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

Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes

We have just two months left this year. What will you get done? Put it out there and we can help hold one another accountable.

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Chelsea Ziss

Investor · Maumee, OH · Member since 2015 · 48 posts · 23 votes

10y

Honestly, if I get halfway through rehabbing the rental we just purchased, I'll be pretty happy. Sometimes it can be intimidating to read about everyone else's crazy successes when you're just starting out!

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Clayton P.
Landlord, Wholesaler and Agent · Newton, NJ · Member since 2013 · 97 posts · 46 votes
10y
Roost.com - haven't seen that site before you and I gotta say that is intriguing... Especially if a person is in an area where space is tight. Nice find! You gave me just another new thing to research down into obsession haha
Speaking of you & your husband looking more into RE, and you're doing Roost... Look up BP episodes / other podcasts with Scott Meyer on the topic of Self Storage. Not endorsing him specifically - he's got a coaching program & I've seen mixed reviews - but he'll introduce the basic concepts of SS. Kevin Bupp has great podcasts on it too.
I gotta say I would sell everything I had & never buy another rental if it meant I could hop into self storage as a result. Check it out it might be a cool direction for you guys to look in to.
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Don DeMarco
Note Buyer · Silver Spring, MD · Member since 2015 · 70 posts · 18 votes
10y
I am a Note Investor, I buy and sell non-performing notes. For the rest of this year I hope to sell 4 re-performing notes from my portfolio with ROI's averaging 13%,
Sell 7 foreclosures from my portfolio that I hope to complete by year end
My goal is to purchase another 10 Non-performing notes
I am also seeking 3-4- JV partners to join in on the profits
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Larry Turowski
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
10y
My goals are modest compared to many here:
- Get a new purchase rent ready. Probably won't have it rented until January.
- Close on another rental and move waiting tenant in.
- Close on another rental and start getting it rent ready.
- Close on two flips.
- Find some more private money.
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Dave Hurt
SC · Member since 2014 · 303 posts · 183 votes
10y
Wow, awesome, lofty goals everyone! My goals for the next two months:
1. Finish construction on our 2nd restaurant (franchise) unit by mid-December.
2. Get a small multifamily under contract.
3. Finish renovations on our primary to get it list ready.
Good luck!
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Lorenzo Clark
Investor · Arlington, TX · Member since 2015 · 14 posts · 4 votes
10y
Hey Jon...I like this forum/discussion! With time winding down, my main focus is preparation to start 2016 with a bang!! 1- Buy my 5th property and close by December 31st. 2- Meet with my real estate attorney and set up my strategy to purchase up to $5M in apartment complexes with my partners. (never accomplished this before...need to finish my homework and ensure EVERYTHING is above board) 3- Make at least 4 SOLID REI goals for 2016 4- Prepare for a vacation to one of my top "bucket list" locations!! I wish all of my BP family the best...end this year on TOP of your game no matter how the last 10 months went by!! (Time is still on your side!!)
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Dannielle Spencer
Beacon, NY · Member since 2015 · 16 posts · 7 votes
10y
1. finishing up first marketing campaign (yay!) which will bleed over in to 2016 a little bit
2. my fiance and I are in the middle of a move right now, so looking to get all of that taken care of before the holidays start
3. we are both starting new jobs this fall as well and I am mid-negotiation on the offer which is a little nerve wracking at the moment.
I'm also excited to meet and start networking with people in our area and hopefully land our first deal by the end of the year!
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Hugh Ayles
Cedar Park, TX · Member since 2015 · 377 posts · 200 votes
10y
1. Finish and sell our first flip by December. The rehab has taken a little longer than anticipated.
2. Close on a second property by the end of the year.
3. Start our marketing campaign in earnest. So far we have been lucky with wholesalers but we need to start our own marketing pipeline to work in tandem with our wholesaler leads.
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Account Closed
Rental Property Investor · Everett, WA · Member since 2013 · 389 posts · 222 votes
10y
Pay off debt! We acquired five (5) 4plexes in 2014 & 2015 in the Greater Seattle area. Our goal has always been to have all our private money lenders paid off by the end of 2015 and it looks like we will do so by Thanksgiving....yeah!
That said....there is an 8plex that I keep eyeing and wouldn't mind closing by the end of the year.
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Gerry Medina
Investor · ONTARIO, CA · Member since 2014 · 41 posts · 10 votes
10y
Originally posted by @Kevin Wells:

Meeting tomorrow to start the purchase process for my first investment property. In December going to start refinance on my personal residence also.
Best of luck on your first investment property people in the medical field do amazing job and i beleive some don't make enough for how hard and long they work alotbof my family is in the medical field i am currently looking for an investment property for my nephews dad hope to open and close escrow on one before the end of this year . Lets connect maybe i can help you find some great opportunities .
Best regards,
Gerry
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Orlando Roche
Marysville, WA · Member since 2015 · 136 posts · 19 votes
10y
Continue with my REI education so hopefully in 2016 I can start slow but steady.
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Gerry Medina
Investor · ONTARIO, CA · Member since 2014 · 41 posts · 10 votes
10y
Originally posted by @Aaron Mazzrillo:

Sold my vacation home up in Big Bear 2 weeks ago and thought I was done with the mountains. Then a wholesaler sends me another deal up there. I went to see it and after walking around to the front of the property, I immediately opened escrow. Before the end of the year I want to hire an architect to design a 2nd floor deck that spans the front of the house so I can take advantage of this epic view.
I have a rental house I recently purchased that is being rehabbed. I have a flip on the market looking for a buyer and another flip that is being rehabbed. There are 3 historic houses in Whittier that should be wrapping up soon that I'd like to get sold ASAP. If I cleaned up all those messes, going into 2016 would be smooth sailing.
I do want to increase gross rents by another $2K before end of the year and lastly, I need to find a new partner or hire a new full time office assistant. Haven't decided which route I want to go yet. Maybe I'll find someone on BP?...
Good morning brother how you doing that's awesome . So are you looking to purchase more property up there in Big Bear i was looking for buyers up there about 2 months ago when i had a property under contract i ended up finding one but id like to have a few good buyers for any future wholesale deals i get up there . Lets connect have a blessed day
Gerry Medina
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Jon Klaus
OP
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
10y
Originally posted by @Jay Hinrichs:

@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. !!!!
Jay, how long do you think it will take to sell out in your PDX subdivision? Have projected sales prices changed much since you started the project?
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Jon Klaus
OP
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
10y
Originally posted by @Joel Owens:

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.
Joel,I hear you on those long time line deals that might not be ready for exit until the next downturn. I have one where I'm resigned to waiting until the next up cycle if need be. 5 years? 10 years? Grand slams are impressive, but base hits and defense win games, too.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Jon Klaus 10 months prices have gone up about 5 to 7% from original MAI last year when I got the loan for the streets and roads and offsites.
our base model of 2237 had a prices of 350k we are at 355 to 361k for that house with 2 pending in sheet rock ... 11 under construction. we have 4 single levels as well 1700 sq ft for 340 and 1950 for 360k.. which should really sell fast.... Lennar and other builders only build about one out of 20 homes as single levels.
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Jon Klaus
OP
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
10y
Originally posted by @Linda Weygant:

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.
Linda.you have more patience than I do, joining the HOA board, and other boards. And rolling back the clock on Christmas to it's traditional, simpler beginnings sounds like a jolly good goal!
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Jon Klaus
OP
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
10y
Originally posted by @Jay Hinrichs:

@Jon Klaus 10 months prices have gone up about 5 to 7% from original MAI last year when I got the loan for the streets and roads and offsites.
our base model of 2237 had a prices of 350k we are at 355 to 361k for that house with 2 pending in sheet rock ... 11 under construction. we have 4 single levels as well 1700 sq ft for 340 and 1950 for 360k.. which should really sell fast.... Lennar and other builders only build about one out of 20 homes as single levels.
Do you expect a seasonal slow down on sales? Will you you hold any back until the New Year for that reason?
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Jon Klaus seems like every year is different.. but yes we see slow down this time of year then sales come roaring back after the holidays at least we hope they do..
price per sq ft we are 5% under Linnar.. and in a better high school district.
Also as to not compete head to head with the 700 lbs gorilla. we went with NO HOA and our plans allow for RV and or boat pad next to the house.. which is very uncommon in our area given the metro mandate for small lots.. Both are presales bought because of the parking on the side of the house.. so we will see
Podcast Guest on Show #222
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Jon Klaus One other thing for my list was and I have been working on for over a year
Was to get a bank to finance our spec building in Charleston.
Well we got a verbal today. that we are approved.. better rates than I get here in Oregon.
1 point 5% 75% loan to cost.. up until now we had been doing these with our own cash and some private money.. but we paid our dues.. we now have 24 months in the market and 7 rehab flips done and sold profitably.. some very good others just OK ..
and 8 spec homes completed and sold all profitably and some very good others what we do here in ORegon which is standard profits.. We have 10 under construction right now with another 3 lots in escrow which we will now shift over to the bank financing.
Lastly we just bought 3 infil lots in San Antionio.. we have a good builder there as well we are building these with cash so will see how it goes.. the proposed cost to build per sq ft is so low that I question it.. but this builder is building now so we will see.
I am looking at a high end opp in Austin.. 1.5 million dollar homes.. we would just come in as equity.. this I will be very cautious of we are good to go up to 600k in our deals over that I get nervous.. even though the big dogs can have some really nice profit spreads but if you miss the markets they fall much harder. one thing I like about our current product all of it if I had to refi and hold would cash flow... so I would not get stuck with inventory that I could not sell or made no sense to rent. Of course unlike pre 08 when builders basically got 100% financing and no equity in the deals we have substantial cash equity into each of our deals which I think makes for a firmer footing... Also some whopper checks when they close :)
Podcast Guest on Show #222
JLH Capital Partners51 Review
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Topher Sikorra
Frederick, MD · Member since 2015 · 8 posts · 0 votes
10y
My goal is to actively seek out and find 2-4 great deals/month in my area to wholesale. If I can do that, I will be quitting my job to wholesale full time in 2016!
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Rachelle S.
Smyrna, GA · Member since 2013 · 16 posts · 14 votes
10y
I am very impressed with many of the goals here! Nice work and best of luck!!
I am in early stages of purchasing my 4th buy and hold rental property in the NW Atlanta area.
New roof on another rental
Tax prep
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Joe Fairless
Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
10y
@Jon Klausby the end of the year I want to be under contract on my next multifamily acquisition
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Aaron Mazzrillo
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
10y
Originally posted by @Rachelle S.:

I am very impressed with many of the goals here! Nice work and best of luck!!

If one doesn't have any goals, then one don't have any direction. If there is no direction, how will one know where he/she will end up?
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Nick Coonis
Real Estate Investor · Acton, CA · Member since 2014 · 109 posts · 73 votes
10y
My goals in the next two months are to get my home construction underway. We just paid all our county permit and plan check fees and are now at the mercy of the building department, but hopefully they issue the permit this month and we can get started!
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John Cohen
Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
10y
@Jon Klaus Looking to close on 200 unit in Greenville, SC
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Cal C.
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
10y
Originally posted by @Jon Klaus:

We have just two months left this year. What will you get done? Put it out there and we can help hold one another accountable.
Close on four more properties and hopefully get at least three of six (I bought two last month) fully rehabbed.
Get the one property I have on the market sold.
Rent out at least one of the three properties (of the six mentioned) I have designated as rentals.
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