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
I am very new to this. I haven't purchased any investment properties yet. My goal is to buy at least 2 rental properties by end of 2020. Will appreciate any help!
Big goal for 2020: To be a Real State Owner. This will be my first time to buy a property so I thread carefully, trying to absorb every piece of information and getting education as much as possible.
My parents gathered some excess money in recent years and purchased 3 rentals with cash, 100% equity. I've convinced them to that equity and expand the RE business, so thats the plan for 2020. No details yet, but very excited about this!
This year my wife and I are starting to find private lenders for our deals. It's been hard to make offers on multiple properties because of available funds and credit. So we are putting together a system to find private lenders. We are making sure it follows SEC rules and regulations.
And toward financial freedom...
We are on track to be out of all debt by December 2020!! We are also making monthly payments to ourselves for travel. Travel is one of our goals so I made it a monthly "bill". And staying frugal even though our income is increasing.
1- Rehabing an apartment that we bought for Holiday Rentals
2- Buying 2 more apartments for the same purpose!
3- Starting to learn about other markets for 2021.
Updated 12 months ago
I think, aside from the GOALS, we should also post ACHIEVEMENTS. 1- New apartment acquired 2- Read 2 books about Real-state Check! :)
Real Estate Goals for 2020:
- Continue building up cash reserves.
- Purchase 2-3 new properties (depending on market and opportunities) We currently have 5 SFH properties in the Detroit area.
- Learn and implement new creative deal making strategies. BRRR / Flip / Etc
- Network to expand ability to find better deals
- Explore short-term vacation rental property strategies. We would like to purchase either a cabin-type property in an active tourist area or a multi-family property in a larger city.
I'd say that overall, I'm somewhat bearish on the market. We have been focused on building up cash reserves to deploy if the market should turn our way (both stocks and RE). We'd be happy to jump on any great deals we happen to come across, but we're not being very aggressive.
Across 2020 my goals are:
> solidify my duplex with consistent monthly cash flow and remote billing to my tenants
> onboard 2 new renters in my current owner occupancy home so I can live with extremely low monthly mortgage costs.
> save additional capital from my marketing executive job to add a bathroom in the basement at my recently acquired single family hope. My plan with this property is to move out and rent this property out room by room to increase monthly cash flow
> engage more in the BiggerPockets forums building valuable relationships with real estate professionals
- - Buy first property with an owner occupied loan
- - Rent out extra rooms to good, qualified renters
- - Build presence on bigger pockets, and in real estate as a whole
- - Explore opportunities for private lending for additional rental or flip!
Any tips at all would be greatly appreciated!
My goal this year is get my first flip done and acquire a Buy and hold as well. I have some of my team already in place, a great agent, an award winning designer who will also serve as a project manager, and a contractor. Now Just looking into Lenders, Hard money, private money, or partners. Really up for anything! I'm wanting to get my start with flips then move into either brrrr or simple buy and holds with little work needed for them.
My original goal was to house hack in LA where I currently live and work. My goals shifted early in January when I got too antsy to wait for my current rental lease expire in August so I've been working to set up a team to invest out of state.
- Own 3 cash flowing properties by the end of 2020
- Expand my real estate investing network. I would love to speak with/meet any and all of you! Willing to help in anyway that I can. Feel free to reach out.
- Continue to learn and grow as an investor! I've already gained a ton of knowledge through this community, books and speaking with others. The biggest thing I feel I can do to ensure future success is invest in my education. I want to soak in as much info as possible, every step of the way
- Family: Reorganize my work so I'm present with my family on nights and weekends (this one will be a doozy!) / Take 140 days off this year for family, friends, and to think
- RE goals: Build $200K+ of capital to invest in multi-family deals / Build another $5K/monthly of passive income
- Business goals: Help 100 people actively this year on the path of financial independence / Impact 1000 people passively this year on the path of financial independence
Double my doors this year and triple next year and make it 4 times following year
Buy 3 deals per month minimum!
@Katie Miller To get my first property.
I would love to get more than 40 doors in the first 2 years! That way maybe I can make it on a podcast like Mr. Washington!
Honestly my why is always my family! My husband and 5 children! But beyond even us, my why is to inspire! To encourage! I come for a small town on an Indian reservation and want to let them know equal opportunity is alive!
My steps are that I have become addicting to reading BP Forums! Attending every webinar! I became a Pro member to take every advantage of any perks possible! Starting to network which has become extremely hard after being a homemaker for 10 years!
Happy New Year!!!
Praying 2020 is successful and prosperous for us all!
We recently moved to a new state and will be closing on our primary residence in March. My goal for this year is to refinance our previous home (now our first rental property!) to fund a duplex near our new home. The refinance is the 2020 goal with the duplex coming in 2021 in my 5-year plan.
Hello! I’m a newbie myself that’s been studying diligently and ready to take action. I made an offer before so I’ve taken a bit but I need to take even more so. My goal is to wholesale my first deal. Then a couple more and use the earnings to bankroll my entry into the subject to side of business. And rinse and repeat from there. Any help from all is welcome
I have been the construction and remodeling business for 25 years. I am still quite new to REI. I have one rental at the moment. My goals for 2020 are to add another rental property and fix and flip 4 houses. I really like what I have been able to learn here at BP.
Originally posted by @Nick Eldridge :
@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.
Nick! I'd love to use this quote in an article I'm working on. Can I have your permission to use this and your name?! Love it!!!!!
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