Share your goals for 2023! What are you hoping to accomplish this year with your real estate portfolio? What goals did you set and why? Happy New Year!
1205 votes total
I already have 4 lined up and I'm working on the 1st. Hope to kick my feet up for the rest of the year when I'm done with these 4.
I already have 4 lined up and I'm working on the 1st. Hope to kick my feet up for the rest of the year when I'm done with these 4.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
That is a fair question. First of all I dont have any money, yeah I could search for years on end and find one that cash flows well but then I run the risk of spending all of this time searching and not taking any action. If I slowly gain one property a year, I will first and foremost be building passive income, second I'll be building equity so that when the time comes I have capital to put towards whatever deal I want. For the learning piece I have learned the basics of property management, rehab, and acquisition.
To me all that matters is cash flow and I am assuming that is what you mean as well( if not, please let me know) and the most efficient way that I have found to build my cash flow is to buy multiple properties. I dont care if I have one that cash flows 5000 or 10 that cash flow 500 I want the passive income.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
That is a fair question. First of all I dont have any money, yeah I could search for years on end and find one that cash flows well but then I run the risk of spending all of this time searching and not taking any action. If I slowly gain one property a year, I will first and foremost be building passive income, second I'll be building equity so that when the time comes I have capital to put towards whatever deal I want. For the learning piece I have learned the basics of property management, rehab, and acquisition.
To me all that matters is cash flow and I am assuming that is what you mean as well( if not, please let me know) and the most efficient way that I have found to build my cash flow is to buy multiple properties. I dont care if I have one that cash flows 5000 or 10 that cash flow 500 I want the passive income.
Managing the risk of 1 making $5k versus 10 making $500 is really how you want to take a look at that.
And narrowing focus on strictly cash flow will cut you off on real wealth accumulation. You'll be picking up dimes and missing on dollars.
To answer the question, 3-4. I like to ratio out the purchases, and assess I understand my personal financial situation.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
That is a fair question. First of all I dont have any money, yeah I could search for years on end and find one that cash flows well but then I run the risk of spending all of this time searching and not taking any action. If I slowly gain one property a year, I will first and foremost be building passive income, second I'll be building equity so that when the time comes I have capital to put towards whatever deal I want. For the learning piece I have learned the basics of property management, rehab, and acquisition.
To me all that matters is cash flow and I am assuming that is what you mean as well( if not, please let me know) and the most efficient way that I have found to build my cash flow is to buy multiple properties. I dont care if I have one that cash flows 5000 or 10 that cash flow 500 I want the passive income.
Managing the risk of 1 making $5k versus 10 making $500 is really how you want to take a look at that.
And narrowing focus on strictly cash flow will cut you off on real wealth accumulation. You'll be picking up dimes and missing on dollars.
To answer the question, 3-4. I like to ratio out the purchases, and assess I understand my personal financial situation.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
That is a fair question. First of all I dont have any money, yeah I could search for years on end and find one that cash flows well but then I run the risk of spending all of this time searching and not taking any action. If I slowly gain one property a year, I will first and foremost be building passive income, second I'll be building equity so that when the time comes I have capital to put towards whatever deal I want. For the learning piece I have learned the basics of property management, rehab, and acquisition.
To me all that matters is cash flow and I am assuming that is what you mean as well( if not, please let me know) and the most efficient way that I have found to build my cash flow is to buy multiple properties. I dont care if I have one that cash flows 5000 or 10 that cash flow 500 I want the passive income.
Zero. My wife said she wont allow anymore properties:(. I'm still catching up from buying 5 SFR in 2022. lol. And my cash reserves right now is minimal and underfunded by a lot. So I'll ramp that up hopefully and focus on paying off my 401k loan I took out to buy and rehab RE in 2021.
Will be targeting the fall unless a great deal appears.
I'm actually looking for a self-storage facility with cashflow equivalent to 10+ single-family homes.
Is that a unicorn or how hard is that to find?
I guess you have to find someone willing to sell at the right price?
And if they are making that much money why would they want to sell?
If this can be found I would like one of these too!
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
That is a fair question. First of all I dont have any money, yeah I could search for years on end and find one that cash flows well but then I run the risk of spending all of this time searching and not taking any action. If I slowly gain one property a year, I will first and foremost be building passive income, second I'll be building equity so that when the time comes I have capital to put towards whatever deal I want. For the learning piece I have learned the basics of property management, rehab, and acquisition.
To me all that matters is cash flow and I am assuming that is what you mean as well( if not, please let me know) and the most efficient way that I have found to build my cash flow is to buy multiple properties. I dont care if I have one that cash flows 5000 or 10 that cash flow 500 I want the passive income.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
5k a month cash flow is a great goal. It may take a few years and a few properties to get their unless you have a money partner where you can buy a multifamily property and still have room to pay the partner his cut.
I would make the 5k a longer term goal and focus on what you can reasonable achieve this year. If you overshoot your goal great, but don't get discouraged by setting your initial goal too high.
Invest in your education. Look for cost effective or free training opportunities. BP has many free training events. Try and find a local mentor. Join a local RE Association if you have once close by and volunteer to help so you can meet as many people as possible who are already where you want to be.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
5k a month cash flow is a great goal. It may take a few years and a few properties to get their unless you have a money partner where you can buy a multifamily property and still have room to pay the partner his cut.
I would make the 5k a longer term goal and focus on what you can reasonable achieve this year. If you overshoot your goal great, but don't get discouraged by setting your initial goal too high.
Invest in your education. Look for cost effective or free training opportunities. BP has many free training events. Try and find a local mentor. Join a local RE Association if you have once close by and volunteer to help so you can meet as many people as possible who are already where you want to be.
This is actually a 3 year goal- I purchased two last year and am pretty dry right now unfortunately. Finding a Private lender is on the top of my goal list for this year. Once my properties are completed and rented out, I will be at around 2250 cash flow per month!
My goal for this year is to purchase / complete one flip and use that to buy two more properties. A little worried about flipping in this market but if I buy right it will eliminate that worry.
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
That is a fair question. First of all I dont have any money, yeah I could search for years on end and find one that cash flows well but then I run the risk of spending all of this time searching and not taking any action. If I slowly gain one property a year, I will first and foremost be building passive income, second I'll be building equity so that when the time comes I have capital to put towards whatever deal I want. For the learning piece I have learned the basics of property management, rehab, and acquisition.
To me all that matters is cash flow and I am assuming that is what you mean as well( if not, please let me know) and the most efficient way that I have found to build my cash flow is to buy multiple properties. I dont care if I have one that cash flows 5000 or 10 that cash flow 500 I want the passive income.
1- I use Private and Hard Money to acquire properties at a discount.
2-I dont buy bad deals. I think it is very obvious that just focusing on the amount of properties is not a good business model. The key is buying properties at a discount that will cash flow well and give you equity by fixing it up. I NEVER said buy a bad deal lol I am not sure where you are getting this from. I said take action. Too many investors analyze with no criteria in mind and are too afraid to jump on a deal when it comes across them.
3-This is incorrect. If I am adding properties to my portfolio, I am gaining cash flow. I have never purchased a property that did not cash flow. 10 of my properties would be a big number with a dollar sign in front and a positive sign in front of that.
4- Adding properties that you buy at a discount that cash flow well ( which is what I have been saying this whole time ) will result in a positive number NOT a negative one.
5- Once again, incorrect. I have purchased 3 properties in 2022 where I did not put a down payment. The initial equity that I received is from two sources: Buying the property at an already discounted rate, and rehabbing the property to force appreciation. The one thing we can agree on is that principle pay down is slow and useless and appreciation is where the money is found lol.
6-I agree. But to say that people are just buying properties for a number and then not caring about whether they cash flow is ridiculous. The only people who are doing that are the ones that are already wealthy and looking for a tax write off. And if they are not wealthy then they will not be doing that for very long.
7- The only thing that I feel came at me fast is the ridiculous idea that someone - especially on this forum - is buying properties just for the sake of adding to their number of properties lol. The whole goal of investing in Real Estate is building wealth and passive income NOT the number of properties. But the number of properties does matter to some extent.
@Nathan Gesner That would be an amazing find! What market are you cornering?
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
To me it is important because I want to be able to collect 5k / month in passive income. If I could find a heck of a deal and get 5k/ month then I would but there is a learning curve - even if I did find something that cash flowed 5k / month I would have no idea how to get it and the cost would likely be too risky for me to consider.
If I scale my portfolio and buy one property at a time while continuing to learn. I'll be able to get something that cash flows very well. The more properties that I get the more that I learn - putting me in a better position to get that big one.
That is a fair question. First of all I dont have any money, yeah I could search for years on end and find one that cash flows well but then I run the risk of spending all of this time searching and not taking any action. If I slowly gain one property a year, I will first and foremost be building passive income, second I'll be building equity so that when the time comes I have capital to put towards whatever deal I want. For the learning piece I have learned the basics of property management, rehab, and acquisition.
To me all that matters is cash flow and I am assuming that is what you mean as well( if not, please let me know) and the most efficient way that I have found to build my cash flow is to buy multiple properties. I dont care if I have one that cash flows 5000 or 10 that cash flow 500 I want the passive income.
1- I use Private and Hard Money to acquire properties at a discount.
2-I dont buy bad deals. I think it is very obvious that just focusing on the amount of properties is not a good business model. The key is buying properties at a discount that will cash flow well and give you equity by fixing it up. I NEVER said buy a bad deal lol I am not sure where you are getting this from. I said take action. Too many investors analyze with no criteria in mind and are too afraid to jump on a deal when it comes across them.
3-This is incorrect. If I am adding properties to my portfolio, I am gaining cash flow. I have never purchased a property that did not cash flow. 10 of my properties would be a big number with a dollar sign in front and a positive sign in front of that.
4- Adding properties that you buy at a discount that cash flow well ( which is what I have been saying this whole time ) will result in a positive number NOT a negative one.
5- Once again, incorrect. I have purchased 3 properties in 2022 where I did not put a down payment. The initial equity that I received is from two sources: Buying the property at an already discounted rate, and rehabbing the property to force appreciation. The one thing we can agree on is that principle pay down is slow and useless and appreciation is where the money is found lol.
6-I agree. But to say that people are just buying properties for a number and then not caring about whether they cash flow is ridiculous. The only people who are doing that are the ones that are already wealthy and looking for a tax write off. And if they are not wealthy then they will not be doing that for very long.
7- The only thing that I feel came at me fast is the ridiculous idea that someone - especially on this forum - is buying properties just for the sake of adding to their number of properties lol. The whole goal of investing in Real Estate is building wealth and passive income NOT the number of properties. But the number of properties does matter to some extent.
@Joe Villeneuve it’s important because of Ego. It doesn’t matter how much money I am making as long as I can tell people I own 50 properties!
All of the local meet ups I go to the most important thing always seems to be door count. I have always found it funny because one door in a certain suburb is worth 20 doors in the ghetto so who cares how many doors you have?
But then I remember how wonderful I feel when I tell people how many doors I own and it all makes sense :)
@Joe Villeneuve it’s important because of Ego. It doesn’t matter how much money I am making as long as I can tell people I own 50 properties!
All of the local meet ups I go to the most important thing always seems to be door count. I have always found it funny because one door in a certain suburb is worth 20 doors in the ghetto so who cares how many doors you have?
But then I remember how wonderful I feel when I tell people how many doors I own and it all makes sense :)
I didn't realize the number of properties was important. Is the number of properties important, and if your answer is yes,...why?
:) right respond here.
@Nathan Gesner Any good SS deals out there?
We purchased 2 properties in 2022 and we need to focus on maintenance and capital improvements in 2023.
@Katie Miller I would like to at least add 2 properties this year.
@Katie Miller I'm hoping to complete my first BRRRR, so just 1 property. I've been house hacking a duplex since late 2019 and have built up substantial equity from the housing boom which allowed me to to get a HELOC. I would like to build a business around the BRRRR method and am currently working with lenders and wholesalers to get the ball rolling!