How Are You Planning on Making 2015 a More Successful Year than Last?

177 Replies

I'll kick off the obligatory "what are you going to do better" post for 2015 . . . so, how are you planning on making this year a more successful one than last year?

@Joshua Dorkin  

Loaded question ... is anyone going to actually respond and say "No, I'm going to do my best to ensure 2015 pales in comparison to 2014".  

That's not the question, Roy -- the question is What YOU are going to do better?

@Joshua Dorkin   - I was going by the thread title ;-)

Sometimes facetious does not make it through in forums ...

On your clarified question: "What are you going to do better."

I'm going to spend less time tilting at windmills - multifamily & mixed use properties around here are selling at silly prices - and focus on efficiency improvements in both our existing properties and our business processes.

I may write more {second} mortgages to other local investors .... but not if they are paying silly prices for multi-family properties.

I'm so excited for 2015. I'm focused on accumulating as many multis as I can. There are still some areas that the crazy prices have not hit and make good opportunities.

In 2016 or later I will start to invest in improvements like @Roy N.   suggests. Try to maximize the rents and occupancy of existing properties once there are few good deals.

Josh, thanks for the question. I'm a fairly new investor from the point of view of running a business. I have 3 tenanted units and another one which is soon to be let, but I haven't up till now seen them as anything other than a way of planning for retirement. This year will be my year for working on cash flow and systems. I hope to get a good handle on earnings and expenses with the help of my bookkeeper and to position myself for making more purchases as soon as I am certain that my numbers will work!

First thing on my list ... I will write down my plan of action this afternoon.

I will introduce myself to the BP community and network with members.

I will start to analyze and make offers on properties.

I will grow my existing business.

I will focus and make miracles happen...it is the year of miracles!

I will be grateful!

I have set for myself 200 million in commercial real estate transactions and 5 million commission.

Buy 2 to 3 strip centers this year from mailing to property owners. I think 2015 will be a huge year for transactions. I want to snowball that into very large recurring cash flow for myself through hands off commercial investments.

Also looking at possibly doing a fund for retail for investors to buy into who do not want anything more than a monetary and return involvement.

My goals are really big but even if I get halfway there I will consider it a win. In martial arts we are not allowed to set goals that are too easy and we know we can reach. People avoid disappointment that way by being SAFE but they also LIMIT themselves by not seeing what is truly possibly to achieve.

It's not a fail to not do 5 million in commission and hit 2.5 then to set a goal for 1 million and hit that mark 100%. 

I will do the following:

  • Create a more consistent pipeline of deals through a focused and consistent marketing campaign.
  • Develop a robust online presence.
  • Implement more effective tools and systems to leverage my resources.
  • Develop a mentor relationship with a newbie investor.
  • Develop a detailed business plan. 

As a "newbie", I am determined to thoroughly familiarize myself with this business as much as possible. Reading so many great posts, with so much insight on different strategies to get started in REI is increasingly giving me the confidence to start finding deals locally. 2015 will be a better year because I will utilize my tax return to pay off bad debt, I WILL take my time to find deals in my local market, and as I transition into this career I will commit to always being a student of the business because I strongly believe people could/should learn something everyday! Hopefully one day I too could "train the new and influence the old" as it pertains to REI. Happy New Year BP family!!!!

Marketing, marketing, and more marketing...

I want to really focus on improving the buy side of my business and then create more efficiency throughout. We are highly skilled at the rehab process and creating value, but I would like to have more efficient processes and systems setup so everything runs more efficiently.

Our goal is to but 2 multi family  properties this year with "no to low money down". 

Also as a personal goal I will 15 real estate books this year. I read alot for fun but have a hard time focusing on the informational books. However I know if I don't learn as much as I can I will be that much farther from our end goal!

HAPPY NEW YEAR!

Elliot 

Put systems in place to generate leads more effectively to wholesale two deals a month at a minimum.

Do at least two rehabs this year for the experience.

Take a course in project mangement

Upgrade to BP pro.

CLARITY | ENERGY | FOCUS

Originally posted by @Joel Owens :

I have set for myself 200 million in commercial real estate transactions and 5 million commission.

Buy 2 to 3 strip centers this year from mailing to property owners. I think 2015 will be a huge year for transactions. I want to snowball that into very large recurring cash flow for myself through hands off commercial investments.

Also looking at possibly doing a fund for retail for investors to buy into who do not want anything more than a monetary and return involvement.

My goals are really big but even if I get halfway there I will consider it a win. In martial arts we are not allowed to set goals that are too easy and we know we can reach. People avoid disappointment that way by being SAFE but they also LIMIT themselves by not seeing what is truly possibly to achieve.

It's not a fail to not do 5 million in commission and hit 2.5 then to set a goal for 1 million and hit that mark 100%. 

 I am reading The ONE Thing by Gary Keller and speaks of taking the same approach of over shooting your goal. If you hit just some of the goal then your winning! If you want to buy 1 million in real estate this year then make your goal to be 10 million and if you strategize for 10 million then you will easily hit the 1 million that you originally wanted!

Now time for self application... I thought I wanted to purchase one multi family commercial property... but now with this motivation from @Joel Owens... I am going to purchase 10 commercial properties in my area! Someone please: how do I create a plan to do this?!

Less talk and more action is what I will do better in 2015. I have very attainable goals this year but the focus is not to let talking about doing things get in my the way of actually doing them. 2014 was great because I acted in REI for the first but there was a decade of talking prior to that.

thank you for the question.

It's great to hear everyone's motivation and goals. As one of my mentors once said a goal without a plan is just a wish. 2015 brings a lot of new opportunities and challenges with it. It's great to prepare and be ready for most of the things we encounter. This past week I spent a lot of time preparing for the months to come. I set up a financial calendar and planned 6 months ahead. Start small grow tall. Some of my goals for the year.

-read more books on real estate as well as personal development.

-become more of a saver then a spender :p

-become more involved in bigger pockets and my community.

-associate myself with a mentor to help me achieve my goals in the months to come

-do at least 1 rehab by the end of summer.

These are just the tip of the iceberg 

I'm glad to be a part of this group of individuals with the same motivation as mine. Thank you everyone for sharing and bringing your part to the table. This is going to be a great year for all of us. Plan ahead and we can accomplish anything. Sky is the limit.

@Roy N.  

 do you need to be licensed in Canada to originate loans ?

Hey @Jay Hinrichs  - Can you start a new thread with any ancillary questions? I'd like to keep this discussion focused if we can.  Thanks!

I plan on switching gears to do land development again, though I will continue with rehab flips. I plan to use my previous experiences and lessons learned from mistakes to make me even more profitable. I plan to add more passive income streams, and I plan to launch my internet business nationwide.

May all BP members find 2015 to be a profitable one.

Originally posted by @Jay Hinrichs :

@Roy N. 

 do you need to be licensed in Canada to originate loans ?

 Jay,

You are permitted to write arms-length loans.   You can write them from cash-on-hand or from a registered account {SDRRSP, TFSA, etc}.  If originated from a registered account, the loan must be administered by the plan trustee ... it is a good practice to have a third-party administer the loan even if from a cash account.

You do not require a licence (yet), but there are limitations on what you can lend and the liquidity you must hold.  Additionally, there are federal and provincial regulations to which the note / mortgage must conform - we used one of the Big-5 bank's mortgage/note packages as a template.  We also have our lawyer draw and vet the documentation for each note/mortgage.

I've only written four from my SDRRSP thus far, but it is something I can see me doing more of in the future.

Updated over 3 years ago

Josh: Sorry about the side-bar in your thread, feel free to move it elsewhere.

I 'plan' to double my number of flips AND hire twice as many helpers to get me there...

BUT, I also believe that IF you want to make GOD laugh, just tell Him YOUR plan.

My goal for 2015 is four flips and a second investor. I've lined up the investor and if we only do TWO houses we're batting 500 and heading for the Hall of Fame!

My New Years Wish for ALL my fellow BPers -" Do your best and caulk the rest!"

I don't need 2015 to be any better than 2014. If it's just as good, I'd be more than happy!

To actually get started in the REI business. I have been on the sidelines reading and absorbing information from all angles about this business. This site has been a knowledge source for me. Now I need to take action.
I plan to acquire a mentor and complete my first deal by March 15, yea it's the Ides of March which only brought bad luck to that Roman dictator but I figure it's lucky for me.
With March completing my first deal I plan to slowly wean myself from my regular day to day tasks and to be financially secure to be a full time entrepreneur in this business by December 31.
Between March and December 2015 I will complete at least a deal a month wholesaling ( $5000 minimum profit per deal) while I fine tune and learn other aspects of REI.
Slow and steady building on my past achievements will get me there.
Success to all BP users in 2015.

I am changing my marketing to include direct mail, to the tune of 6,000 per month to start off with...and plan to average 8,000 mailers/month across 2015.

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