@Chris Irving that’s awesome Chris, and welcome to BP! Feel free to reach out if you need any support!
@Jonathan Hulen I believe you can do that no problemo.
@Monica Breckenridge that’s insane! Way to go.
@Shiloh Lundahl Excellent goals, Shiloh. You’re killing it. Keep it up!
@Sandy Gabin how big of a property are you thinking of buying?
@Cameron McNulty So could be 4 to 6 unit. Wish it could be more!
My goals for this year are to sell the two properties that I have no interest in renovating and to acquire two more rental properties.
Goal for 2020- purchase $20 million dollars of Multifamily assets.
Let me back up.
In 2017 my goal was to shift my focus and learn the large commercial Multifamily business.
I had spent 2003- 2017 amassing a 100 unit SFH portfolio and was getting frustrated with the time I had invested to get those 100 SFH's. @ 50 years old I needed to scale faster.
I spent all of 2017 reading books, listening to podcasts and vetting RE mentors in the large Multifamily space.
2018 goal- To invest passively in some large Multifamily deals and make more connections. Also wanted to find partners to help raise capital and spread the workload.
In 2018 I invested passively in a little over 300 units. I met and talked to many operators. Vetted a lot of deals and made some great connections. I found a mentor and joined some Multifamily investor groups. I Attended a lot of regional Multifamily events. I eventually partnered with two guys who I now call friends.
2019 goal - To purchase 500 units by year end as a General Partner.
2019 - We purchase 2 properties totally in 374 units ( missed our goal by 126 units). 1st was a 100 unit @ $4.2mm price tag. 2nd was a 174 unit @ $8mm price tag. We were able to purchase over $12mm in assets and raise $3.6mm in capital (OPM) to purchase these properties. The capital raising was new territory and was a white knuckle ride but be survived. In
They say that you usually overestimate what you can accomplish in a year but underestimate what you can accomplish is 5-10 years.
Sorry, that probably went way too long......
@Rodney Miller That sounds like an insane amount of property, if you don't mind me asking what kind of income does that portfolio generate?
Good Day All, it was great to read about so many different goals from new REI people through to seasoned REI professionals.
As someone new to BP and REI, my goals this year is to make that purchase of my first 50+ acres timber property by the late spring. From there I have the goal of purchasing 2 additional 50+ acres and harvesting the timber; by the end of the year. Currently I am on track to make that first purchase, as I have been working with Forestry Consultant on the timber value for properties under consideration.
So, here is to everyone success, this year in meeting their goals. Good Luck to all, for through hard work, you can succeed.
Not really. This is small stuff to the average Multifamily syndicator.
The 100 unit currently has a monthly NOI of $40k which is year 5 pro forma numbers achieved in year 1.
The 174 unit was purchased in November of 2019. We are currently implementing a $2.5mm value add plan. We plan to be at a monthly NOI of 72k in year 3.
Keep in mind that these are syndicated deals so we have to share the cash flow and equity with our passive investors.
@Rodney Miller regardless of how that compares to your peers in that field it is still impressive when you think about the amount of value that you manage, especially when you compare that to the general public who are less privy to the ways of REI. I'm glad that your goals are coming together for you and for now I hope that my efforts will eventually lead me to that level of success.
@Ross Gleason Thank you sir!
@Cameron McNulty 2 and a camper. I would like to focus on rv and tiny house pads toward the end of the year.
@Shiloh Lundahl what made you choose the Triad? My properties are all within about an hour of Charlotte in all directions, but I'm UC for 4 units near the Triad. Would love to hear a little more about your pursuit of the LOC and podcast guest appearances as well as that's a goal for this year for my business as well. Best of luck on those goals!
@Cameron McNulty goal is to essentially triple my portfolio in 2020. I ended 2019 with 12 units, looking to add 24 in 2020 with an ARV cash flow of ~$3500/mo after all expenses and reserves. Also have big goals as far as building my brand through networking, podcasts, media, etc
Goal for 2020 is to do more research into which states are offer the best options for SFH ~$150K max.
Plan to purchase with a FHA loan and house hack it for a while (until running stable), then refi it to conventional and move out to rent out my old room.
@Jared Wilbraham Same here man! Awesome goal!!
A 4th property!
@Patrick Menefee Right on man! Goodluck!
Inspiring thread! Here are my goals for 2020:
- Continue to gain experience from other successful operators by attending mastermind groups and conferences.
- Write articles or blog posts to share my experience. (started on BP few weeks ago: The Multifamily Investor)
- Co-sponsor 2 to 4 commercial multifamily syndication deals.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you