There are two months left in 2015, what will you accomplish?

130 Replies

Refinance 4 SFRs. I'm in process and should get it done in November. 

Finish rehab on a ranch home and then get the property on the market.  

Wholesale triplex and provide mortgage to end buyer.  Help buyer get 3rd unit rehabbed and all units rented. 

Buy two vacant parcels through a wholesaler I connected with here at BP. 

Finish a yellow letter campaign and buy at least one property from the effort. 

Finish, list, and sell Austin rehab. 

Start on new construction on 3 Austin homes on two adjacent lots. 

I'll stop now, but could add more.  Need to cut back. 

Well we rehabbed one duplex and still have to get the 2nd tenant so we can refinance it.  We would like to get that done by then end of the year.  We own 5 Duplexes.

We need a new roof on another  of our other duplexes and we have to do that before the end of the year.

Originally posted by @Barbara G. :

Well we rehabbed one duplex and still have to get the 2nd tenant so we can refinance it.  We would like to get that done by then end of the year.  We own 5 Duplexes.

We need a new roof on another  of our other duplexes and we have to do that before the end of the year.

 Curious about your refinance, Barbara. How long have you owned it?  Are you looking to get cash out of the refinance?

Here is what I hope to accomplish:

  • Sell 3 properties with contracts on them currently
  • Finish and get contracts on 10 more
  • Complete construction financing on 8 more
  • Do 2016 education and goal planning
  • Finalize legal on our new debt fund (Gentry Lending Group)
  • Complete migration to our own IP for our funding platform (Realstarter)
  • Finalize financial and tax planning for 2016
  • Complete $3M line of credit with PlainsCapital or Prosperity Bank
  • Secure land for commercial JV on South Congress

Some of this is surely going to bleed into 2016, but I am pushing to accomplish it this year. 

Originally posted by @Jon Klaus :
Originally posted by @Barbara G.:

Well we rehabbed one duplex and still have to get the 2nd tenant so we can refinance it.  We would like to get that done by then end of the year.  We own 5 Duplexes.

Curious about your refinance, Barbara. How long have you owned it?  Are you looking to get cash out of the refinance?

 We bought this In May of this year.  It took too long to rehab and we spent too much and went over budget rehabbing it.   We now have one tenant at $1,000 and still have to get the 2nd tenant and then we will refinance at approx 70%.  We will unfortunatly still end up having to put approx $29,000 cash out.  The house plus rehab will cost $127,000 and if it appraises for $140,000 we will only get back (at 70%) $98,000.  If we had to do this one again we woul certainly pass on it. 

We are not happy with this but it is what it is   

- Finish my first flip, list it, and get it under contract.  It's in an up and coming area of Jax and it will be finished and listed by Thanksgiving.  I know maybe not the best market timing with the holidays but that's when the product will be ready.  Keeping my fingers crossed.

- Finish the rehab on a buy and hold that's in process and get it rented by Jan.

- Get another rehab under contract, decide if it's a flip or buy and hold.

REI is a part time job for me SO FAR and if I finish these three goals I'll be happy.

Launch my business as a Realtor.

Complete 2 rehabs I currently have going.

Make, or at least subscribe to, one my MF investments.

Potentially refinance my Sherman rental.

Set up Quickbooks, get caught up on bookkeeping, and prepare for '15 financials and tax filing preparation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

Originally posted by @Dana Whicker :

- Finish my first flip, list it, and get it under contract.  It's in an up and coming area of Jax and it will be finished and listed by Thanksgiving.  I know maybe not the best market timing with the holidays but that's when the product will be ready.  Keeping my fingers crossed.

- Finish the rehab on a buy and hold that's in process and get it rented by Jan.

- Get another rehab under contract, decide if it's a flip or buy and hold.

REI is a part time job for me SO FAR and if I finish these three goals I'll be happy.

 I should be listing a couple going into the end of the year.  Not the best time, but potentially fewer other new listings to compete with.  And some markets barely slow down at year end.  Maybe Jax is one of them?

Originally posted by @Chris Soignier :

Launch my business as a Realtor.

Complete 2 rehabs I currently have going.

Make, or at least subscribe to, one my MF investments.

Potentially refinance my Sherman rental.

Set up Quickbooks, get caught up on bookkeeping, and prepare for '15 financials and tax filing preparation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

What's your Sherman refi look like?  Cash out?

 I really should do more tax prep, but it's way down my list of satisfying work.  I guess I should "eat that frog."

Originally posted by @Jon Klaus :
Originally posted by @Chris S.:

Launch my business as a Realtor.

Complete 2 rehabs I currently have going.

Make, or at least subscribe to, one my MF investments.

Potentially refinance my Sherman rental.

Set up Quickbooks, get caught up on bookkeeping, and prepare for '15 financials and tax filing preparation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

What's your Sherman refi look like?  Cash out?

 I really should do more tax prep, but it's way down my list of satisfying work.  I guess I should "eat that frog."

It has appraised for $350K, and I owe $160K plus have another $30K in rehab I funded out of pocket. I would like to get some cash out to liquidate the remaining CC debt I incurred to fund my rehabs, mentorship, and other startup expenses in my REI business.

I'm w/ you on my hatred of taxes and accounting, which is a bit odd being a finance MBA.   I just prefer strategy and more forward looking activities than keep track of what's happened in the past.

Get contracts and close on two rehabs we put on the market this week. Olentangy and Valley Crest.

Complete rehab, and list Chamberlin by Nov 15. Contract within a week or two and close before end of the year, closing 2015 may be challenge.

Start Diana Lynn Rehab Monday, complete and list Dec 4, contract before the end of year. 

Finish and list two rehabs that we are doing with separate partners,  (cactus and callander)

Close on three buys we have under contract.

Get eight more (4 per month) deals under contract, sell four of those wholesale to rehabbers.

Finish real estate classes before the end of the year.

Take a few days off, plan strategy, structures, partnerships for 2015. 

@Jon Klaus

1. conference in LA next weekend

2. conference in Vegas the following

3. Thanksgiving in Maui

4. close first 2 homes of the 27 I have going in PDX subdivision

5. close on 24 lot subdivision with bank A and D  Dec 15th and start streets and underground in late winter.

6. just keep on keepin on... stuff really runs together these days.

Be thankful for a great year and the massive rebound in Real Estate. !!!!

Toward the end of this year I bought my office building and renovated it for 35k upside equity value from purchase price , hired a full time in office worker and set up intricate systems and processes for incoming leads. Set up a recording studio for daily videos on commercial real estate. Almost there with it. 

Currently working on closing out 12 million in 1031 purchase property deals with clients. Already have other transactions lined up for 2016. Getting a bunch of requests for me to syndicate. I will be going after value add retail centers along with developing STNL out parcels.

I want to stay fluid with the market so I do not want to take on very large projects that could take years to build from the ground up. I saw a lot of developers in 2007 get pounded trying to make the huge scores when the development cycle changed on them. People do not realize those big land deals sometimes take 5 years to decades to accomplish if ever. If everything goes perfect with market conditions I have seen larger new projects fully functioning with unanchored strips in 2.5 to 3 years. I am not including STNL or 2 to 3 top properties as those go faster. 

STNL I can let someone do the heavy lifting creating the big stuff and once accomplished develop the outlining areas. Start to finish you can have multiple small STNL projects going and if the market changes you are not overleveraged like building very large strips centers from the ground up.

1.  Finish the rehab I'm working on.  Probably won't get it rented before the end of the year, but would be nice if it did.

2.  See if I can put together a deal on a 3-condo package.  The seller is motivated, but pretty overpriced.

3. Just joined the HOA board on one of my properties.

      3a.  Collection issues are horrendous.  Form a collections committee to work with and push the collection attorney to find out why things are so bad.  Suspect the attorney has grown complacent because prior board was not engaged.  See if some unique solutions can be found.  

     3b.  As a result of 3a, there is a lot of deferred maintenance that needs to be done.  Put my CPA and budgeting skills to work to figure out projected cash flows.  Push through a Reserve Study which was started but never finished.


    3c.  Delve into prior financial statements and analyze trends.

3d.  Also as a result of 3a and 3b, homeowners are unhappy.  Brainstorm to increase satisfaction levels, increase community involvement and restore sense of pride in community.  (This is ongoing - clearly not a two month goal).

4.  Work on identifying and onboarding new tax/accounting clients.  In the next two weeks, I need to determine if I've got enough tax work for the upcoming season to keep myself busy or if I need to go out and get a part time or full time tax season job,  If the latter, then need to figure out time budgeting to continue to provide excellent service to my current (but fewish in number) clients.

5.  I'm on the board of directors for a small non-profit.  Work on our Holiday fundraising drive (which should be finished by Thanksgiving).  

6.  I'm on the board of directors for another, larger non-profit.  Need to finish the 2016 budget and be ready to implement it in January.

7.  Try to find my Christmas spirit again.  I used to love this holiday, but now I find it all too commercial and trite.  I used to love making gifts by hand, baking treats and generally reveling in the winter season.  The last few years, I've had more of a Bah! Humbug attitude and that needs to change.  I think since I left my soul-sucking job in August, I might have better success this year.  I'm already happier than I've been in years, so I'm going to see if I can springboard that into a jollier time over the holidays.

Wow, some of you are impressive. You guys make me look like a lazy bump. 

1) Refinance 2 properties now. 

2) Negotiating to purchase a 7-unit building. Hope to get in contract soon. 

3) Putting a duplex up for sale next week. 

4) Grand open a new franchise biz in Dec.

5) Currently in contract to purchase a franchise. Close by mid Dec.

Well, close on some acreage at the lake.......

Have a rancher remodeled in town........

End of year audit on a note portfolio with Trust Department......

Get year end closed for taxes........

Get a roof on another property before snow hits.......

Put up 3 more courses on GREA and hopefully about 10 blogs, maybe more.......

Get course accreditation submitted for college course curriculum.........

Complete an installment purchase purchase program with a deed of trust integrated......

Not to mention my trip to Texas and Florida before the end of the year!

 I thought I was retired! :)

@Account Closed   franchise you created or one your buying into ?  you can hit me off line if you prefer.

I often think that many of the folks that come on BP with smaller cash savings might be much wiser to buy some sort of small business then to plop 50k down on a rental that makes them 200 a month ... When a small business might make them 3 to 10k a month. with the same cash and loan.  of course you have to work it but you are working your own business just like your working your own RE business

Originally posted by @Jay Hinrichs :

@Minh Le  franchise you created or one your buying into ?  you can hit me off line if you prefer.

I often think that many of the folks that come on BP with smaller cash savings might be much wiser to buy some sort of small business then to plop 50k down on a rental that makes them 200 a month ... When a small business might make them 3 to 10k a month. with the same cash and loan.  of course you have to work it but you are working your own business just like your working your own RE business

Jay,

We bought into a franchise (A) where we are a franchisee and have to pay a franchise fee. We were in search for new locations to open more franchise with this brand (A). 

We went out to lunch with a couple of BP friends to catch up. We told them what we're up to. A couple days later, one of the friends told us about this franchise (B) is looking to sell due to a bad partnership. We called one of the owners, met her for a drink and asked her how much she wants for their franchise. She told us, we accepted it and we were in contract by the end of the day.

In our opinion, this franchise (B) has premium products compared to its competiors including the franchise (A) that we bought into. We believe we can take this franchise to the next level and make millions with it. Of course, it will remain to be seen.

So we are in contract to buy this franchise OFF-MARKET for a price that we think it's a good deal. We're looking to raise $500k to take this franchise to the next level. We will be the franchisor. People will have to pay us now. We will control our own destiny. We'll see if we're right or wrong in 1 year. 

Actually, I started ramping up my marketing and making deals in October but will continue to ramp up through November and December.  

I have found over the last 10-12 years of my career that the holiday season always ends up being my strongest months, simply because of a lack of competition.  While most others (present company excluded) are taking the season off, people still are having problems and needing solutions.

Now, I don't become Ebenezer Scrooge and not celebrate the holidays.  I just don't forget that I have a business to run.  And you know what?  I may just be someone's Christmas miracle!! 

I was reading this not planning on posting but here we go.

1. Get at least 1 more rehab under contract.

2. Bring on new and interested private money investor to said rehab.

3. Polish up our website.

4. Get taxes in order.

5. Ramp up our networking. 

@Jon Klaus Great topic. Thanks for giving me a push!

I will have completed my saving up $12 500 k for my first real estate deal and incorporated my first LLC.

The latter is already complete. To top it off I hearby challange myself to have my website up and running 01.01.2016.

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