It's 2018. Whatcha Gonna Do About It?
Every year around this time I see threads on BP asking about your goals for the coming new year. “Put it out there, hold yourself (or each other) accountable” yada yada yada. Those of you that know me well know that I don’t normally post this type of stuff.
This one is different.
I’ve never been big on the whole state your goals thing. I’ve never had a coach or mentor to hold me accountable. But I’ve still managed to accomplish things that many people aspire to but never do (like going from broke grocery clerk to buying over 700 properties for starters). I didn’t do it by just putting it out to the universe. I did it by taking action. Taking specific thought-out steps on a consistent basis.
Your goals don’t matter to anyone but you. They can be as lofty or as modest as you want—because they are YOUR goals. So whether your goal is to buy the Empire State Building or your first house hack, your participation in this thread is relevant. Someone out there will benefit from what you have to say.
Go ahead and state your goal, not to hold yourself accountable, but to give context to your answer to the real question: What are you going to do in the coming year to accomplish your goal?
I’ll start. My goal is to buy $100 million of real estate in 2018 (my primary focus is large apartment complexes). I’ve done $50 million-ish a year for the last two years so this goal, while lofty, isn’t an impossible stretch. And if I don’t accomplish it, I don’t care…if there aren’t enough great deals to get to $100 million I’m perfectly fine if the final tally is less.
But I’m going to fight hard for it. I’m going to evaluate over 1,000 deals. I’m going to thoroughly underwrite several hundred deals and I’m going to tour and make offers on many dozens. I’m going to implement a secure online portal on my website where my investors can obtain copies of their quarterly reports and tax documents, which will give added transparency and make it easier for them to monitor their investments and performance. I’ll add a place on my website where investors can view new offerings and subscribe to investments online without shuffling paper documents via email which will make it easier to invest. These last two steps will build additional investor loyalty and referrals, which ultimately leads to more capital to fuel purchases.
I’ll post on BP to help others, and at the same time build awareness to my skill set and my business. I’ll write a series of articles for the BP blog which will initiate discussion about topics of interest to income property investors, which will ultimately lead to more brand awareness. I’m going to put at least ten opportunities in front of institutional private equity groups, guys that can write $10 million checks (or even more) to further leverage my investor base, which will allow me to not only buy larger properties, but more properties, and give additional opportunities to my growing base of investors.
Now it’s your turn. Whatever your goal is, give the rest of the BP community a peek behind the curtain. Some readers will have the same goal as you and are struggling to figure out how to accomplish it. Or maybe you need this more than they do…have you really thought about the steps you’ll need to take to get to where you’re going? If not, think about it now and post it here. You’ll thank me next year.
Maybe I can even convince some of my go-getter BP friends to participate? How about it, @Tarl Yarber, @Jered Sturm, @Arlen Chou, @Mindy Jensen, @Scott Trench, @Jay Hinrichs, @Brie Schmidt, @Joe Fairless, @Michael Blank, @Engelo Rumora, @Ben Leybovich, @Reed Goossens, @Jeff Pollack, @Account Closed, @David Greene, @J. Martin, @Serge S., @Johnson H., @Bryan Hancock, @Jeff Greenberg, @Dave Van Horn, @Brian Adams, @Karen Margrave, @Brandon Turner, @Will Barnard, @Chris Clothier and @J Scott?
So…what are you going to DO in 2018 to accomplish your goals?
