Hey everybody, going into 2021 what are your goals for everyone who has not bought a property yet?
@Collin Boyer , I am glad you posted about this topic. My wife and I have spent the last couple of years learning and saving for our first REI property. We just submitted for pre-approval today and our goal is to purchase our first two SFR in 2021. What are your 2021 goals?
@Casey Barickman , Hey Casey that is awesome best of luck with your approval. I have two major real estate goals and some other personal goals. One of my real estate goals is to bring on a 2+ unit (hoping for 3 or 4) to house hack, my other goal is to do 75 Transactions for $15 million!
@Collin Boyer best of luck in 2021! You will have to keep us updated on your progress. I am interested in your story on the house hacking goal and how that will workout for you. How much of an increase will that be from your 2020 to 2021 on your RE transactions?
@Casey Barickman I am a new agent as of this past August. I have been very lucky, I joined a team and we have an incredible partnership with Zillow which gives me a ton of clients. In my first 3 and a half Months I am at $2.3 million pending and closed.
@Collin Boyer I'm in the same boat. I've not bought a property yet but I'm saving capital to buy in cash. I could liquidate my stocks and buy now but I feel like that's idiotic.
So my goal for 2021 is to, hopefully, let my other investments appreciate enough that by 2022 I'll be able to liquidate a portion and buy 1 or 2 properties. I'm also working toward my license in architecture, and I'm almost there, but I need to knock out the tests, which could take me a better part of 2021.
With my previous construction and heavy equipment experience, and the experience I'm currently gaining as an architect, I think I'd be well setup to tackle a flip or 2. With that being said, I hope to use 2021 to learn more about the dos and don'ts of real estate investing. That's if I dont spend all my time studying for the ARE lol.
@Kyle Clark With how low interest rates are if you can get approved for a loan I would go with a loan all day long. I never liquidate any of my stocks I have those constantly snowballing. I wouldn't buy in cash, use other people's money to get rich:)
Hard money is an option where if you have 10% down they will fund the purchase and the rehab. If you need some help with hard money I am approved to lend so send me a message.
@Collin Boyer , this is a fantastic question to not only ask BP members but also yourself! My personal goal is to close on my first personal property to house hack and to buy one additional rental property by the end of the year. Hopefully, the money saved by house hacking will make buying the rental property a reality by the end of the year. Congratulations on over 2 million dollars worth of sales in your first year of being an agent! What are your goals for the upcoming year?
I hate to be cynical but It surprises me in 2020 folks study for years go to seminars scrimp and save up 20% plus closing and call a realtor up and eventually buy something at full retail price . People are so risk adverse and terrified to make a mistake or lose money that it takes them a decade to do anything . It reminds me of mark Twain’s quote : the secret to getting ahead is to get started ..
@Collin Boyer That's the stuff I need to be learning. I was assuming that with my own funds I could go in as a cash buyer but you can do that with hard money lenders as well, correct? What kinds of rates do you generally see from them? I'd hate to cut into profits if I don't need to but I've been thinking lately about the tax I'd pay on selling my stocks (even though they'll be long term gains), it's still in the ballpark of 10%, so you're probably right. I'll still likely wait to build up that stock portfolio for some security and get my architects license but definitely something to keep in mind. I might contact you about it in the somewhat near future.
@Kyle Clark just sent you a direct message
@Collin Boyer I also started brand new in real estate last august. 2.3 million in your first three months, you’re completely blowing her out of the water, congrats! Very interested to hear more about that partnership with Zillow your firm sports if you’d be willing to connect.
@Collin Boyer my advice is...Listen to people in the game! Don’t listen to people who are not.
@Bud Gaffney Absolutely, I agree. I have been very fortunate to jump into the game with mentors I could have only dreamed about.
I think it is good to chat with new investors or beginners to see how you can help them or any tips you can give them to learn from your mistakes so they do not make the same.
@Collin Boyer Absolutely man!