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.
@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. 😀
That's an awesome goal @Dutch Langley, is this your first year investing? If so it sounds like you'll easily hit your target, that's so motivating!!!!! Thank you, can't wait to hear of your successes.
We started late last year, but it was while still doing several very high renovations for others and then we decided to move into a lake house we were renovating...so doing that and selling our primary and moving took out a number of months from focusing on flips. But now that we have settled in, we are very excited about our momentum. In fact, also just passed my state and national real estate exams and will be fully fledged Realtor in a couple of weeks!
That's awesome, it sounds like your making all the right moves. Your contracting background must be a real asset also. I haven't looked into the exams yet but it's been on my mind, something I'll certainly need to learn upon.
Yes, having a GC license and over 25 years experience in complicated renovations makes flips easy in comparison. The hardest part is finding the right deal
I've just turned 21 and haven't started investing yet (need more of a down payment just yet but I'm making quick progress).
In the short term I would like to house hack a small MFH starting next July when my lease would be up if I renew. (Or sooner if I can get my landlord to agree to a month by month lease because my sister is about to move in so my monthly cost is about to go way down).
In the long term I'm currently looking at building a RE portfolio until I can quit my full time job and just keep my part time gig. I'm probably being optimistic but I would really love to be financially independent by the time I turn 30.
I don't have the startup money yet so for now I've reserved myself to reading about REI and looking at properties around my (only over the internet, I'm not wasting any agents time) so I can practice analyzing what makes a good deal.
@Cameron McNulty we’ve done a little bit of both! Personally I think it’s better to invest local but here in UT you definitely sacrifice cashflow by doing so but having tight control and better opportunities to force appreciation it’s almost always better to go local
I plan to acquire my first 3 rental properties this year. I'm brand new to both REI and BP and I also thought this was a great first post. :) I have been looking, learning and (over)analyzing the last 4-5 months. I'm really close to finding my first deal now I am more comfortable doing the analysis. I want at least one of the 3 to be a multifamily. Some of my other goals are to get my NC & SC sales agent licenses and build relationships with contractors/rehabbers. I'd like to give a few rehabs a go after I have some solid connections with contractors. I feel like that is going to be a key skill to have in order to scale this over the next 10 years.
@Brad Jacobson in the 10 years my husband and I have been investing we have never taken a penny out of the investments. We have been collecting the cashflow over the 10 years. Then we also sold several properties last year. In the 10 years we owned the homes the property values more than doubled. That is how we were able to pay off 25 houses in less than 10 years.
@Cameron McNulty I bought most of the homes full price with Sub 2 existing financing. My values doubled in less than 10 years in my market. I did buy a few on short sales and got a loan on them. But my primary focus was sub 2. You are limited with the number of loans you can get in your name.
I am not new in purchasing real estate, but I am new in purchasing investment real estate property. In December of 2019 I committed to closing 3 buy and hold deals by the end of 2020. As of today, less than 60 days later I own my first investment buy and hold property. Rehab in process. First deals come, when the work comes first! Two more to go!
I like to make yearly goals in each area of my life but here I will share only some of my real estate goals for 2020 and the progress with them so far:
Get a 500k working line of credit. Still working on this.
Separate my business finances better by taking 250k of that line of credit and pay off business debt from my other businesses that I have used to fund the acquisition of properties in my main real estate business.
Use the other 250k to continue purchasing properties in the Triad area of North Carolina.
Purchase 36 single family properties (24 in Greensboro, Winston-Salem, and High Point, and 12 in Arizona) and lease them out using the lease option strategy. So far this year we have purchased 3 units in North Carolina and 7 units in Arizona and we’re under contract to purchase 4 more units in two weeks.
Purchase a 30 pad mobile home park with 10 units already rented and an additional 20 pads available to rent out, improve advertising and double the value of the park and basically BRRRR the mobile home park. We just closed on this mobile home park and we are getting ready to start adding more units.
Go on the Investor Summit at Sea real estate cruise with the Real Estate Guys, Robert Helms and Russell Grey.
Bring on one or two more assistants to lighten our work load and systematize our businesses better. We have identified 2 assistants and will be testing them out.
Appear on 10 more podcasts to increase brand awareness in order to raise money for our real estate deals. I’ve appeared on 3 so far this year.
Get 20 new real estate coaching clients and help them acquire their first, second, or third property. I’ve coached 2 so far this year.
Increase cash flow by another 5k this year. As soon as I’m done with the rehabs on the 6-plex and acquire the 4 more units and get those up and running and then finish with the refi’s on each of these, I think there should be an increase of about 2k - 3k for my partner and me each.
Future goals include 20k in passive monthly income by the end of 2022 and 100 million in assets with my partner by 2030 and help my kids own 3 properties each before the age of 18.
My goal is to find a multifamily within the next few months. I also want to househack and may househack a few more times in the future. While I search for this first property I'll continue to save money as I have a goal to purchase another multifamily next year!