*Acquire 4 more buy and hold properties reaching a total of 9 buy and holds
*Make continuing to work on my website, contribute to Biggerpockets blog, and participate on this forums a high priority :)
*Start evaluating what direction I want to go once we max out traditional 30 year loans.
buy my second buy and hold and possibly the third one as well.
Buy my 1st buy and hold REI.
I have a few goals for 2015, all fairly small and I hope achievable. 1) buy a property in Tennessee that I want for retirement (this is very specific, with an identified neglected property, an absentee owner and several years of unpaid taxes); 2) separate my business money from my personal money, at least with different bank accounts for rental properties, and at most by setting up an LLC for the rental business; 3) buy one more rental property in my chosen area, the Belvedere Park area of DeKalb County (Metro Atlanta), ideally from a wholesaler at less than MLS retail; and 4) invest $15/20K in another real estate deal in metro Atlanta, either as a hard money lender or a partner, perhaps in Atlanta's West End (lookin' at you, Rick Baggenstoss!)
I have one immediate goal for 2015: quiet the titles on two properties I bought on tax sale. The certificates mature this month.
@Ron Collins we have used this to save time before. Alot faster than quiet title.
-Make $300k profit on 3 to 8 flips in my local market.
-Surround myself with buy and hold investors, and get back into buying for cash flow and appreciation.
-Finish my profile and upload a picture so I don't look like a FBI agent anymore on B.P.
Purchase a few (2-4) buy and holds and wholesale as many deals as possible. I'd also like to buy and flip several properties in 2015.
40 + flips and buy 2 buy and hold properties.
Damn everyones buying properties! Where do you get the money?? sheesh lol
My goal is to pay off my credit cards so I can rebuild my credit to then purchase my first buy and hold.
- wholesale at least 12 properties by the end of the year
- outsource all marketing
- develop list of solid cash buyers
- better systematize property analysis
Patrick Britton, Real Estate Agent in WA (#120557)
2015 is going to be a crazy new year for me, I am literally starting a new company the beginning of January that is in the real estate field, I'll be living in a new home that we closed on in November, that is on a new side of the city. So just overall my life will be changing, and I AM EXCITED. I know everything is for the best and will work in my favor.
My goals are to just kill it with the new job, get my duplex all renovated.
I would like to buy another duplex by the end of the year.
Pay down another $123k of my real estate debt and keep feeling the peace!
My goal for 2015 is four flips and two additional investors.
8 fix and flips
2 seller finance rentals to hold
- #1. Rent out my first investment property which I am in the middle of rehabbing right now
- #2. Purchase 4 more buy and holds consisting of at least one multi and three SFRs or small multis.
- #3. Improve my understanding of real estate financing and learn to cash-out-refi so that I can keep plowing money into new investments.
- #4. Get my first wholesale deal under my belt.
- #5. Gear up for 2016 - plan is 12 buy and holds in 2016
1. Get an accountant
2. Get a renter for my first RE investment
3. Pay taxes on time
4. Purchase second buy and hold
5. Rent second buy and hold
6. Refrain from buying myself anything new this year
1. Purchase 4 fix and flips.
2. Add 5 more rentals.
3. Acquire first property using creative financing.
4. Expand my network.
1. Have my tenants pay down my mortgages via their rent payments
2. Probably sell a couple of my houses
3. Possibly buy more properties (maybe 2 at the most)
4. Continue to help my out of state investor partners become rich slowly
At this stage, I'm very happy with where I'm at and just want to improve what I have. It will be interesting to come back to this thread at the end of 2015 and compare where I think I will be to where I actually am.
Thanks to everyone that responded to my post. From what I understand, those of us that put our goals in writing are more likely to reach them! I wish you all a safe, happy, and prosperous 2015.
1. Buy a Duplex $60-70k
2. Continue to profit from my current SFR
3. Pay off car and credit card debt
1. Purchase 2 additional buy and hold property(total of 3 rentals).
2. Find a CPA and RE Attorney to help me out/grow my business.
3. Network with other Investors.
4. To get better on analyzing deals.
5. To find a local mentor.
I wrote this a few weeks ago and have got about 5 or so of the things done, kida fun knocking stuff off your 2015 list before it even starts.
Have $5000 in rental account emergency fund
- don't spent rental cashflow
Have $10,000 in emergency fund
- emergency fund is top priority
- all extra income goes to these funds till met
Save $10,000 toward next REI purchase
- save all incomeRefinance brick house (cash out)
- outdoor windows sealed
- siding on shed
- railing on steps
- trim widows
- tile work in bathroom.
- doors hung
- gutters and facia
Build living area in basement
- stud walls
Redo outside of brick house?
Re side back of pink mobile.
- find siding
Develop myself as a great landlord
- hold great tenants
- create an atmosphere of honesty and trust
- gift cards
- meet monthly at least with landlord
- systematize expenses on spreadsheet
- receipt system
Identify 3 solid business niches and write out how you would make it work.
- read 10 business books
- meet monthly with a businessman
Hunt down off market deals in columbus and other areas to wholesale/ bird dog.
- send 25 yellow letters
- drive/ phone calls
- billings wholesalers?
Buy 1 vacant lot in R-3 zoning in columbus, billings, or surrounding areas.
- save money, with side jobs (mowing, snow shoveling, other)
- use wholesale money?
- buy owner financing?
Travel to Ohio as a research opportunity to Toledo Ohio real estate
- Ohio cashflow
- BP members
- property management
- look at houses
I set a series of goals back in October for the next few years and published them in my profile. I have been and will continue updating monthly. Find that it helps me stay accountable (in a small way). Moreover, it's nice to publicly check them off!
What I have learned so far... once you put your goals in writing, they are a lot easier to achieve!
Establish Iowa brokerage by Dec 2014. [Complete]
Launch user-friendly website by March 2015. [In-Progress]
Automate tenant application process by June 2015. [In-Progress]
Complete 10 new flip projects by end of 2015. [02/10 Acquired]
Acquire 50 new rental units by end of 2016. [34/50 Acquired]
Last Updated Dec 28 2014
Mitch Coluzzi, Contractor in IA (#C124035)
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