My goals for 2016: 20 flips, 10 rentals, 200 sales
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
My goals for 2016: 20 flips, 10 rentals, 200 sales
Most Popular Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votesOriginally posted by @Mark Ferguson:
Originally posted by @Joe Villeneuve:
What are you basing your goals on?
What I have accomplished last year, what businesses I have set up now and what I can improve upon. What are your goals Joe?
Daughter retired before she's out of HS...I have 1.5 years left.
50 Replies
- Cedar Park, TX · Member since 2015 · 377 posts · 200 votes10y
Those are not new car prices.
I have an Aston/Lotus dealer as well as a Maserati/Spyker dealer just down the street from my office. In another direction, I have Motoreum (they have a reality show on one of the channels).
I was surprised to find a '63 split window Corvette for around $40k at Motoreum. You can find used Lotuses and Astons at the local dealership for numbers similar to what Mark has posted.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Hugh Ayles:
Those are not new car prices.
I have an Aston/Lotus dealer as well as a Maserati/Spyker dealer just down the street from my office. In another direction, I have Motoreum (they have a reality show on one of the channels).
I was surprised to find a '63 split window Corvette for around $40k at Motoreum. You can find used Lotuses and Astons at the local dealership for numbers similar to what Mark has posted.
Definitely not new prices! The cool thing about exotics is if you can buy them at the bottom of the depreciation curve they will go up in value.
IMO, volume is no substitute for quality, ergo the old Haste Makes Waste.
It great to have goals and better if you actually create action plans and IMPLEMENT them, but learn from every deal, optimize each step and you'll get consistently better deals with more profits.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Jeff B.:
IMO, volume is no substitute for quality, ergo the old Haste Makes Waste.
It great to have goals and better if you actually create action plans and IMPLEMENT them, but learn from every deal, optimize each step and you'll get consistently better deals with more profits.
I agree. I average about 30k profit on each flip. I prefer volume and quantity
- Investor · Tucson, AZ · Member since 2015 · 50 posts · 18 votes10y
Man mark, making me real jealous. I'm such a cashflow whore, I always worry about the holding costs and losing out on buy and hold opportunities to do a flips. And you also have my poster dream car, a Diablo!
Last year I finally upgraded from my 98 civic to a C6 but I love the gallardos but I have been sleuthing for a slick deal on a GTR.
Congrats man, I always say to aim high on the goals. Screw the haters : )
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Mark Ferguson yes exotics are cheap to buy but then you have to maintain them kind of like a run down rental if your not careful.
Now me I am an aviation guy... so price points are 10X or more of most any car. and of course they are faster and much more fun to use... being your in 3 dimensional space..
So when I am in a cruise decent doing 220 knots with a 40k knot tail wind which is just over 300 mph over the ground now your talking..
unless you track your hot car .. you end up like me with your license suspended at 59 YO and in line with all the kids getting their SR 22 insurance... LOL.
Keep up the good work .. I really like your model.. top producing agent for taxable income so you can qualify for homes.. Value add flips for the nice hits and ( if you must) rentals because well just because.. I would like to see you move into the money game and get rid of the rentals.. IE who needs those downers LOL..
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Jay Hinrichs:
@Mark Ferguson yes exotics are cheap to buy but then you have to maintain them kind of like a run down rental if your not careful.
Now me I am an aviation guy... so price points are 10X or more of most any car. and of course they are faster and much more fun to use... being your in 3 dimensional space..
So when I am in a cruise decent doing 220 knots with a 40k knot tail wind which is just over 300 mph over the ground now your talking..
unless you track your hot car .. you end up like me with your license suspended at 59 YO and in line with all the kids getting their SR 22 insurance... LOL.
Keep up the good work .. I really like your model.. top producing agent for taxable income so you can qualify for homes.. Value add flips for the nice hits and ( if you must) rentals because well just because.. I would like to see you move into the money game and get rid of the rentals.. IE who needs those downers LOL..
You do have to maintain exotics. That is why checking them out thoroughly is so important. If they have not been maintained it usually not worth buying them no matter how cheap they are. However, many of them run great and last a long time if maintained well especially considering the low miles most people drive. My Diablo has 26,000 miles on it and is a 1999. That is probably a little higher miles than average for that particular model.
As far as the rentals, I love them! I love buying houses and I love getting great deals. buying below market, with great cash flow is tough to beat. Someone else manages them and the money comes in forever.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Josh Nicolson:
Man mark, making me real jealous. I'm such a cashflow whore, I always worry about the holding costs and losing out on buy and hold opportunities to do a flips. And you also have my poster dream car, a Diablo!
Last year I finally upgraded from my 98 civic to a C6 but I love the gallardos but I have been sleuthing for a slick deal on a GTR.
Congrats man, I always say to aim high on the goals. Screw the haters : )
Nice on the c6. My nephew really wants a gtr. There are some properties that work as flips for me and some that work better as rentals. I find it much harder to find awesome rentals.
- Rental Property Investor · Bethalto, IL · Member since 2014 · 319 posts · 103 votes10y
Mark, i always enjoy your posts. I am on your site weekly as well. I have learned a lot from it, and i appreciate it. Right now my wife and i have 1 4-unit building that we bought early 2015. We are getting ready to start shopping for our 2nd property in the next couple of months. I am also getting ready to get my real estate license(between football and baseball season--so i don't have any excuses, ha). I am hoping to snowball our business similar to you(except 100 houses terrfies me!). I would love to have around 20-30 units in the next five years.
Thanks for always sharing your work/stories. They are appreciated.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @DJ Cummins:
Mark, i always enjoy your posts. I am on your site weekly as well. I have learned a lot from it, and i appreciate it. Right now my wife and i have 1 4-unit building that we bought early 2015. We are getting ready to start shopping for our 2nd property in the next couple of months. I am also getting ready to get my real estate license(between football and baseball season--so i don't have any excuses, ha). I am hoping to snowball our business similar to you(except 100 houses terrfies me!). I would love to have around 20-30 units in the next five years.
Thanks for always sharing your work/stories. They are appreciated.
Thanks DJ! Good luck with getting more! A real estate license can be a huge benefit!
Originally posted by @Mark Ferguson:
Originally posted by @Hugh Ayles:
Those are not new car prices.
I have an Aston/Lotus dealer as well as a Maserati/Spyker dealer just down the street from my office. In another direction, I have Motoreum (they have a reality show on one of the channels).
I was surprised to find a '63 split window Corvette for around $40k at Motoreum. You can find used Lotuses and Astons at the local dealership for numbers similar to what Mark has posted.
Definitely not new prices! The cool thing about exotics is if you can buy them at the bottom of the depreciation curve they will go up in value.
Is that typically at 20 years? 25?
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Andrey Y.:
Originally posted by @Mark Ferguson:
Originally posted by @Hugh Ayles:
Those are not new car prices.
I have an Aston/Lotus dealer as well as a Maserati/Spyker dealer just down the street from my office. In another direction, I have Motoreum (they have a reality show on one of the channels).
I was surprised to find a '63 split window Corvette for around $40k at Motoreum. You can find used Lotuses and Astons at the local dealership for numbers similar to what Mark has posted.
Definitely not new prices! The cool thing about exotics is if you can buy them at the bottom of the depreciation curve they will go up in value.
Is that typically at 20 years? 25?
Usually less. I bought my diablo at the bottom which was 15/years. Some after ten years will hit bottom and start rising. There are some cars you see that are awesome and really cheap and you say why are they so cheap? They either have major problems or are about to shoot up in value. Of course values can go down as well. Investing in cars is much different from real estate. Not much cash flow!
- Investor · Fort Collins, CO · Member since 2015 · 304 posts · 112 votes10y
@Mark Ferguson Thanks for sharing the goals. Love the ambition, best of luck!
- Fort Collins, CO · Member since 2013 · 134 posts · 74 votes10y
Great goals. If you can't see them then you can't have them. I recently read 10X by Grant Cardone and have already passed my 10X goals. Happy new year and have a very successful 2016.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Stuart Birdsong:
@Mark Ferguson Thanks for sharing the goals. Love the ambition, best of luck!
Thank you Stuart!
- 10yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
The 3 most important rules to setting goals are:
Rule 1 - Understanding that your goals should be financially based, and not based on numbers of properties. The properties and their financial profiles satisfy your Financial Goals.
Rule 2 - Understanding the difference between: Goals, Milestones and Steps in between
Rule 3 - Understanding how Goals, Milestones and steps combine, and form your plan.
Without Financial Goals, such as Paying off all your Personal Debt, and having enough cash flow to pay all of your monthly bills, how do you make decisions on what properties to buy...and why?
Without having Milestones, Measurable Milestones, how will you know when you are successful? How do you know if you are successful?
Without Goals and Milestones, how do you know what steps to take, and how to analyze properties to fill those steps.
Without the resulting Plan, why are you investing?...and why are you wondering why you seem to need 100 properties, or "flip 20 properties and buy 5 holds per year"?
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Joe Villeneuve:
The 3 most important rules to setting goals are:
Rule 1 - Understanding that your goals should be financially based, and not based on numbers of properties. The properties and their financial profiles satisfy your Financial Goals.
Rule 2 - Understanding the difference between: Goals, Milestones and Steps in between
Rule 3 - Understanding how Goals, Milestones and steps combine, and form your plan.
Without Financial Goals, such as Paying off all your Personal Debt, and having enough cash flow to pay all of your monthly bills, how do you make decisions on what properties to buy...and why?
Without having Milestones, Measurable Milestones, how will you know when you are successful? How do you know if you are successful?
Without Goals and Milestones, how do you know what steps to take, and how to analyze properties to fill those steps.
Without the resulting Plan, why are you investing?...and why are you wondering why you seem to need 100 properties, or "flip 20 properties and buy 5 holds per year"?
If I gave you my entire plan it would be about 5,000 words and bore everyone. lol I gave the highlights.
The number of properties comes from financial goals. The number of properties is broken down from how much I know I can make on my properties. I make decisions on what properties to buy based on strict criteria I have created for rentals and flips over the years. There are many more goals I have not listed. I have over 100 goals, both big and small.
100 properties is a fun goal, it is a bigger goal than I first set and it is easily visualized for exactly what it is. Goals can and do change, but I have had a ton of fun with that goal. And it has pushed me farther than I would be without it. I broke down that goal into a 2,500 plus post on my blog if you ever want to see more detail. Flipping 20 properties is a natural progression from where I am now. It is easily identifiable and I know how much I make on each one.
- 10yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Originally posted by @Mark Ferguson:
Originally posted by @Joe Villeneuve:
The 3 most important rules to setting goals are:
Rule 1 - Understanding that your goals should be financially based, and not based on numbers of properties. The properties and their financial profiles satisfy your Financial Goals.
Rule 2 - Understanding the difference between: Goals, Milestones and Steps in between
Rule 3 - Understanding how Goals, Milestones and steps combine, and form your plan.
Without Financial Goals, such as Paying off all your Personal Debt, and having enough cash flow to pay all of your monthly bills, how do you make decisions on what properties to buy...and why?
Without having Milestones, Measurable Milestones, how will you know when you are successful? How do you know if you are successful?
Without Goals and Milestones, how do you know what steps to take, and how to analyze properties to fill those steps.
Without the resulting Plan, why are you investing?...and why are you wondering why you seem to need 100 properties, or "flip 20 properties and buy 5 holds per year"?
If I gave you my entire plan it would be about 5,000 words and bore everyone. lol I gave the highlights.
The number of properties comes from financial goals. The number of properties is broken down from how much I know I can make on my properties. I make decisions on what properties to buy based on strict criteria I have created for rentals and flips over the years. There are many more goals I have not listed. I have over 100 goals, both big and small.
100 properties is a fun goal, it is a bigger goal than I first set and it is easily visualized for exactly what it is. Goals can and do change, but I have had a ton of fun with that goal. And it has pushed me farther than I would be without it. I broke down that goal into a 2,500 plus post on my blog if you ever want to see more detail. Flipping 20 properties is a natural progression from where I am now. It is easily identifiable and I know how much I make on each one.
LOL. Mark, the above comment wasn't meant as a comment your original post. I KNOW your plan was based on everything I said...and like you said "about 5,000) words".
The comments I made were directed towards those investors that really have no reason for their "plan", since it really isn't based on needs...just wants.
I'm on plan #?? right now. I'm working on financial goals that are achieving my acquisition of my own fun things. Hey, we earned the right to focus on the fun, since we were responsible and first focused on the needs.
I don't think most investors realize how fast and easy (a relative term) it can be to achieve these goals...as long as they understand the rules of setting them up.
- Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes10y
Keep the momentum. If we are not progressing we are regressing. Lets get in front of the crazies.
Franklin
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Franklin Romine:
Keep the momentum. If we are not progressing we are regressing. Lets get in front of the crazies.
Franklin
Ha-ha. My thoughts exactly.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Joe Villeneuve:
Originally posted by @Mark Ferguson:
Originally posted by @Joe Villeneuve:
The 3 most important rules to setting goals are:
Rule 1 - Understanding that your goals should be financially based, and not based on numbers of properties. The properties and their financial profiles satisfy your Financial Goals.
Rule 2 - Understanding the difference between: Goals, Milestones and Steps in between
Rule 3 - Understanding how Goals, Milestones and steps combine, and form your plan.
Without Financial Goals, such as Paying off all your Personal Debt, and having enough cash flow to pay all of your monthly bills, how do you make decisions on what properties to buy...and why?
Without having Milestones, Measurable Milestones, how will you know when you are successful? How do you know if you are successful?
Without Goals and Milestones, how do you know what steps to take, and how to analyze properties to fill those steps.
Without the resulting Plan, why are you investing?...and why are you wondering why you seem to need 100 properties, or "flip 20 properties and buy 5 holds per year"?
If I gave you my entire plan it would be about 5,000 words and bore everyone. lol I gave the highlights.
The number of properties comes from financial goals. The number of properties is broken down from how much I know I can make on my properties. I make decisions on what properties to buy based on strict criteria I have created for rentals and flips over the years. There are many more goals I have not listed. I have over 100 goals, both big and small.
100 properties is a fun goal, it is a bigger goal than I first set and it is easily visualized for exactly what it is. Goals can and do change, but I have had a ton of fun with that goal. And it has pushed me farther than I would be without it. I broke down that goal into a 2,500 plus post on my blog if you ever want to see more detail. Flipping 20 properties is a natural progression from where I am now. It is easily identifiable and I know how much I make on each one.
LOL. Mark, the above comment wasn't meant as a comment your original post. I KNOW your plan was based on everything I said...and like you said "about 5,000) words".
The comments I made were directed towards those investors that really have no reason for their "plan", since it really isn't based on needs...just wants.
I'm on plan #?? right now. I'm working on financial goals that are achieving my acquisition of my own fun things. Hey, we earned the right to focus on the fun, since we were responsible and first focused on the needs.
I don't think most investors realize how fast and easy (a relative term) it can be to achieve these goals...as long as they understand the rules of setting them up.
I gotcha now. Very true. Most people also have very vaque and broad goals that can't be measured. If you don't know what you want, you will never get it.
- Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes10y
http://www.topgear.com/car-news/first-look/video-l...
@Mark Ferguson Check that sound out!
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Ryan Dossey:
http://www.topgear.com/car-news/first-look/video-l...
@Mark Ferguson Check that sound out!
That is awesome. I didn't know Aston was building that motor! Aston's do sound fantastic.
- Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes10y
Originally posted by @Mark Ferguson:
Originally posted by @Ryan Dossey:
http://www.topgear.com/car-news/first-look/video-l...
@Mark Ferguson Check that sound out!
That is awesome. I didn't know Aston was building that motor! Aston's do sound fantastic.
I view them kind of like Maserati. Not the fastest but eloquent/different. While sounding awesome.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Ryan Dossey:
Originally posted by @Mark Ferguson:
Originally posted by @Ryan Dossey:
http://www.topgear.com/car-news/first-look/video-l...
@Mark Ferguson Check that sound out!
That is awesome. I didn't know Aston was building that motor! Aston's do sound fantastic.
I view them kind of like Maserati. Not the fastest but eloquent/different. While sounding awesome.
Very true, Maserati's also sound fantastic.
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