What are your companies business goals for 2018? Have you set them? Have you discussed them with your business partner? How will you keep track?
If you are new to real estate like me, what are your objectives?
My business partner and I officially opened our company and closed on our first duplex right before Thanksgiving of 2017. We have been actively putting in 2-4 offers a month. We understand those numbers are very low but in our defense we got into Real Estate Investing in March of 2017. We spent the first 4 months getting educated and attending networking events before we started making serious offers.
Now that my partner has become a licensed Realtor, and our network has grown tremendously, our goal is to put in 10 offers a month or 2-3 offers a week. Working full time makes this challenging but its still very achievable. In order to stay on track we are both going to hold each other responsible for accomplishing tasks. Every Sunday night - we lay out a plan for the week. Wednesday's we check in to see if we are on track. Saturdays we review our goals from the past week and review our success's and failures. These conversations last 15 minutes tops. Yes we do work on our business every day but in order to become a professional we believe in putting in 10,000 hours of focused dedication.
What are your goals? Lets make 2018 an awesome year!
@Jay Helms I really appreciate how you are specific with your goals and targets. Laying out your social media goals to grow your online prescience vs your rental property goals is pretty awesome. I can’t wait to check back in part way through the year and see your progress! #10X
Nothing like putting it out there for the world to see! Here are mine:
1. Complete 2 rehab/flip projects.
2. Close 24 sales of residential real estate.
3. Continue to build Clear Sailing Realty, LLC by recruiting 3 full time agents.
4. Invest in advertising to build the Boston South REIA
@Scott Graham Here are some of our goals this year:
1. Raise capital. Specifically 150k by February 1st that we will be returning 11-12%.
2. Buy and hold 10 more properties in Arizona that we will sell using lease options
3. Flip 5 more properties with 20k or more in profit for each flip that will be split between my partner and I.
4. Stabilize current properties owned to maximize cash flow.
2017 didn't work out as planned given some unexpected distractions. So, scrapping that list and creating a new one in 2018. Pivoting directions with some new goals.
- Continue education on uses of GIS for targeting commercial retail properties (1Q)
- Close on my first commercial retail property as "minor" partner (2Q)
- Source 1-3 potential locations for next deal (West/South of Boston or Providence area) (2Q)
- Start 2nd property as equal partner (3Q)
- Partner Share Access (3Q)
- Find most feasible way to finance my share of #4
- Source potential tenant
- Hang License (Anytime)
@Scott Graham thanks for starting this. I needed to do something like this for myself and will need these as frequent reminders while I also have a full time job. I should have a #7 along the lines of how you detail accountability with your partner.
Good luck on everyone's 2018 goals!
@Charlie MacPherson your goals and objectives are inspiring - I wish you the best of luck this year.
My in-laws are actually from Wareham, MA (just outside of Plymouth, MA) and my business partner lives in Medford. If you are interested, we should try to connect in the near future. Send me a PM!
@Shiloh Lundahl I love seeing how aggressive your goals . What types of buy/holds are you interested in acquiring? Are they SFH or multi-families? With a 20K profit margin on your flips, how long do you anticipate it will take from acquisition to selling a property?
@Eric S. do you specialize as a commercial real estate agent? What types of commercial real estate do you focus on? What part of Massachusetts do you focus in? I am in Middlesex County, which is North of Boston.
@Scott Graham More than "goals" I think I'm focused on trying to make choices in 2018. Part of me wants to scale what I have going out-of-state commercial property (apartments) and part of me thinks I'd like to diversify into upscale vacation rentals. The former is easier and the latter would represent new headaches, opportunities, and increase the potential deal-flow pipeline. For better or worse, I don't really care which side of the fence I end up on. And (speaking or partners) it drives mine nuts!
What I do tangibly care about is deploying capital. I have dry powder on the sidelines. It's getting squat in the bank. Even a mediocre deal will get me better than a checking account interest rate. But do I really care if I buy in January vs. August? Not really. So I'm probably really lousy at answering the question.
All of that unhelpful information aside, what I do try to do is put together potential deal highlights for my significant other. More than the *opportunities* I try to point out EVERY POSSIBLE ISSUE THAT CAN GO WRONG. And, to a detailed extent, outline the bad vs. worse case financial scenarios.
@Andrew Johnson would you consider upscale, multifamily vacation rentals? Or strictly SFH that are vacation rentals? Any idea what part of the country?
@Scott Graham For the most part I'd looked at SFRs that would be vacation rentals in either beach communities or ski(ish) towns. I keep getting killed on property management fees and insurance. I've found a couple of scenarios where I could make a little money but not get the kind of returns that I can in boring ol' commercial multifamily. And since it's not a case where I would be "visiting on some weekends for fun" to take advantage of it, it never made fiscal sense. I've looked around Gulf Shores, Destin, etc. as well as some ski-ish areas in Colorado and Montana. I'll keep looking, you never know what's going to surface. But I also have to keep in mind periodic travel costs (flights, hotels, etc.) and doing that for a single property just makes it hard to pencil out. And I'm not someone (personality wise) that can never visit and just rely on property management sending photos. Life would be easier if that was built into my DNA :-)
@Scott Graham our goals this year are tamed down a little from last year in order for us to regroup and polish up our systems.
The majority our the properties we are looking to acquire now are SFRs that we are selling on 5-year lease options. We have found that maximizes our cash flow.
Our flips usually take 4 to 5 months from start to finish. Some take a little longer, but others are shorter, so I would say the average is somewhere between four and five months.
@Scott Graham , I got my license to take advantage of connections in commercial but never settled with a sponsoring broker. I'm pivoting to try to take advantage as an investor vs. agent if I can source $ that makes sense for me. I still intend to hang my license eventually.
The focus is freestanding retail properties for flips to investment funds or held depending on the #'s. I'm just getting involved so I'm no experienced pro. A mentor is bringing me along on a few deals till I can hopefully be equal partner on upcoming projects.
Locations are in MA and RI. I'm familiar with Middlesex as I grew up in Lowell. I also have family in Westford as I see that's where you're from. :)
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