Critique my Real Estate Goal

[Colton Kennelly]

Hey guys! I'm new to real estate and have established my goal and was curious if you guys would give me feedback. Is it specific enough? Not realistic? My goal: Build a passive and scalable business. So I put in work and am able to replicate it over and over to grow. Long term goal is the ability to replace work income for my wife and I. A diversified business, multiple income streams, being as vertically integrated as possible where I can control every step in the process. (Example when buying multi families own the broker, the finance company, the contractor, and the property management) this will allow for economies of scale. Also allow those entities to do business with others increasing opportunities for partnerships and increasing revenue.  I know this is lofty and will take some time, but the first step is setting a goal. Thanks for the feedback.

[Eric H.]

@Colton Kennelly

Our goals should be ambitious. Therefore, if we fall short of the ambitious goal we will still exceed the mediocre goal. Check out Cardone’s 10X Rule for more on ambitious goal setting.

I would start by defining how much I wanted to make and then working backwards. If I knew I wanted to gross 100k/year and I was going to do that with 3 income streams, the easy way would be to divide them evenly. You would need to bring in approximately 33k from each stream to meet this goal.

Each one of those investing strategies will take due diligence and practice…..preaching to the choir. Another very important part of your goal setting will be timelines/deadlines. When will I have goal #1 complete? Date and time.

In Maryland you must hold your real estate salesperson’s license for 3 years before opening brokerage. So if my ultimate goal was to own a brokerage, one of my action steps would have to be to obtain a real estate salesperson’s license.

To identify a mentor, join some local REIAs and continue to engage here on BP. I can assure you anyone that is worth working with will want to see your commitment to this endeavor as well as what you can offer them. And that can be illustrated in many different ways.

Finally, although you do want something in writing as soon as possible your goals are not set in stone. They should have some flexibility. Some goals do need to be black and white while others will be gray. Life happens, situations change, wants/needs/desires change. It’s interesting and gratifying to look back over my goals and say “Yeah I did that. I set out to do it and I did it” Celebrate all wins!!

I wish you the best!

Sincerely,

Eric H.