I feel like I am walking into a confessional box, forgive me BP for I have sinned, it has been a year or so since I was active on the forums.. :)
Anyway, I have been extremely busy for the past year with many aspects of life (investing, expanding businesses, family life, working), but one of my many goals for 2020 is to be more active on bigger pockets, where the majority of my investing journey and education began 5 years ago. For those of you I have not connected with, my name is Joe Cornwell and I am a real estate (buy/hold) investor in Cincinnati, Ohio. I am also a real estate agent, I own a construction company, and a soon to be "retired" police officer at the age of 29. Meaning, I will be leaving my full time career of the last 8 years to focus solely on my investing and businesses. I currently have 16 apartments over 4 properties, and I am under contract on two more properties, an additional 24 units. My goal is to have $5000/mo in passive rental income by year end, so I still have work to do. I will likely need another 20-30 units by year end to accomplish this after they are all renovated, rented, and stabilized. I am also working on doubling my construction business in terms of manpower as well as volume/profit. Lastly, I am in the process of getting my brokers license so I can perform property management services for my clients in addition to my own portfolio. As the title says, I have massive goals for 2020, but I am confident I will succeed in these endeavors.
As for my background, I have been investing for 3 years now, but educating myself and saving cash to invest for almost 5 years. I have had my real estate license for almost 4 years, and up to this point I have used all of my additional income from my agent business and construction business to invest in multifamily real estate. As I shift from my law enforcement career, I will begin using some of my income sources to pay bills, travel, etc.
I know I am now two weeks late on posting my goals for 2020 but I hope to connect with some new members of BP who might not have met me yet, and I am looking to add value to other investors in many ways this year! My first ask of anyone who takes the time to read this, what are your goals for 2020? What markets are you investing in? How is real estate changing your life or career goals? Is anyone else looking to make the leap into REI full time in 2020? I would love to chat, please comment or reach out, thank you for reading! :)
congratulations on your quickly approaching retirement from the police force (thank you for your service) and the clarity of your goals and what you want to do. I am relatively new to BP and to RE investing. I was able, however, to buy my first rental SFH property in Dallas last year and I am looking to buy 2 or more in 2020. My long term goal is to invest heavily in RE (Buy & Hold) over the next 5-7 years so I can retire comfortably. Unlike you, I am in my late 50s, working in Silicon Valley for the past 35 years and I just started a new job which I hope that it will be my last. It's a great job with great pay and I am saving a lot so I can invest in R.E. I would love to connect with you about the OH market and your thoughts there. I don't invest in California so I am always exploring the markets on other areas. Thanks for sharing.
Joe love your post. I think your goals are very attainable and it inspires me to do more. Have you ever considered out of state investing? This could open up the possibilities to you being able to get more done. I would love to talk to you about the Southern, Wisconsin market. Janesville and Beloit are very strong and could help you raise your cashflow.
Great set of goals! I travel to that area of Ohio some and am sending you a connection request.
I have been fairly absent from BP as well while focusing on my own progress as well. 2020 will be a great year!
Great post @Joseph Cornwell
An amazing job of achieving FI in such a short time frame. How have you been able to grow so fast? Are you doing a value add BRRRR strategy or did you just have a lot of cash savings to use as down payments? Thanks
Geez Why are you needing so much real estate property to only cashflow 5,000 ?
@Luis Rolando That is great, it is never to late to start investing! I would love to chat about my market feel free to shoot me a message or email anytime!
@Ryan Scott Isacksen Awesome! Feel free to reach out anytime and good luck on your 2020 goals!
@Calvin Ozanick I have considered other markets but right now I am getting a 15-25% IRR on my deals that I am managing so I have no real motivation to invest elsewhere at this point! Thank you though!
@Scott Rogers I did save up cash little by little before my first deal, but mainly it was accelerated by drastically increasing my income and therefore the amount I was able to invest with through my two businesses. I have done a couple BRRRRR deals that helped recycle my investment capital as well. I have recently brought in money partners to help fund larger deals to help scale even faster, so that is my current focus.
@Dennis M. There are several factors, my underwriting minimum is $200/door per month cash flow. However, I got divorced last year which forced me to now give half of the cash flow on my first three properties to my ex wife. I am also now raising capital from private investors on larger deals, so that will be my personal passive income after paying my investors first. Therefore my personal goal of $5000/mo passive income is not truly represented by any particular unit count.
@Joseph Cornwell I have retired from my corporate director job in 2016 with more than enough passive income and went full time RE. What happened? With all that additional time on my hands I splurged and ventured into a whole list of additional projects: new construction, did remodeling jobs for high end clients, started coaching and got licensed and pretty soon worked as a full time agent - and all that on top of managing our portfolio, acquring additional properties which then had to be rehabed, rented and refinanced. And I wanted to get a brokers license. Sounds familiar? Buring the candle on both ends...
Goals for this year? Now I got it out of my system, cancel most activities on this list except of two, but double down and focus: #1 my brokerage business (grow my team, no point in brokers license with KW) and #2 keep growing our portfolio at current pace.
Also firm on my schedule: take 4 major trips, one every 3 months - we just got back from 2 weeks Bora Bora, let me tell you: I did not miss Wisconsin and it was well worth the long flight :-)
@Marcus Auerbach That does sound very familiar, and congratulations on all of your success. I am well aware and all to familiar with burning the candle on both ends, I know that I have a limited time and youth to sink into growing my businesses to the point of being able to remove myself slowly. That is the ultimate goal after reaching FI. I want to only work when I choose, have relatively autonomous companies, and have enough passive income to pay for the life of freedom I am building. These are 5 and 10 year goals currently. If all goes well, at 40 I will be completely passive. Very inspiring, thank you for sharing!
Welcome back to the site @Joseph Cornwell . Looking forward to seeing you hustle in 2020 and dominating!
@Joseph Cornwell Thanks for sharing your goals for 2020! You definitely have your work cut out for you, and I am sure they are achievable with the right "why." As requested (yes I read to the end), I will share my goals for 2020. I have several real estate goals for 2020 but first I want to tell you a little about my experience so far.
I bought my first duplex in 2018 which is an owner occupied with an FHA loan because I was fresh out of college with little cash. In 2019, I partnered with some family members and went in equally on a second duplex in the same neighborhood and only about a 5 minute walk from my house. Looking into 2020, I would like to acquire 2 more units (with my partners) to continue to grow and learn. I also hope to expand my team and begin to build out a list of contractors and handymen that will help me succeed in the coming years. I would like the next 2 units to be a BRRRR strategy, but I am open to whatever opportunity arises.
Beyond 2020, I would like to incorporate the STACK methodology and begin to double down on the number of acquired units each year until I have reached over 30 units, at which point, it may be time to move into even larger MF. My goal is to "retire" by the age of 35, which gives me a little of 10 years left to get there.
Given your success and knowledge of the Cincinnati market, I would love to pick your brain in the near future!
All the best with your #2020goals!
@Heshel Mangel thank you! Good seeing you on here also!
@Brandon Miller That is a great way to start! I was able to BRRRR my first few deals which helped me continue to grow my investment capital for my current and future deals. When done correctly, it is the most efficient way to invest in my opinion. I also just recently started using private investors to grow my portfolio, but if you are already succeeding in doing so that will really help you when you are ready to scale up into larger deals. Good luck on your goals this year!
You're killing it Joe! You've made significant strides every year I've known you, and I have no doubt 2020 will be your biggest year yet. I'm so excited for you to live out what is for many just a dream- leaving the comfortable 9-5 and instead run your own business and invest full-time. I hope to be like you one day soon! Good luck and God bless!
@Joseph Cornwell I'm brand-new to real estate here in town but I'm always happy to meet other investors and figure out ways we can help each other out. Feel free to PM me and we'll figure out a way to connect!
@Lee Yoder Thank you so much, it looks like you are doing incredible things as well! Congrats!
@Joseph Cornwell great to see you putting your goals out there! It's been a year since I was really active in the forums too, I also need to get my butt back in gear to network and find more deals.
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