2016 is almost here! What are your REI goals for next year?

Rental Property Investor · San Antonio, TX · Member since 2015 · 272 posts · 50 votes

2016 is almost here!

So my question to all of you is, did you meet your 2015 goals and what are your 2016 goals?

I personally did not reach my goal of 1 rental this year for various reasons but I am setting the same goal for this upcoming year.

Thanks for your time!

Merry Christmas, Happy new year and good luck investing!

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Nikki Robinson

Investor · Valdosta, GA · Member since 2015 · 187 posts · 112 votes

10y

I met my 2015 goal of getting started in wholesaling and doing my first deal.

In 2016, my goal is to do four wholesale deals a month, with an average profit per deal at $10,000.

Yes, $480,000 in one year. Big goals, big action, big results.

I'll achieve my goal through lead generation via bandit signs, classified ads, calling craigslist ads, PPC, driving for dollars & consistent direct mailings. I'm also investing more time on learning better sales and negotiation, to get more great deals under contract.

I'm getting in the habit of making every single day a networking opportunity while interacting with people out in public & I ALWAYS pick up the phone when it rings. This builds seller referrals and builds my buyer's list, enabling me to close more deals.

I'm opening myself up to virtual deals as well.

20% of net profit on every successful closing goes back into the business: polishing my branding (online and off), paying for systems set up, hiring and training VAs/team members, dropping larger mailings, education, etc.

Every morning I write my goal (4 deals a month at $10,000+ net profit each - $480,000+/yr) then I write a simple numbered action plan for that day. Tasks listed by priority.

.... If I hit even half of my goal, I'll still be in the top 1% of income earners in my state.

2016 will be life changing.

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Naj Brock
Brooklyn, NY · Member since 2013 · 13 posts · 3 votes
10y
My goal for 2016 is to purchase a live in rental property in new york. It's been hard looking for something at a discounted price but I will keep at it until I find a deal that meets my criteria.
2 Reply
Antonio Artusa
Rental Property Investor · Oakalla, TX · Member since 2015 · 67 posts · 24 votes
10y
My goal for 2016 is to purchase a rental property in Brooklyn or the Bronx. Hoping that it happens.
1 Reply
JD MartinBusiness Member
Moderator
Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
10y
My goal this year is to purchase 3 more SFH rental properties. Would like to get 4-5, actually, but that is probably too ambitious for my current market conditions. I hit my goal this year by September, but saw nothing but clunkers since.
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1 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
10y
Two goals:
1. Get my brokers license.
2. Purchase at least two more buy and hold SFR.
2 Reply
Jeff Brower
Real Estate Agent · Willoughby, OH · Member since 2014 · 560 posts · 690 votes
10y
I have a few:
Obtain realtors license (I start classes in two weeks).
Sell my primary and buy/move into a 3/4 plex with an fha loan.
BRRRR one home.
1 Reply
Nick Versetto
Investor · Frankfort, IL · Member since 2015 · 206 posts · 55 votes
10y
BRRRR goal was 5 but with 2 under contract going into the new year I think I might try for 7 in 2016.
2 Reply
Sam L.Pro Member
Rental Property Investor · Joliet, IL · Member since 2014 · 163 posts · 85 votes
10y
Buy 1 duplex.
Get more involved with local investors.
2 Reply
Nick Versetto
Investor · Frankfort, IL · Member since 2015 · 206 posts · 55 votes
10y
Originally posted by @Sam L.:

Buy 1 duplex.
Get more involved with local investors.
What area of Illinois?
0 Reply
Nikki Robinson
Investor · Valdosta, GA · Member since 2015 · 187 posts · 112 votes
10y
I met my 2015 goal of getting started in wholesaling and doing my first deal.
In 2016, my goal is to do four wholesale deals a month, with an average profit per deal at $10,000.
Yes, $480,000 in one year. Big goals, big action, big results.
I'll achieve my goal through lead generation via bandit signs, classified ads, calling craigslist ads, PPC, driving for dollars & consistent direct mailings. I'm also investing more time on learning better sales and negotiation, to get more great deals under contract.
I'm getting in the habit of making every single day a networking opportunity while interacting with people out in public & I ALWAYS pick up the phone when it rings. This builds seller referrals and builds my buyer's list, enabling me to close more deals.
I'm opening myself up to virtual deals as well.
20% of net profit on every successful closing goes back into the business: polishing my branding (online and off), paying for systems set up, hiring and training VAs/team members, dropping larger mailings, education, etc.
Every morning I write my goal (4 deals a month at $10,000+ net profit each - $480,000+/yr) then I write a simple numbered action plan for that day. Tasks listed by priority.
.... If I hit even half of my goal, I'll still be in the top 1% of income earners in my state.
2016 will be life changing.
4 Reply
Dawn BrenengenBusiness Member
Moderator
Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
10y
1. Complete BRRRR strategy for my last purchase. Should be finalized in late January
2. Buy my mom out of her share of one of the rental properties we own together.
3. Increase my sales by 1/3 over 2015
4. Increase my property management business by 20% over 2015
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3 Reply
Anna Snyder
Cleveland, OH · Member since 2015 · 18 posts · 3 votes
10y
My goal #1 is to finally close the condo that I'm buying FSBO. However the title company has a common-sense deficiency and tells me that I need an Occupancy Permit. For an owner-occupied condo! I tried to tell them there is no such thing and this isn't on the city website. They still stand their ground. I finally spoke to the Housing Dept who confirmed what I already knew.
Now am setting my best foot down by telling the title company, if they don't close within a week or so, the deal is off. The contract by the way states the closing to take place ON OR BEFORE a certain date in December. So can reluctantly get out of the deal. Can't allow it to drag.
1 Reply
Mark Ferguson
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
10y
i posted mine in another thread. But here they are again
Flip 20/houses
Buy 10 rentals
Sell 200 houses on my team.
2 Reply
Alexander Johnson
Virginia Beach, VA · Member since 2014 · 4 posts · 8 votes
10y
Buy, Rent, Rehab a SFH that I will house hack with coworkers. Purchase small multifamily in my local area. Network, Network, Network.
1 Reply
Larry James
Renter · Phoenix, AZ · Member since 2010 · 6 posts · 2 votes
10y
Goal for 2015; lower expenses, and get in the position to save more money. 2016 is to find a mentor and learn the ropes by doing something.
- Larry
2 Reply
Ben Lobaugh
Investor · Seattle, WA · Member since 2015 · 42 posts · 13 votes
10y
Just starting out. The main 2016 goal is to get a triplex or fourplex in Seattle to house hack with my wife (married 4 months) and work on setting us up for financial freedom.
Want to network more with local BP people.
Be able to support even more students in Uganda through my REI!
Get the BP 30 days on the site in a row award ;)
3 Reply
Jacob Beard
Fairview Heights, IL · Member since 2015 · 48 posts · 27 votes
10y
Me and my wife purchased our 1st duplex last month. Our goal for us is too purchase a 2/3/4 plea this year! Not sure if i have to wait a certain amount of time though before i can buy another. Anyway 2016 here we come!
2 Reply
Innocent Davis Bamurike
Investor · Kampala, Uganda · Member since 2015 · 9 posts · 1 vote
10y
@Ben Lobaugh Our government owes you! Good luck with your 2016 goals.
1 Reply
Ben Lobaugh
Investor · Seattle, WA · Member since 2015 · 42 posts · 13 votes
10y
Originally posted by @Innocent Davis Bamurike:

@Ben Lobaugh Our government owes you! Good luck with your 2016 goals.
Not at all! It is my privilege and honor to share what I have been blessed with in your wonderful county. Without a doubt the Ugandan people are the best people in the world. Uganda truly is the Pearl of Africa
1 Reply
Sam L.Pro Member
Rental Property Investor · Joliet, IL · Member since 2014 · 163 posts · 85 votes
10y
Originally posted by @Nick Versetto:

Originally posted by @Sam L.:
Buy 1 duplex.
Get more involved with local investors.
What area of Illinois?
Joliet. I'll message you my contact info if you're interested in meeting up and having lunch some time.
0 Reply
Paul Harvey
Oak Harbor, WA · Member since 2014 · 17 posts · 6 votes
10y
Originally posted by @Nikki Robinson:

I met my 2015 goal of getting started in wholesaling and doing my first deal.
In 2016, my goal is to do four wholesale deals a month, with an average profit per deal at $10,000.
Yes, $480,000 in one year. Big goals, big action, big results.
I'll achieve my goal through lead generation via bandit signs, classified ads, calling craigslist ads, PPC, driving for dollars & consistent direct mailings. I'm also investing more time on learning better sales and negotiation, to get more great deals under contract.
I'm getting in the habit of making every single day a networking opportunity while interacting with people out in public & I ALWAYS pick up the phone when it rings. This builds seller referrals and builds my buyer's list, enabling me to close more deals.
I'm opening myself up to virtual deals as well.
20% of net profit on every successful closing goes back into the business: polishing my branding (online and off), paying for systems set up, hiring and training VAs/team members, dropping larger mailings, education, etc.
Every morning I write my goal (4 deals a month at $10,000+ net profit each - $480,000+/yr) then I write a simple numbered action plan for that day. Tasks listed by priority.
.... If I hit even half of my goal, I'll still be in the top 1% of income earners in my state.
2016 will be life changing.
WOW! I really like these goals. Brief and to the point. You've got it.
2 Reply
Paul Harvey
Oak Harbor, WA · Member since 2014 · 17 posts · 6 votes
10y
@John Thedford how about a friendly competition to see who gets there first?
1. Get a brokers license.
2. Buy two more rental properties.
Anyone else want to join in to see who can accomplish their goals first?
1 Reply
Crystal H.
Flipper/Rehabber · IA · Member since 2015 · 157 posts · 35 votes
10y
Love reading everybody's goals. So exciting and motivating, I hope everyone does what they set out to do or comes as close as possible. My goals for 2016 are to buy at least 1 more rental property (maybe 2), pay off ALL my debt, save money for down payment on another property and contribute my maximum to my IRA. Good luck everyone in the new year!
1 Reply
Anita Walter
Real Estate Professional · Phoenix, AZ · Member since 2015 · 27 posts · 3 votes
10y
Hi All,
Happy New years !!!!! I started my venture at the end of the year so i didn't have any goals but to learn as much as possible. But my plans for 2016 is to obtain my first buy and hold and do several wholesales to get my company up and running. I hope to sell at least 5 properties in 2016 and I believe its possible so we shall see. Determination driven I think I got this !!!!
1 Reply
Brie SchmidtBusiness Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
10y
1. Acquire 50 units this year
2. Travel to Morocco/Turkey and to Thailand
3. Figure out that work/life balance thing
4. Pay off our non-housing debt
5. Continue to grow my brokerage business in Chicago
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0 Reply
Colin Reid
Investor · St Petersburg, FL · Member since 2014 · 231 posts · 221 votes
10y
My goal I set in 2014, as a single guy with a job and two houses, was to buy one house a year for the next 4 years. I bought one in 2014, which is cash flowing. I got married this year, and my wife came with a house, which is also cash flowing. I'm calling that a win. We're looking for our 2016 house right now, which will bring our portfolio up to 5 houses.
We have some other goals, both this year and long term.
First, we will fix up whichever house we buy, while living in it. We are trying to buy it like a Flip (reading FLIP, by Villani and Davis right now) but with owner-occupied financing, spend a few years fixing it up, then rent or sell, depending on the market at that time.
I'm also looking into getting my license, and I'm sure I'll have a lot of questions for another thread.
After this next purchase, we'll have 5 mortgages, none more than 6 years old. We're going to have to look at paying off some of that debt, and/or creative financing. Knowing our acceptable risk level, creative financing is not something we'll likely be comfortable with, but snowballing our cash flow from our rented properties. I'm stating the goal now that we'll come up with a plan for reducing our debt-to-income ratio (mortgages are our ONLY debt, period) and stay attractive to boring old conventional lenders.
Thanks for starting this. We're just starting to integrate our finances and figure out how we're going to invest as a couple. This gave me a great excuse to type some of this out!
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