The year is coming to a close pretty soon. But if anyone who has closed anything knows it takes about 30-45 days to close on real estate(if your lucky 15 lol) . So, later this month is the time to begin prepping(actually now lol).
What is everyone's goal for 2018 for real estate and general business goals? For me mines are:
1. Flip more houses-(Begin a fix and flip for Jan starting the year off with one, do 7-10 next year)
2. Wholesale 75-80 properties-(My partner and I separated ourselves from most wholesalers by providing actual rehab and sold Comp numbers, so the goal now is to have the actual inventory in Chicago and Northwest Indiana to do these numbers, maybe the recession will hit next year. Not sure)
3. Buy 2-3 rentals as buy and holds- continue to build up the portfolio in the Midwest region
4. Market my businesses much more aggressive!!!!!!!(probably the most important)
5. Find more quality Rehab guys- (it never hurts to have 4-5 groups of plumbers, roofers, basement guys, flooring guys, and electricians, they will be needed to work on multiple projects at once)
Everyone share your goals and how you can overcome them.
I'll probably be on the defense next year. Still crunching macro data but likely more defensive in 2018 vs 2017.
I would like to break the $250,000 mark on annual income. That would be through a combination of my full-time career, rental income, and wholesaling. I'm aiming to get my net worth above $1,000,000 by the time I hit 40. I turn 38 next month so I only have 2 years to basically double my current net worth.
In order to do that I would like to buy my first larger apartment deal. I'm aiming for at least 12 units. I'm also looking for smaller deals that I can do value add rehabs. I would like to buy a few more single family homes and do the BRRRR method on them.
Dang Elbert, go you. Awesome numbers.
Me, I'm just sitting over here with two RE goals: Save enough money to buy in, and buy 1 property.
I wiped out my student loans this year - my last debt - so I'm free & clear to save up. I'm not as ambitious as Anthony is...would just like to slowly build up a portfolio over 10 years. Get to a point where rental income affords me a decent lifestyle. (Being a writer, I value time more than money. This would give me the time.)
Good stuff everyone
@Chris Williams and that's ok. Everyone goals should be catered to them
@Anthony Gayden good stuff your doing pretty good but I see you want to be doing better.
I personally want to just get better every year. Before I hit 30 in several years I don't know where I'll be. So I'm taking it year by year.
I’d like to buy 3 more properties in 2018. I need ten properties by 27 so three next year is the next step
I’m new to the real estate game so I have rather modest goals.
My plan is two fold:
Be wholesaling 3-5 deals per month hoping that it puts me at 30k per month
With the capitol I raise from wholesale deals I’d like to start purchasing turnkey properties. I’d like to be able to buy 10 properties by the end of 2018
Modest I know. But the following years will be much higher. Don’t want to put the cart before the horse
My goal is to make 2018 my best ever. To do this I'm taking a holistic approach to all areas of my life. Success in any one of these areas promotes and enables success in all others.
My ONE thing for 2018 in Fitness is to train for and complete a marathon by the end of summer.
My ONE thing for 2018 in my Marriage is to be 100% present whenever I'm spending time with my wife.
My ONE thing for 2018 in my AF career is become the subject matter expert a specific area and poise myself to become an instructor in early 2019.
My ONE thing for 2018 in business is to launch my website and attain a >1k email list while providing value.
My ONE thing for 2018 in my Finances is to reach >$200 monthly cash flow with one good RE deal.
In each of these, the underlying goal is to provide value to others. As Einstein said, "Strive not to be a success, but rather to be of value."
For those who haven't read Gary Keller's The ONE Thing, I highly recommend it especially right now as we are thinking about our goals for 2018.
The D.C area market is challenging at the moment. I took off 2017 to pay off some debt, but in 2018 I have two goals:
1. Continue to pay off debt
2. Purchase another buy/hold or do my first flip.
If market conditions does not make #2, possible, I'll be happy to accomplish #1 and look for avenues where I can invest to put some cash to use.
Do one last flip which I am presently negotiating. Increase my income and property values through raising my rents across the board.
@Brandon Malone Personal or investment debt ???????????
If the market stays the same ill prolly buy 5-7 Buy and hold properties. If it tanks I will trying buy much more than that. If it surges even higher I will prolly buy even less than that.
Good thread! I'm looking to finish up one in progress BRRRR and try and get 2-4 more under contract this year.
wow. Good stuff everyone. I hope everyone achieves what they are looking for.
Our #1 goal for 2018 is to slow down and regroup. We had told ourselves that we wouldn't buy any houses in 2017, but we ended up selling 1 and buying 3. So next year we will stick to our guns and just say no to buying. (Unless we run across a deal that we just can't pass up.... ;-) )
There are several maintenance and upgrade items that we'd like to get done on our existing rentals, but no new purchases!
Trying to purchase our fourth investment property before the close of 2017. Our goal would then be to expand to our fifth property by mid 2018.
Buy my 86-yr old neighbors' 1 acre house and property so I can expand and make official my easement with a boundary adjustment that also gets his shop!
Buy any deal that makes sense and falls in my lap from seeds sown already (I've noticed it's when I stop looking so hard, deals and money appear). Not much pencils here these days, so going hard on marketing doesn't make sense anymore.
Estate planning and asset protection. I've paid off a lot with my 2017 goal (achieved!) of paying off all my higher rate, higher risk commercial and resi debt. Goal is to move any free and clear assets into LLCs or trusts or something if not already.
get through the building projects in process... flip the big subdivisions I have tied up to Lennar or Horton.
continue to shed debt. and FINALLY sell the last 3 rentals I have.. down from 350 LOL..
. continue to be the go to funder for my teams in the mid west allowing them to scale and become financially secure or whatever financial secure means.
get going on the court house steps teams I have created in certain mid west markets. ( very exicited about this niche).
move to Vegas end of this year get out of paying Oregon state income tax' which may no longer be a write off.
continue my health regime have lost 40 plus pounds since last June..
maybe play some golf this year..
and continue the international travel that we enjoy.. next up Israel next week and Thailand and Singapore in Feb..
My goals are...
1) Close on the property I offered on this week (may be a 2017 goal, but we'll see), renovate and sell it.
2) Finish the reno and sell the property I'm currently working on.
3) renovate and sell my primary residence.
4) Purchase minimum of 10 doors for passive income
We are finalizing our goals for the next year but will most likely include purchasing 1 or 2 more buy and hold properties in our market. We also have an apartment unit above a commercial unit. The commercial unit is rented but the apartment needs a complete refurb so would like to get that knocked out this next year as well.
Do 3-4 mfh syndications. Look for some investments outside of real estate :0
Two more rentals purchased, rehabbed, and rented. I'd like a third if I am in the zone. I'd like to get more involved with my non profit causes in my area. I'd like my wife to be able to spend a little bit more money without me feeling I have to check the bank accounts so much. More sleep.
#1 - increase my capital, that ball is already rolling
#2 - buy and flip my first house
#3 - buy and hold my second rental (maybe more) <— definitely a desire!!!
@Elbert Dockery , GR8 question! I always find it fascinating what other people's goals are as they are usually very specific and personal in nature as they relate to everyone differently. I personally didn't hit my goals last year as they related to my REI business, however, I feel like now that I have a year of investing under my belt, I have a better more realistic handle of what I might be able to accomplish for the year to come. I would like to flip and successfully sell 2 homes for the 2018 season. I would also like to successful start an investor meetup in my area (with a full time job and flipping a house I unfortunately have not had much free time!). I am sure I will come up with more throughout the rest of this year but for now I most certainly would like to accomplish the above mentioned. Thanks for asking the question and here is to wishing you nothing but success in your 2017 and 2018 REI goals!
1.) Purchase $30 million of value add real estate
2.) Grow my podcast audience
3.) Grow my network and outreach
4.) Start a networking platform
5. Travel and have fun!
Well, after 5 years of doing realestate deals on the side. I'm taking next year to build my families house. Just finished the blue prints and the engineer is working on it now. 3000 sqft, 3 bed 3 bath with a game room above the garage for my 7 month old daughter. It's going to be a combination of classic Victorian style and farm house. It took 3 flips, 1 spec house, 1 flip on raw land and alot of learning to be able to confidently know how to build a house from ground up. The realestate deals have allowed me to do this without Financing which I'm grateful for. Going to be a relaxing year!!!!
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