2010 goals and resolutions

14 Replies

Buy two cashflowing rentals and complete at least one flip ... how bout you Jon, what are your 2010 goals & resolutions? Happy New Year Everyone! :cool:

I've been thinking about this for a while and have determined that the best strategy for me is to keep buying cash flow. I'd like to add $10K a month in gross rental income in 2010. For the types of homes I've been buying, that should be 12-14 additional SFRs. The deals are definately still there, but the capital is a bit more elusive.

Comlete 4 flips.
This will be adding a new dimension to our skill sets. We (my wife and I) have a collection of rentals and have sold a few of them to other investors. We have done plenty of rehabs on those properties to get them rent ready but we have not done any retail flips yet.

I also need to add some relaxation time to my schedule. I have worked way too hard for too long.

At this point, we are not planning to add to our rental property collection. I want to convert from straight rentals to lease options. I also want to learn to potentially structure deals to sell to end users on a land contract basis.

Although not really a goal, we would like to sell at least two of our four vacation rentals this year. I say that is not a goal because we are not willing to sell at the market prices right now. We will hold instead of selling at fire sale levels..

Good success to all in 2010!

Purchase 2 additional SFH rentals.

Finally be debt free. (with the exception of my mortgages). I had dug myself some serious holes in my younger years. It has been nice to finally see the light at the end of the tunnel. My car will be paid off in Feb.

Take better care of my health. This is one thing I have taken for granted for to long.

Spend more time with family and friends. Life is short live it full.

Continue to learn and utilize the information and resourses available to continue my business to grow. BP has played a large role in this. Thank you to all of its members.

Continued success to everyone in 2010.

Ive been studying real estate and investing since I was 18, so now for a decade. Now is my time to finally DO! My goals for 2010 are, in order:

1. Obtain RE License
2. Form my REI LLC
3. Form my RE Team
4. Obtain Mortgage Brokers License (Just want to have)
5. Complete my first wholesale.
6. Complete my first flip
7. Complete 1 wholesale per month
8. Complete 2 flips
9. Make enough so the wife can quit her job :)

Get to 20 rentals properties (not units)

This is the main goal of the year. I am almost half-way there.

Make 36 Purchases (Rentals, Retail or Wholesale)

This is going to be difficult. That is 3 purchases per month and almost double what we did this year.

Raise $250,000 in Private Money

1.Pay off debt, including tax consequences from a shortsale by the end of the first quarter.
2. Get back in shape. Go to the gym every day the first three weeks of the year, then at least three times a week after that.
3. Build cash reserves through wholesaling. Focus on the three main neighborhoods in my local area and zero in.
4. Pick up some cash flow buy and hold properties.
5. Quit my dayjob, even if I have to do something else until the RE supports me. I hate my job.

So far I'm on track but then its only the 3rd....it will be kind of fun to go back later and see how much of this stuff we have all accomplished.

Great topic!

I agree with freedomwest. In 2010, a goal is to move closer towards self-direction.

Solidify the Business Plan and meet the needed members of a team.

Reach out and begin conversations with Asset Managers.

Understand lending institutions which are moving the most business in my area.

Track a minimum of 25 properties per week.

Continue to gain focused knowledge of how many DOM properties are selling and sale price versus FMV.

End 2010 with minimum personal savings and a $5,000 investor.

Oh...right....LIVE every single day to its fullest potential.

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