I need help with my goals.

23 Replies

Hello all,

I am in need of help with my goal.

My goal is within 10 years I want to own 127 doors netting me $1000 per month.

If there is anyone out there who knows someone who has accomplished this I would like to know what are 5 big things or 5 big moves to make this happen.

What are some things I need to be good at. I appreciate any advice on this.

Thanks everyone!

OK.  How did you arrive at the numbers you stated above...and are saying are your goals?

@Joe Villeneuve

Will I want to buy a rental property each year and double the number of units each year and I want to work my way up to a 64 unit, starting from a single family home. Add all those up and it equals 127.

i not sure if i'm allowed to say this on here but i am a part of a mastermind with @David Greene and we are all about setting goals and using a domino system and a gps 1:3:5 system to achieve them.  if you want more info on the group feel free to DM me.  or i can elaborate more on these topics here in the forum. you can also google GPS 135 and may be able to help.

Originally posted by @Chancellor Swan :

@Joe Villeneuve

Will I want to buy a rental property each year and double the number of units each year and I want to work my way up to a 64 unit, starting from a single family home. Add all those up and it equals 127.

 OK.  WHy do you want to double the number of units per year?  What specific goal is this accomplishing?

@Joe Villeneuve

It’s a goal that I have set for more for so personal reasons but essentially it’s a number I’d like to get to is what it really comes down to. Thanks for the questions it’s asking me think more about my goal! Especially the why behind it.

Originally posted by @Chancellor Swan :

@Joe Villeneuve

It’s a goal that I have set for more for so personal reasons but essentially it’s a number I’d like to get to is what it really comes down to. Thanks for the questions it’s asking me think more about my goal! Especially the why behind it.

 Personal reasons?  If Personal reasons means "income you must have to pay bills and pay off debt", then I'll except that.  If it doesn't mean that, then you're starting your goals in the wrong place.

Are the properties each getting you 1k/door or collectively?  

@Chancellor Swan

It's going to depend on your personality and productivity style.

Are you best suited for purchasing SFR or commercial properties?

Where are your start-up funds coming from? 

What is your start-up budget?

Good luck Chancellor!! ;)

Originally posted by @Chancellor Swan :

@Joe Villeneuve

I’m going to think more about they why. Thanks for getting the gears moving.

 PM me if you want to run something by me...or just want clarification...or whatever.

@Chancellor Swan

Two of my favorite books:

Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth by Larry Loftis and

Building Wealth One House at a Time, 2nd Edition by John W. Schaub

You may find them helpful!

Good luck, I know you'll figure out the best way to start for you! ;)

@Chancellor Swan , don't let Joe get you down. He means well, but he's kind of a bully.

Doubling your units each year sounds like a great goal to me! Netting $1000/door/month isn't going to happen unless each door is a SFR in Beverly Hills.

Originally posted by @Jonathan Schwartz :

@Chancellor Swan , don't let Joe get you down. He means well, but he's kind of a bully.

Doubling your units each year sounds like a great goal to me! Netting $1000/door/month isn't going to happen unless each door is a SFR in Beverly Hills.

Seriously?

 

@Chancellor Swan

Hi Chancellor,

Step 1. Figure out only one thing. How to buy something that you believe will work financially for you right now.

Step 2. Don't spend effort on the details of a Huge Goal. Just keep the overall goal in mind and be flexible as to how to achieve it over time.

Step 3. Once you have done step 1, Repeat it as soon as you believe it's financially prudent to do so.

(you are probably not going to be able to map this out in any type of detail (that you will be able to follow), there seems to be too many variables)

Good Luck!



@Chancellor Swan    People are motivated to take action about something when 3 things are present:

  1. They're uncomfortable about something  (spend time thinking about why you're uncomfortable)
  2. They have a vision of something better  (determine what you think good looks like)
  3. They see the vision as something achievable  (make sure your goal is realistic)

When you've figured out your "why", keep #3 in mind for setting your goal. If you can't see a path to success, your will likely fail in your goal.  It needs to be short-term enough to keep you motivated and where you can see you're on your path.  If not, set some near-term goals that keep you on that path to success.

      If you focus on only short term goals, like one property at a time, you will be wasting money, and time...and not know it.  Set your long term goals, establish the short term milestones along the way that will link to eachother, and take the steps along the way that lead your from one milestone to the next.  

      Every step/decision you make should be based on the following steps.  If you don't approach it this way, you'll find yourself wishing you had as you keep stepping backwards...or take added time and money to move forward...because you have to undo, or compensate, for a poor decision you already made.

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