It's 2018. Whatcha Gonna Do About It?

It's 2018. Whatcha Gonna Do About It?

Brian BurkePro Member
Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes

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.

@Tarl Yarber

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?

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y

Seems like many great minds start in the Grocery industry like   @Chris Clothier  my first pay check was a bagger at Food Villa in Santa Clara CA  1.65 an hour.. !!!

2018  finish new construction projects that I have going in PDX and CHS .. Flip two big plats I am working on to Lennar or Toll Brothers !

Continue to fund all my mid west and east coast companies.. we are at 1,500 fundings and climbing

Continue to provide 5 year non recourse financing for buy and hold IRA buyers and other investors.. and help locals build that buy and hold portfolio when they cant get scale ( highly picky on this)

continue to provide quality performing notes for NON Accredited investors..

In negotiations with a developer right now for my 4 acres in Rohnert Park.. mixed use resi.. commercial on the bottom 3 stories of resi on top. ( oh the Joys of Sonoma county development  LOL)

And lastly pay all my state income tax this week.. and then get moved into my place in Vegas and take NV residency.

See this reply in the discussion

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  • Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    8y

    @Dave Van Horn

    7. Write more, after two published books why stop now.  I have ideas for some more books, real estate and not real estate.

    8.  Public Speak more.  I'm speaking in Richmond in February for 3 days, Ohio in early April and of course with you and many other fine Bigger Pockets speakers at the Mid Atlantic Summit April 21 and 22 in Philadelphia.  I always say its easier to speak than swing a hammer!

  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    8y
    Brian Burke I'm going to double the number of units I own in 2018 from 10 to 20 by buying small 5+ unit multi family properties. I also am going to rehab/flip 3 houses this year.
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    8y

    @Brian Burke - Thanks for the shout out!  My first job was at a Dairy Queen so I don't have bagger experience like a lot of you. 

    2018 could be a pivotal year of change for me.   I did not buy any property in 2017, for the first time since 2010.  Not because of market concerns but I hit the point where I had enough and wanted to focus more on the lifestyle I wanted.  So my 2018 goals are:

    • Work no more than 30 hours a week across all my businesses, to do this I need to allocate the hours at the beginning of the week to a specific task/project and make sure when I had set time to work that I am focused and efficient.  So cut out all the dilly dally time I spend not really accomplishing anything.
    • Evaluate my portfolio and decide to keep or sell.  My return on equity is really low because I bought primarily between 2011-2014 and now I am in a position where the properties greatly appreciated.  If I sold I could pull out the cash and reinvest, but I don't know in what.  So I want to explore other investing options and understand by spring what to do with my portfolio
    • Continue to grow my Chicago based brokerage business, Second City Real Estate.  This is now my primary focus and we have grown exponentially YOY.  I brought on an agent this year, @Charlie Shields, and we work with "house hackers" in the Chicago market - this year adding over $100k a month of rental income to client's portfolio's.  
    • @John Casmon and I are going to pull off the first ever Midwest Real Estate Networking Summit in Chicago this spring.  The event will have 300 investors for a 3 day event set up with local real estate experts and targeted networking.  We are locking down the details now and I am really looking forward to connecting investors in a "no pitch" learning environment.  

    2017 was a big year of personal development for me, I spent a lot of time understanding the core of my goals and what I wanted my future to look like.  So 2018 will be about making adjustments to get to the ultimate lifestyle goals I have.  

  • Investor · Miami, FL · Member since 2015 · 363 posts · 143 votes
    8y
    Originally posted by @Brian Burke:

    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.

    @Tarl Yarber

    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?

    Great post, This year has been really great for me, moving from SFH investor to bigger deals, one of my primary goals for 2018 is starting doing syndications, finish selling my portfolio of SFH, buying my first 50+ spaces MHP, increase to 4 wholesale deals per month, paying my bad debts, I almost forgot, lose 30 pounds,

    There is a great event for goals by the Real Estate Guys Show,  I have been there several times and it is amazing,  

  • Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
    8y

    2018 we look to:

    Purchase/syndicate 800 apartment units in high growth markets with value add opportunity and continue to perform on our current portfolio. 

    Start a networking/REI group & coaching program

    Grow my Pillars of Wealth Creation podcast to 20,000 unique listeners

    Start a MN based crowdfunding platform for accredited/non-accredited investors alike (already in process)

  • Investor · Overland Park, KS · Member since 2015 · 26 posts · 19 votes
    8y

    @Brian Burke thanks for challenging me to dig a little deeper with my goals. After thinking about what exactly needs to be done to accomplish these goals, it dawned on me that my goal of developing my motivated seller lead generation system needs to be my main focus and I need to be generating a lot more leads and much sooner than June.  Here is my second attempt at this. 

    1. Continue developing my motivated seller lead generation system so that I have at least 180 incoming leads a month by the end of March. I will do this by ramping up my marketing budget to at least $3k a month, that will be split between direct mail and PPC marketing. If $3k is not yielding 180 leads then I will spend more until I get there. I will also develop a system that converts those leads to deals by being extremely responsive, friendly and helpful to the sellers needs. Because of this, my two goals below should be a natural result.   

    2. Buy, Rehab and Rent 10 single family houses, that cash flow at least $250 a month by the end of the year. My first goal will take care of the Buy part of this goal. To accomplish the rehab piece I will continue to expand my contractor network and build quality relationships with them that allow us to make the rehabs a success. 

    3. Flip four houses and profit a minimum of $35k on each one. If I generate the 2,000+ annual leads that I am looking for, finding 4 properties to flip should be fairly easy. As stated above in #2..... I need to expand my contractor network and soon. I will do this by asking fellow REI Investors and suppliers who they use and recommend. My goal is to have 5-7 subs that I can rely on for each trade, right now I only have 1 or 2 for each trade.

    Thanks again for the starting the post. I am sending out 1,000 pieces of direct mail today and am going to make it a goal to find at least one new sub this week for a rehab I am currently working on.  

  • Brian BurkePro Member
    OP
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    8y

    @David Krulac and @Dave Van Horn I really admire you guys for writing those books. It’s an incredible goal and accomplishment.  My wife has been telling me for years that I should write a book but I just don’t know where I’d find the time (maybe stop posting on BP for a while—Yikes!?!) so I’ll add that to my goal list in a future year. Thanks for the inspiration!

    And I like your goals to public speak more—I’ll add that to my list too.  I’ve done a couple per year, I should double that! (Or more?!)

    @Brie Schmidt I like the focus on lifestyle goals. This year I’m selling out of a lot of stuff that’ll really simplify my life and allow me to travel more and focus greater attention on my core competency. Your Midwest summit sounds amazing!  I have some investors out your way, I’ll be sure to tell them about it once you release the details. 

    @Carlos Zapata congrats on the great year. Seems like a great time to cash out on some SFR. I bought around 120 SFR in the CA SF Bay Area around 2011 and I'm selling out too—and anything else I can unload in CA for that matter. Time to deepen the focus on other states where there is more opportunity and more friendly regulatory climate.

    @Todd Dexheimer I’m glad you jumped in on this thread. 800 units is an amazing goal. It sounds like you’ve built a great business and I know achieving that scale doesn’t come easily. Congrats, and I’m sure we’ll be crossing paths this year as we search for property. The good news is there is plenty of room for both of us to get all the units we aspire to.

    @Bryan Frost you nailed it this time. With a list like that you’re sure to have a great year.  Your post is exactly why I started this thread. So many people are aspiring to similar goals as you and wondering where to even start. I get a lot of people asking me for advice on how to get started. How would I know?  I started 28 years ago and the game has changed. You mapped it out much better than I could. Thanks for that!

  • United States · Member since 2015 · 401 posts · 394 votes
    8y

    @Brian Burke, great post. I love reading the goals that all of you "heavy hitters" have set for yourself this upcoming year, it really is an inspiration. I've got a few goals set for myself as of now, but all are subject to review and change as we move in to the new year:

    1. Participate in 6 commercial syndication deals - MFHs, MHPs and Self Storage

    2. Work with @Matthew Teifke to create and run the best Austin REI meet-up with at least 50 members by year end (we've already got a solid 30+ people who've expressed interest)

    3. Put out at least 24 blogs

    4. Create some sort of beneficial content (other than blogs) for my blog followers - leaning toward a short book

    5. Start a REI podcast

    6. Finally turn my primary residence into a rental

  • Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    8y
    Originally posted by @Brie Schmidt:

    @Brian Burke - Thanks for the shout out!  My first job was at a Dairy Queen so I don't have bagger experience like a lot of you. 

    2018 could be a pivotal year of change for me.   I did not buy any property in 2017, for the first time since 2010.  Not because of market concerns but I hit the point where I had enough and wanted to focus more on the lifestyle I wanted.  So my 2018 goals are:

    • Work no more than 30 hours a week across all my businesses, to do this I need to allocate the hours at the beginning of the week to a specific task/project and make sure when I had set time to work that I am focused and efficient.  So cut out all the dilly dally time I spend not really accomplishing anything.
    • Evaluate my portfolio and decide to keep or sell.  My return on equity is really low because I bought primarily between 2011-2014 and now I am in a position where the properties greatly appreciated.  If I sold I could pull out the cash and reinvest, but I don't know in what.  So I want to explore other investing options and understand by spring what to do with my portfolio
    • Continue to grow my Chicago based brokerage business, Second City Real Estate.  This is now my primary focus and we have grown exponentially YOY.  I brought on an agent this year, @Charlie Shields, and we work with "house hackers" in the Chicago market - this year adding over $100k a month of rental income to client's portfolio's.  
    • @John Casmon and I are going to pull off the first ever Midwest Real Estate Networking Summit in Chicago this spring.  The event will have 300 investors for a 3 day event set up with local real estate experts and targeted networking.  We are locking down the details now and I am really looking forward to connecting investors in a "no pitch" learning environment.  

    2017 was a big year of personal development for me, I spent a lot of time understanding the core of my goals and what I wanted my future to look like.  So 2018 will be about making adjustments to get to the ultimate lifestyle goals I have.  

    It's interesting to see a Midwest investor on BP writing about appreciation and low ROE.  Joking aside, a lot of investors have this challenge or they have it and don't know it.  Once the value has been added in a property and/or the appreciation strategy has been accomplished, the estimated returns going forward can be less attractive.  I have been pivoting into cash flow plays...MHP, SS, and apartments.  If you are looking for lifestyle, this can make some portion of your portfolio passive.  Kudos to you for recognizing the ROE.  Keep us posted.

  • Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    8y
    Originally posted by @Michael Bishop:

    @Brian Burke, great post. I love reading the goals that all of you "heavy hitters" have set for yourself this upcoming year, it really is an inspiration. I've got a few goals set for myself as of now, but all are subject to review and change as we move in to the new year:

    1. Participate in 6 commercial syndication deals - MFHs, MHPs and Self Storage

    2. Work with @Matthew Teifke to create and run the best Austin REI meet-up with at least 50 members by year end (we've already got a solid 30+ people who've expressed interest)

    3. Put out at least 24 blogs

    4. Create some sort of beneficial content (other than blogs) for my blog followers - leaning toward a short book

    5. Start a REI podcast

    6. Finally turn my primary residence into a rental

    On #6, be aware of the section 121 gain exclusion if your primary residence has appreciated.

    You will join the heavy hitters if you accomplish 1-5...nice goals.

  • Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes
    8y

    @Brian Burke Just saying, i happen to own a book publishing company.

  • Flipper/Rehabber · Yoakum, TX · Member since 2016 · 37 posts · 17 votes
    8y
    Originally posted by @Scott Trench:

    I'm going to get to work with @Mindy Jensen to launch and sustain a world-class new podcast helping people build private wealth and create a financial position strong enough to easily invest in real estate, start a business, or live the lifestyle of their dreams. 

    Including this podcast, but not exclusive to this podcast, I hope to reach 10M people (between podcasts, new content, blog posts, etc) with work that I create or contribute to in order to help grow BiggerPockets and spread good and thought-provoking financial concepts. The goal of each of these 10M hits is to encourage great financial habits that assist in some way or other in helping folks attain early financial freedom.

    For real estate, my goal is to purchase a $500,000 - $700,000 property that will make for a great house-hack in a place that I will love living in the downtown area of Denver, CO. I am not sure exactly how much cash I will need to bring to the table to make this happen yet, as a number of things may influence that number. So, more specifically, I want to deploy at least $150,000 into solid cash flowing real estate investments, including a house-hack purchase and possibly an additional long-distance acquisition or partnership.

    I'm not an entrepreneur in real estate like some others in this thread, I am an employee at BiggerPockets who invests part-time for some passive cash flow on the side, so I am not ready to scale into a ton of deals like some other folks quite yet! Sticking with conventional financing and seeking easy-to-manage investments for the next few years with real estate, if practical. Thinking big and creatively with content.

    I am excited for the new podcast, I literally just caught up to josh and brandon's episodes and was not liking having to wait a week for another one to come out ha. Sipping coffee and reading set for life. Scott you would be proud, instead of buying the new truck I have been wanting I took my cash from the tin can (its a texas thing) and paid off my car. 

    I would say set for life allowed me to double check my actions and plan for the future there. You made me think about things differently! 

    Thanks!

    Let me know if BP is hiring:)

  • Flipper/Rehabber · Yoakum, TX · Member since 2016 · 37 posts · 17 votes
    8y

    Well I am just a bat boy amongst this lineup, but hey something like 80% of bat boys make it to the MLB right?

    My goals are light, but one of the biggest things I hope to accomplish this year is making better relationships off BP

    1. By June be completely out of debt except for primary residence

    2. Increase my income at my full time job to 130k

    3. Analyze 300 deals

    4. Figure out which market i want to specialize in Austin, San Antonio, Houston or my small town of Yoakum

    5. Find a small house or something to place on the vacant lot i got with purchase of my home, a creative way to begin my      investing career 

    6. Continue self-education 

    7. RE License by March 1st.

  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    8y

    @Brian Burke - Great post idea and so far I’ve enjoyed reading all of the posts on here while enjoying a few days away from the office with the family.  I love reading what everyone has in mind for 2018.  There are a lot of investors and entrepreneurs on here with some big things in mind.  I’ll try to keep this short.

    For Memphis Invest, our goals are simple.  We passed the $500 million in assset value under management this year.  We are now on our way towards $1 Billion under management.  That won’t happen in 2018, but we will take a big step this years towards that goal.

    We will close just under 780 deals in 2017 and our goal for 2018 is 1,000 properties purchased, renovated, placed under management and then added to an investors long-term portfolio.  With the values of the properties we specialize in, that should add roughly $135 Million in value to their portfolios.

    We added two markets in 2017 - LIttle Rock and Oklahoma City.  IN 2018, we plan to add two more and are looking at other southern, Midwest cities like St. Louis, Louisville, and across Georgia and Alabama.  We’ll see what we finalize but I feel St. Louis will be one for sure.  We have 80+ team members now and will probably reach close to 90 in 2018.  That team is going to return right at $40 Million in rental income to our clients in 2017 and that number should approach $50 Million in 2018.  Our goal would be to return close to 8% of blended portfolio value for the year again in 2018.

    As for me personally, my first book was purchased by McGraw-Hill publishing and is set to be released on May 4th in bookstores.  It is titled The Turnkey Revolution.  I’m super excited for that to come out.  I plan to start my second book next week and hopefully have it ready to go for publication same time in 2019.

    I am also hosting the first ever Ultra-Marathon in Memphis on March 17th called the Big Buffalo 50.

    Lastly, my wife and I launched our philanthropy last year called Kids Kickin’ Cancer Soccer Club.  OUr goal for 2018 is to support 300 children affected by childhood cancer.  

    I think if we can accomplish all of those goals, 2018 is going to be a special year.

    Best of luck to everyone who put themselves out there and listed what their goals are for next year.  I will be rooting for you!

  • Rental Property Investor · VT · Member since 2017 · 233 posts · 147 votes
    8y

    I am closing on my first investment property this month (I think I can technically count this towards @Brandon Turner's 90-day year end goal AND my goals for 2018), a duplex that will be fully rented. I am paying 20% down so I am planning on potentially refinancing or using some sort of LOC to use as down payment on more properties in the next 1-2 years to grow my portfolio and supplement my W-2 income. I think I would like to focus on really honing in on landlording skills, building a team (my lender and RE Agent have been VERY patient and helpful with my questions, as well as people from BP), and just learning as much as I can from this property to help in future endeavors. Happy 2018!

  • Investor · Boerne, TX · Member since 2015 · 139 posts · 71 votes
    8y

    Goal first: Add a minimum of 5 properties to my portfolio while still putting my full effort into my primary employment.

    Action steps:

    1. Network - attend at least one meet up every month and establish one new relationship each time.

    2. Listen to one real estate related audio book every month.

    3. Analyze at least three deals every morning during breakfast.

    4. Post more on BP.

    5. Learn my area. I just moved to San Antonio and need to know where to focus and avoid.

    6. Set up a commercial bank account for my newly formed LLC with an investor friendly bank.

    7. Make at least 5 offers per month.

    This is certainly not an exhaustive list, but should allow me to accomplish my goal.

  • Investor · Marlboro, NJ · Member since 2016 · 34 posts · 18 votes
    8y

    This is exactly why I joined BP.  Learning from the brightest and understanding the need to set the right vision.

    In 2017 I bought my first 3 properties; have learned a lot and need to learn a lot more.  Here goes (Lets see if I can keep it S.M.A.R.T.):

    1) Purchase 5 properties in 2018 - all out of state, cashflowing $250 ea. 

    2) Build portfolio presentation to attract private investors in Q1 and market the crap out of it.  Goal is to attract private money to fund 2 out of the 5 purchases

    3) Invest in 2 rehab projects with partners to learn the flipping process

    4) Invest in myself - 1 book, seminar, meetup or network event per month

    Happy New Year Everyone!!!

  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    8y
    Originally posted by @Mike Dymski:
    Originally posted by @Brie Schmidt:

    @Brian Burke - Thanks for the shout out!  My first job was at a Dairy Queen so I don't have bagger experience like a lot of you. 

    2018 could be a pivotal year of change for me.   I did not buy any property in 2017, for the first time since 2010.  Not because of market concerns but I hit the point where I had enough and wanted to focus more on the lifestyle I wanted.  So my 2018 goals are:

    • Work no more than 30 hours a week across all my businesses, to do this I need to allocate the hours at the beginning of the week to a specific task/project and make sure when I had set time to work that I am focused and efficient.  So cut out all the dilly dally time I spend not really accomplishing anything.
    • Evaluate my portfolio and decide to keep or sell.  My return on equity is really low because I bought primarily between 2011-2014 and now I am in a position where the properties greatly appreciated.  If I sold I could pull out the cash and reinvest, but I don't know in what.  So I want to explore other investing options and understand by spring what to do with my portfolio
    • Continue to grow my Chicago based brokerage business, Second City Real Estate.  This is now my primary focus and we have grown exponentially YOY.  I brought on an agent this year, @Charlie Shields, and we work with "house hackers" in the Chicago market - this year adding over $100k a month of rental income to client's portfolio's.  
    • @John Casmon and I are going to pull off the first ever Midwest Real Estate Networking Summit in Chicago this spring.  The event will have 300 investors for a 3 day event set up with local real estate experts and targeted networking.  We are locking down the details now and I am really looking forward to connecting investors in a "no pitch" learning environment.  

    2017 was a big year of personal development for me, I spent a lot of time understanding the core of my goals and what I wanted my future to look like.  So 2018 will be about making adjustments to get to the ultimate lifestyle goals I have.  

    It's interesting to see a Midwest investor on BP writing about appreciation and low ROE.  Joking aside, a lot of investors have this challenge or they have it and don't know it.  Once the value has been added in a property and/or the appreciation strategy has been accomplished, the estimated returns going forward can be less attractive.  I have been pivoting into cash flow plays...MHP, SS, and apartments.  If you are looking for lifestyle, this can make some portion of your portfolio passive.  Kudos to you for recognizing the ROE.  Keep us posted.

    I invest in urban areas, within a few miles of downtown Chicago and Milwaukee - so not SFH in D areas for $30k a pop. An example would be a property I bought for $300k that just appraised for $550k - I pulled some cash out but my current loan is at $350k - so I have $200k in equity sitting there. Property brings in $4k a month rents which was great when I bought it - but now after the cash out my monthly cash flow is $600/mo - If I sold it and reinvested the $200k I should be profiting more than $600/mo - but as we continue to appreciate in the city, should I hold on and sell for even more down the road. Then the problem becomes where to invest, what investment vehicle to use, where is the market going, ect. So that is my plan this year, answers those questions and then determine if it is better to sell or keep

  • Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    8y

    Love reading this tread. though I'm still super far off in terms of intelligence, experience, and capital from these guys I'll throw mine out there.

    1. Make It up to 30 rental properties. (im at 15 now in year 2)
    2. make at least a  quarter million between my career, my real estate, and my nightlife business

    3.  Do my first flip with... most likely a partner

    4. buy a vacation rental

    5. buy at least one rental outside of my state

    6. Buy a lambo Hah. (used and older model of course)

  • Real Estate Agent · Mount Nebo, WV · Member since 2017 · 174 posts · 68 votes
    8y
    My goal is to purchase a vacation rental property in the next 60 days and use the revenue to fund my family’s first real vacation in 5 years!
  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    Great thread! My hope is that 2018 will be about better work-life balance.

    • Wake up at 5:30am to read something inspiring before the chaos, known as "kids," awakens.
    • Learn to say "no" better, in order to say "yes" to really important things.
    • At work - Laser sharp focus on providing exceptional tax and accounting services
    • At home- Learn to unplug and be more present. 
    My Online Accountant572 Reviews
  • Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
    8y

    Awesome thread!  What is clear to me from reading this thread is I need to work on defining SMART goals for myself for 2018 :)

    @Chris Clothier - interesting your team picked STL to start investing in 2018. I travel to STL often on work and was surprised to learn of all the Fortune 500 companies in this "small" Midwest city. Can you educate us on what factors led to choosing STL market?

    @Mike Dymski - I've battled the decision of turning our primary residence to a rental multiple times over the past year. It's in an A-class neighborhood, walking distance to the elementary school so there is no shortage of renters that will definitely cover all expenses and them some, there is definitely long-term appreciation possibility... so should I give up tax-free profit?? Any advice on how to make an objective/quantitative decision?

  • John CasmonPro Member
    Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
    8y

    Great thread! My real estate goals have been simplified for 2018 so I can focus on the actions that will be most beneficial. 

    2018 Goals

    1. Build an amazing network of investing partners 

    2. Syndicate 150 units; General Partner on an additional 350 units


    Planned Actions:

    - Continuing my weekly podcast and growing the audience  

    - Host bi-weekly meetups in partnership with  @Rj D. @Nicole Valenzuela and @Meghan McCallum

    - Creating the Midwest Real Estate Networking Conference with @Brie Schmidt and our host committee members

    - Attending at least 3 other conferences (including @Joe Fairless's Best Ever Conference and @J. Martin's SF Bay Summit)

    - Develop & execute marketing plan for more apartment leads

    - Partner with others like @Malcolm Douglas to find and underwrite deals

  • Tarl YarberPro Member
    Flipper/Rehabber · Seattle, WA · Member since 2014 · 415 posts · 401 votes
    8y

    @Brian Burke

    I feel like im showing up late to the party on this one! I need to get on BP more often!

    I just want to start by saying that I NAILED my 2017 goal of meeting and becoming friends with the great @Brian Burke! Check that one off the list!!  Its going to be tough to measure any goal I set for 2018 against this momentous accomplishment of 2017...

    That said...

    2018 is all about DOING LESS OF WHAT I HATE AND MORE OF WHAT I LOVE.

    2018 is more about eliminating

    2018 is more about focusing on what inspires me in this business

    2018 I have found my niche and am fully committed to it

    1) I will never have more than 10 active rehabs going on at one time in the PNW (we normally have 15-18 at a time)

    2) I will no longer work on rehabs that require more than $100k in construction costs (unless I LOVE THE HOUSE)

    3) We will increase our SFR Rental portfolio by an additional 50 doors with an average cash flow of $500 per door

    4) My business will become more automated and less dependent on me.  I will do this by empowering my team members and setting up compensation guidelines that include ownership opportunities within the company.  We will refine our systems to a point where my involvement is limited to the start of a project and can be done via the phone and computer (already doing this, just want it better).

    5) Launch the 2nd ever PNW Big Bad *** Real Estate Wealth Expo in Seattle WA, this time with over 65 vendors and over 1000 attendees by the end of April 2018

    6) Starting June, take my wife on a 3 month US road trip. Working remotely as needed, proving the systems we have created.

    7) NEVER buy a property unless I am excited about it

    8) Focus on helping others grow their businesses and help them succeed.  Take the experiences we have had and use the good and bad to help others excel.

    9) Take our monthly meetup from an average of 150 attendees per month to 300 average attendees per month

    10) Snowboard in Japan

    11) Host our first ever NFP Fund Raiser 4th quarter

    12) 10X our networth

    I have worked my *** off the last 5 years in this business.  Doing everything I could to make my business work.  I have created and stumbled on so many opportunities.  I have NEVER had a plan of attack.  Because of this, I have found my self always focusing on the bottom line and not what I am best at.  This year, I have laid out EXACTLY what I love to do, what I am best at, what gives me the greatest passions in this business and my life, and that is ALL I AM GOING TO DO.  If i cannot delegate the other stuff, then i will eliminate it completely.

    In 2018, I am going to force my business to accommodate ME and my family, and not the other way around.

  • Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
    8y

    @Brian Burke , what a great idea and great goals also! 2017 has been a year of growth and hard decisions.

    Some of my business and personal goals for 2018 are:

    • Simplify my life and my business.
    • Continue teaching investment seminars and increasing the frequency to two/month, to help other investors achieve financial freedom and become millionaires.
    • Sit down with 24 new investors to create their own plan of action.
    • Help 100 sellers get the most money for their homes.
    • Purchase 10 million worth of multi-family buildings.
    • Complete construction the 4 flat that I just got permits for.
    • Buy 4 more lots for new construction projects.
    • Help 100 sellers get the most money for their homes.

    Happy New Year to Everybody!

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