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Tell me your BIG Real Estate Goals for 2020!
Hello friends! I'm crowd-sourcing your BIG ideas, goals, and dreams for 2020.
What do you want to do with your real estate business this year? Why?
What are you going to do this year to move toward financial freedom? Why?
If I really love your response, I may use it in an upcoming article for BiggerPockets (I'll be sure to ask your permission first, don't worry!).
@Justine Scheuher love it! What type of mastermind are you thinking of starting? I think it’s a great idea btw!
@Katie Miller Hey Katie! I'm looking to purchase 5 rentals this year in the high cashflow areas of Birmingham, Alabama and build the relationships to purchase a small apartment building (5-10 units) in a high appreciation area I have identified. I want to move into multifamily because of the cashflow here in my market and ease of management. My financial freedom number is extremely low at this point in my life so I'm looking to help my family achieve a better life.
@CJ M. Congratulations! What market are you in?
my goal is to buy my first investment property and house hack once I relocate to Columbus Ohio in august.
Pleasure meeting on Bigger Pockets!
Loving the energy with this post and the responses--BP is certainly radiating community and we're all here to support from a distance!
The end of 2019 for me was being a complete sponge, laying down the foundations of financial freedom for myself and having clarity of what my goals are for the next year (and beyond). As January rolls in, I can truthfully admit I've gotten into the phenomenal habit of S.A.V.E.R.S. every morning (thank you Hal Elrod for introducing The Miracle Morning). It has genuinely helped with the laser focus on my real estate journey.
In 2020 I will continue to network in my area as a newer investor, gladly continuing being a sponge but being more proactive in acquisitions and getting into the habit of analyzing deals (hypothetical BRRRR, rental, and wholesale).
I also plan on taking my real estate license exam at the end of this year as I'm enrolled in my final RE courses, taking advantage of professors' experience in the industry and learning the market through various lenses.
All in all it does seem like a promising year! Happy to see everyone's goals, whether it be from newer investors like myself, or seasoned individuals who've been in the game for decades. Definitely inspired.
We are starting off the New Year offering free appraisals to our customers in Jan 2020
Originally posted by @Benjamin Obeng:my goal is to buy my first investment property and house hack once I relocate to Columbus Ohio in august.
That sounds like a great plan! That is how I got started 2 years ago.
Just purchased my first long-term rental property in Canada. My goal for 2020 is to get it fixed up, re-appraised, and rented. That and I plan to establish and lock down the systems I'm going to refine and use in perpetuity for other rental properties.
My goals are to: 1. Flip one SFR REO property (to earn at least $10-$15k), and 2. (...maybe) Buy and Hold (with more than $100/mo. cash flow). And then...do it all over again.
@Katie Miller
Buy two more properties this year for a total of 6. In Canada the market is very different. Flips rarely work, rental rates are exorbitantly high because properties are extremely expensive. One bedroom shoebox condos are generally priced at 600K, so it makes financing properties really hard. Zero is made on positive cash flow but appreciation is the name of the game.
@Katie Miller
My goal is to have 32 properties BRRRR'd or in the process of rehabbing by the end of 2020 generating at least $90k cash flow per year. In the first quarter so far, I've got 3 properties under contract and being renovated. Next quarter, I'll look to add 6 more, then another 12 in the 3rd and 4th quarters. This will allow me to have enough consistent, reliable income to go full time with investing in the following year. Then I will continue to systematize my BRRRR business while also investing in tax liens and deeds, commercial multifamily, and researching how to get into buying and selling small businesses.
Goal is to close my first deal (commercial) and use the rental income to build up my business so I can spend more time focusing on real estate and closing more deals.
My goal is to sell 24 million in CRE this year, hire 1 full-time residential appraiser and have more than 25% down for a commercial building for my business. Looking forward to making this a reality through hard work, reviews of my goals and reflection on mistakes. Just submitted bids on listings of more than $7,000,000, and have several listings now, as well as buyers in the pipeline. 2020 is already a great year!
-Tyler
@Ellis Hammond Thanks Ellis! I am starting up a female mastermind group. I've heard Brandon Turner talk a TON about the GOBundance mastermind group (whose tagline is "Healthy, Wealthy, Generous Men Who Choose to Lead Epic Lives!") and the value it. If you know of anyone who may be interested, send them my way :)
Originally posted by @David Suddaby:@Katie Miller
Buy two more properties this year for a total of 6. In Canada the market is very different. Flips rarely work, rental rates are exorbitantly high because properties are extremely expensive. One bedroom shoebox condos are generally priced at 600K, so it makes financing properties really hard. Zero is made on positive cash flow but appreciation is the name of the game.
Canada is a big country with many markets.. some are great for flipping... some have condos in the 100’s you just need to invest where it makes sense. But sounds like your still doing well getting to 6. Nice work!!!
My goal is to sell my primary residence in rockland, Ontario to then purchase a multi family in my area and house hack ! Also buy my second investment property in hull Gatineau another multi family.
The actual goal is to quit my job by January 2021. 😁😁
@Katie Miller. My goals are to retire. Have a nice rental portfolio. I am a person that follows my own destiny, but in retrospect I am not sure I have done smartest thing. I would love to hear from BP. I have been building my portfolio over the last ten year , as I am not a fan of banks , so I decided I would my revenues to grow, living way below my means. Now have over 100 rentals paid for in full, but have little cash . If I had to do it again I probably would have borrowed money. No as being older I am property wealthy, but cash poor . On the flip I paid no interest, saved money as being very conservative, and when I do sell I get it all except for taxes . Really looking forward what BP has to say . Thank you
I agree @Landry Thurston. It's normal to be scared and nervous when buying your first investment property. I feel the same way. But being part of BP for few months now and reading all of the post from investors from all over US, it's making me gain more confidence. Do you know where you want to invest?
@Katie Miller I’m in the process of closing on a rental property in the outskirts of Charlotte, NC. However, my goal is to obtain a second property by year’s end, but coming up with another 20% down by the then is going to be challenging, what are my options.
@Katie Miller
First time participating on the forum after lurking around for a long time. BP has been a great source of education and information for me.
Not a glamorous goal, but for a bit of an introvert, I would like to set the goal of participating more on BP.
As for a real estate goal, I am planning on a semi-house hack by converting a detached garage into a studio space where I can experiment with STR.
@Charles Faul Congratulations on your upcoming retirement. I'm about 3 years away. You can always finance one of your properties for cash as long as the rent will cover the mortgage and interest. Hopefully, your properties have nice cash flow as well.
Annual, quarterly, and daily goals are all important factors in a successful career in anything. To keep it simple my two goals for 2020 are to 1) Obtain my Washington State real estate license and hang my license at a firm 2) purchase my first rental property with some level of positive cash flow.
@Katie Miller building my first residential assisted living facility!
To buy a apartment building