👀 What is your vision for the long term?

Question

Having a vision/goal is absolutely paramount to your success in any aspect of your life. You have to know what you are shooting towards to be able to reverse engineer that goal to convert it to daily action.

My goal on the investment side is to eventually be continuously acquiring, stabilizing, and trading large multifamily assets with a variety of different partners and raising private capital. This type of investing has always been something that has blown my mind when seeing other investors take down like 40+ unit multifamily properties that are local in our area.

It is always a joy to coincidentally drive by these kinds of properties on my travels after seeing investors post about closing them on Facebook and being like “damn I can’t believe X bought that BEAST! They are killing it!!”

It’s an incredibly exciting world that I can’t wait to dig into someday, my vision in the short term that I am currently working towards is to purchase a 6-10 unit property near the Lowell area with a couple partners to hopefully get the ball rolling.

What is your vision?

#Lowell #Worcester #Leominster #Gardner #Fitchburg #Boston #Massachusetts

Brian J Allen · Answer

@Joe Villeneuve and @Kyle Curtin. Guys i think these are flip sides of the same coin.  I agree with Joe that making $ should be the goal.  I am an economist so the only way to know if you win is to make more $.  However, in Behavioral Economics, the goal can be to acquire and stabilize the asset and perhaps make your area a better place.

As we are all aware with family, we would rather have our kids have a job/life where they feel purpose and are able to enjoy that, then to have them have a lot of $ and not feel like they have purpose.

When we read all of these testimonials we hear about so many people who got into REI because they hated their day jobs.  I think that is sad, but it is often the case.

One of the things that makes me happiest as a real estate agent is seeing someone else make a good investment property decision.  Sometimes it is getting someone into their first 6 unit or 12 unit building.  Other times it is like this week when I was able to help 2 first time home buyers get 3 family homes where they can build wealth long term.

I am not sure what the goal is or should be.  This year I am trying to do 50 transaction sides while still keeping my standards and actively talking investors out of bad decisions.  I could do 75 a year if I just was an order taker like most RedFin agents, but that is not my goal.

The hope is that by helping people buy things right, they will trust and come back for more.

I don Think @Kyle Curtin has something going here.  Find something you want to do, and know that the $$$$ will follow.

What does everyone else think?

Eliott Elias · Answer

Owning 100 units and using that equity to buy an island

Brad Jacobson · Answer

I've taken this question seriously over the past few months.  Thanks for posing the question!  Here's the plan I've decided to laser-focus on:

1. Acquire at least 20 doors in my local city by age 35 (I'm 29 now and have five currently).

2. Sit on the 20+ for five to ten years, until the equity position is large enough for next step.

3. Sell all but my favorite ten doors and use the proceeds to pay the ten off free and clear.

Retire on ten doors, free and clear.  Current rent in my market is about $1,500 per door on a MF, I figure it'll be $2,000-2,500 in ten years.  If I have an annual rent income of at least $200,000 (assuming I set aside at least $40,000 for annual repairs), I can be satisfied with that and enjoy whatever work-life balance I prefer.

Feedback welcome!

Joe Villeneuve · Answer

Trouble is, what you've listed as a goal isn't actually a goal...it's what you would be doing on your way to your goals.  Since REI is collecting dollar$, not properties, then the goal needs to be financial in nature...and, very specific....as in a specific number of dollar$ needed to be able to, as you say, "reverse engineer" out of.  The act of reverse engineering lays out a series of steps, each of which is a prerequisite for the next step (kind of like getting a degree in collage). Much like collage, these steps can be grouped together to form measurable "milestones" (like class levels, i.e...Freshman, soph...etc...).  These steps/milestones are also financial, and the combination of all of the above, develops the plan of how you get to your financial goals.

Eliott Elias · Answer

Of course you can! I'll seller finance an acre to you on a 2 year balloon

Jaron Walling · Answer

@Eliott Elias Can I be the first guest on your island? My only request is strong drinks... and SPF 70 sunscreen.

Kyle Curtin · Answer

Hi Brad! I love it! That is an awesome goal! I do absolutely love how the work-life balance is taken into account, that is something that is very valuable to me as well!

Simon Ashbaugh · Answer

Short-term goal (say 5 year) is to have enough passive income to pay for my living expenses. Long term is to have multiple billion $ worth of real estate.

Kyle Curtin · Answer

I love it Brian! I totally agree my friend! I do have a number of units and actual cashflow dollar figure that will put me at my goal, but this was more for the vision :). I love what you mentioned about the different areas of life to satisfy, that is definitely a huge focus for me as well!

👀 What is your vision for the long term?

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