I am on my 2nd attempt at using the 90 Day Journal published by Biggerpockets, and I just cannot seem to consistently come up with appropriate weekly and daily goals to bring me closer to my 90 day goal. To be specific, my goal for this 90 day period is to increase my gross rents to a certain number, but I cannot come up with the smaller goals to take me there. Has anyone else struggled with this? Any examples of how you are setting your goals?
@Austin Works , that's not specific. What's the actual goal? Is it reasonably achievable in only 90 days?
@Jaysen Medhurst , to be completely specific, my goal is to increase gross rents from $3,050 to $7,500. With my current four plex being near completion and 2 SFR's under contract, I am now only about $1,000 away from y my goal once everything is rented.
@Jaysen Medhurst , to be clear, I already owned the four plex prior to setting this goal, but we still had a long way to go on the rehab. I considered increasing the goal to exclude this property to make the goal more challenging, but ultimately decided to include keep it at $7,500 to keep the goal achievable. I've only added the 2 SFR's since setting the goal - one is already occupied with a tenant and the other will need a light rehab before being rent ready.
Analyze X properties per day
Offer Y properties per week
Raise rents $XX on unit ABC by YY date
Attend XXXX REIA
Send YYY direct mailers
Paint done by ZZ date
Cabinets done by WW date
Okay, @Austin Works , sounds like you already have a lot in your pipeline. When they all come on-line will that hit $7500? If so, then your 90 days is dual track, as I see it:
- The steps to close the SFRs, finish rehabbing the MFR, and get them all rented.
- Something along the lines of what @Mike Dymski wrote in order to keep your pipeline full.
If you can't break your goal up into actionable steps then either the problem is with you or the goal. In this case, I think the goal is a fault, because it is a pretty crappy goal to be honest; at the end of 90 days, if you have success, you'll have achieved a small amount of short term gain with no marked change to your long term situation.If you fail, you don't get much of anything.
I follow the Scott Adams school of thought on this issue: "Losers have goals, winner's have systems"
Have your goal be to develop systems around your lead generation, rehab, turnover, or whatever part of your business takes up time/yields you the most results. Set a goal to work x hours on your REI per week. Your daily MINS can be to write out a landlord welcome packet one night, put together a Personal Financial Statement the next and look at 10 deals the third night. A quick aside, I don't like the goals of, make 5 offers a week since it puts artificial pressure to do something that may not be possible. In 100 leads there could be 5 deals that meet your criteria or 40, but you don't know the base rate when you start. If you have your goal be to look through 100 leads, you will find whatever are there and not shoehorn yourself into a deal.
Have the goals be oriented around you will start habits that will carry on long after the 90 days have passed and even if you didn't get a deal within the time frame, you'll have improved yourself.
@Mike Dymski , this is exactly what I was looking for, very helpful.
@Jaysen Medhurst , with all that I have in the pipeline now, my rents will total about $6,500, so I have just a little to go to finish out the goal. I think what you said about focusing on what I already have in the pipeline is what I've been missing - I've put all of my focus into generating more leads and not completing what I have. I will just have to double down and stay focused on both sides.
@Bill F. this is exactly what I've struggled with! I have questioned this to others and no one has put it into words this way. I would be very interested in learning more about this outlook on goal setting. Any content you could recommend for learning more?
@Austin Works glad I could help. Let me think about specific resources a bit because I didn't get all of that from one book, but I'd start with the Scott Adams article I posted.
It all starts, and bear with me here I know this sounds far out, with what you want to get out of life. Personally "Man's Search for Meaning" really laid out well what our purpose is along with the Stoic philosophers. These are like your long term goals and by nature they are squishy: Be the best father/husband/ brother you can be, work in a career that makes your community a better place to live, become a world class Scrabble player. You'll find pretty quick that most of these long term goals are accomplished simply by dedicating time to them. Being a good spouse starts with giving time to your spouse.
That leads you into the crux of the issue, how to manage your time and free more of it up. This is where RE comes into play, due to the somewhat passive nature of its cash flow that replaces W2 earnings. This is where all the Cash is King Find your Freedom Number, to quote everyone's favorite TV personality turned TK provider turned plaintiff extraordinaire, BS comes in.
Then it is figuring out what you are good and not good at, what you are passionate and not passionate about. You want to avoid things you aren't passionate and suck at while trying to maximize the time you have on things your good and passionate at. However, you may realize that RE doesn't play a role in helping you reach your goals. That's fine. You could find out that you can make way more money, in the pro Scrabble circuit. Awesome, because it is al about reaching your end goals and not having some arbitrary "number or doors" under your belt because everyone else is doing it. What you want to avoid is getting far down any path, say REI and realize you are bad at it and hate it. Because you've wasted time learning a skill that you won't be able to leverage again. An incredibly powerful yet unsung idea is compounding knowledge.
Then it is a matter of structuring your days and weeks to get the most out of them. Look into Cal Newport's writing on deep and shallow work to help out with that.
@Mike Dymski , how would you track these actions? Do you just use a notebook?
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