Minneapolis, MN · Member since 2020 · 61 posts · 56 votes
Hello BP community! I wanted to take the time and ask you guys what you guys have planned for your Real Estate Investing careers in the upcoming year. Its a beneficial thing to bring goals to the surface and just share your thoughts with like minded people who can support you.
I’ll start:
I will find a location in the south/southwest to house hack a single family residence; preferably one with little yard maintenance I.e THE DESERT, or give the responsibility to my roommate, in exchange for a discount on rent. All of this will occur before 2021.
I’m sure you guys will have no problem one upping me LOL.
Rental Property Investor · Colorado Springs, CO · Member since 2010 · 476 posts · 305 votes
6y
@Cameron McNulty we own 25 free and clear rental properties cashflowing $25k a month right now. My goal is to have 50 free and clear properties. I will achieve that goal in 10 more years.
I also have a goal of expanding my investing office and real estate office across the nation by licensing the use of my branding. 😀
Rental Property Investor · Colorado Springs, CO · Member since 2010 · 476 posts · 305 votes
6y
@Cameron McNulty we own 25 free and clear rental properties cashflowing $25k a month right now. My goal is to have 50 free and clear properties. I will achieve that goal in 10 more years.
I also have a goal of expanding my investing office and real estate office across the nation by licensing the use of my branding. 😀
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
6y
I currently own 10 units in a high price area.... currently in contract to sell those and buy 20.....my goal is in 5-ish years sell the 20 and buy 50. By that time it should be apprx 15-20M purchase
Minneapolis, MN · Member since 2020 · 61 posts · 56 votes
6y
@Monica Breckenridge Very cool, what kind of properties are they? how did you get those properties free and clear so quickly? Were some of them purchased full cash? or did you use all clash flow towards the principle?
Minneapolis, MN · Member since 2020 · 61 posts · 56 votes
6y
@Mary M. I like that idea, sounds creative. Are you using forced appreciation then using the profits after selling to use as down payments for more properties?
New to Real Estate · Vestal, NY · Member since 2020 · 13 posts · 19 votes
6y
Hello all!
This is officially my first BP post and I think this thread is the perfect one to start on.
Hello all! This is my first official BP post and thought this thread was the perfect starting point.
I'm a new soon to be investor sucking up as much knowledge as possible. I currently own and operate a photography business in the Binghamton, NY region and plan to reinvest in buy and hold properties in our community.
By the end of 2021 I plan to buy and hold at least 4 units (2 duplexes).
I will continue to grow each year with my 5 year goal of 200 units. I understand this is an ambitious goal and I cant wait for all the hard work ahead!
I look forward to the future knowledge from this community.
Minneapolis, MN · Member since 2020 · 61 posts · 56 votes
6y
@Joshua Little Welcome Josh! Welcome to BP, and I'm honored to be your first post! That's a great goal you have set out, how do you plan on accomplishing these goals?
New to Real Estate · Vestal, NY · Member since 2020 · 13 posts · 19 votes
6y
Thanks so much, @Cameron McNulty I'm pumped to be here and can't wait to grow. Well, long story short. By the end of this year, my wife and I will have eliminated (FINALLY!) around $60,000 worth of debt we buried ourselves in, from our past uneducated years. Once that's done, we'll be living within our budget from my wife's salary freeing up 100% of my business's profits which are projected to bring in between $40-50,000 in gross profit next year which I plan to use as my initial down payments to invest. I'll leave it at that because I could go on and on.
Realtor · Ogden, UT · Member since 2019 · 338 posts · 415 votes
6y
My wife and I have two main goals that are appropriate for newer investors like ourselves! One day we hope to be in a spot like all the other amazing investors in this thread.
1. Cut living expenses to <$2,400/month (we just went under contract for a house hack we think will get us there! Currently we’re at $2,900/month)
2. Acquire three additional rentals this year (by buying a different house hack we actually get two, one with the new property and the home we live in now will also become a rental. Just one more to go and it’s only Feb.!)
Hope these help define additional goals! Looking forward to hearing more on this :)
Realtor · Ogden, UT · Member since 2019 · 338 posts · 415 votes
6y
@Monica Breckenridge are you using the cashflow of the properties to pay down the mortgages? How have you so successfully broken out of the debt on the rentals??
Minneapolis, MN · Member since 2020 · 61 posts · 56 votes
6y
@Joshua Little that's awesome man! So glad to hear that your going to be debt free.Do you plan on managing those properties yourself? if so, do you have a goal in mind to eventually outsource those responsibilities to a PM?
New to Real Estate · Vestal, NY · Member since 2020 · 13 posts · 19 votes
6y
@Cameron McNulty In the beginning, yes I plan to manage. I have experience in construction and have been doing handyman work for another local investor to get more knowledge in the area. I do plan to account for property management in my numbers with every property from the beginning. My end goal is to have the systems in place to allow me to step away when wanted/needed. I'm fortunate in that my current business only takes up about 40 working days a year of my time, which allows me a ton of time to focus on educating myself, building and managing our portfolio.
Flipper/Rehabber · Matthews, NC · Member since 2019 · 198 posts · 239 votes
6y
My husband and I plan on buying and flipping 10-12 houses this year. So far this year sold one, have one going on the market in 2 weeks, and just bought another one last week. We also plan on a lot of vacations...that's my favorite goal.