Life goals + how REI will get you there

Life goals + how REI will get you there

Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes

Most successful investors understand the importance of visualization and setting definite goals.

Let's celebrate successes and have a discussion about long-term goals and what specially REI will help provide for you.

I'll start.  My goal 14 years ago was to generate sufficient income to quite my day job, invest full time and travel the world.  Second, I want to acquire a 4br / $1-2M home in Berkeley, CA, where I currently reside.  I also want to acquire land and put in prefab housing in a few scenic locations (Mendocino, Kauai, Alaska), mostly because of how much I enjoy being in nature and backpacking.

I achieved my goal of becoming financially independent at age 33.  I'm now working on the second and third goals.  Over the last two years, I've enjoyed backpacking trips to the Grand Canyon (7 days), Jasper and Banf (Canada 10 days), and I've got a few more planned for November of this year with a trip to New Zealand planned  slated for 2017.

Please describe your future life.

What are your life goals?

What are your successes?

How will REI get you there?

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Brian BurkePro Member
Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
4y
Quote from @Ryan Leake:

Brian,

We couldn't be more on the same page with your life goals when you set out and where I'm at now.

Curious to hear - how did your real estate investment strategy start and has it changed since you posted this reply in 2016?

Also, any luck with that condo on Kaanapalo Beach?? 

@Brian Burke 

Wow, Ryan…I don’t even remember posting that so thanks for the trip down memory lane. Reading that again kinda gives me chills because here I am six years later and checked every box.  I guess there is something to setting goals if you want to achieve them!  Even though I wrote this here and never revisited it.

I did upgrade the plane two years ago.  Great decision because not only is it a lot more capable but I bought right at the beginning of Covid, and since then prices took off so it’s worth more than I paid. Got the oceanfront condo on Ka’anapali beach five years ago and that was another great decision because now I live on Maui about 25% of the year and run my business from under a beach umbrella with the ocean only a few feet away.  I just don’t set my laptop on the sand because occasionally a larger wave comes up.  First-world problem.

I hit my real estate goal, too, buying about 4,500 units over the last 5 years.  One thing that played out differently than my post from 6 years ago was that I didn’t wait ten years to start selling. I’ve sold about 3,000 of the units already, many for nearly double what I paid, so there was no reason to wait. 

One goal that wasn’t even on this list also came to fruition—I co-founded a real estate lending company 5 years ago and then loaned over $1.5 billion to other real estate investors and now we’re selling the company to a public company. Didn’t see that one coming but sometimes when life presents you with an incredible opportunity, you seize the day.

Another one I didn’t foresee was writing a book—but BP published The Hands-Off Investor two years ago and I’ve received a lot of really great feedback from so many people who got a lot out of it. 

Now that I accomplished all my goals (and then some) I guess it’s time to come up with new goals.  I suppose some good ones might be to get better at golf, fly the airplane more (maybe to some golf trips?), maybe upgrade the plane again.  Business goals?  I don’t really have any at the moment. I’m going to watch what happens in the world and be ready to act when I see the right opportunity, in whatever form that might take. With all of the volatility, I’m not feeling rushed to act, nor am I seeing very compelling deals…but that could change next week, for all I know. 

See this reply in the discussion

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  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y

    @Brian Burke Is acquiring a plane still on your list?  Any accomplishments and/or other life goals you're willing to share?

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y

    @Jay Hinrichs 

    Any accomplishments or life goals you're will to share?

  • Princeton, NJ · Member since 2016 · 44 posts · 22 votes
    10y

    http://www.modernlibrary.com/top-100/100-best-nove...

    ^^^I'd like to read these books.^^^

    REI give you the time and freedom to do so.

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y

    Backpacking in Jasper and Banf National Parks (Canada)

    At the peak of Mt. Tipanogos

    (11,700 ft)

    Flying over San Francisco, the Bay Bridge, and Golden Gate in a Cessna.

    Hiking Dades Gorge (Morroco)

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y
    Originally posted by @Account Closed:

    http://www.modernlibrary.com/top-100/100-best-nove...

    ^^^I'd like to read these books.^^^

    REI give you the time and freedom to do so.

     You're going to read all 100?  Awesome! 

    How with REI give you the time?

    By what specific date will you finish them all?

    Have you started? If so, how many have you finished?

  • Investor · Raleigh, NC · Member since 2016 · 82 posts · 34 votes
    10y

    My goal is to take a one year sabbatical every 5 years during my career for an epic adventure.

    I'm currently making that goal happen. I'm out on a one year sabbatical with my wife and two small children, traveling the US in a vintage Airstream visiting national parks and other places.

    I've thru-hiked the Appalachian Trail and cycled across America, and in the future I'm aiming to one day paddle the length of the Danube River and sail around the Americas. 

    I enjoy my career in tech, and I'll likely always be a part time real estate investor. My real estate investments though help keep cash flowing and wealth growing while I'm working and adventuring. I plan to slowly grow my real estate holdings to fund bigger, badder adventures and give me more financial flexibility to pursue the riskier, big idea startup ventures in the future. 

  • Blake ElderBusiness Member
    Professional · Wasilla, AK · Member since 2014 · 35 posts · 16 votes
    10y

    I love this topic! So often we are so focussed on the "how" rather than the "why". As fired up as one can get about spreadsheets and ROI and good vendors, and awesome deals etc. it is refreshing to think about why we are doing this and stay focussed during the tough times, the boring times and the stressful times!

    My wife and I bought our first investment properties in 2014. This was an owner occupied FHA fourplex and the neighboring mobile home. We currently live in one of the units, and are getting ready to move into a new construction fourplex that is currently being built. This will be FHA owner occupied as well. In the meantime, we were able to purchase another fourplex that we won't need to occupy.

    Our short term goals are to have 20 units that we own by the year 2020. Unless something strange happens, by the end of 2016 we will have 15. Here is our goal progression list.

    1. 6 months reserves for each building.

    2. 20 units by 2020

    3. Have our investments make more money than we do.

    4. Continue working doing what we love and letting the investments grow and produce.

    5. Have the resources available to help whenever and however we feel like.

    We love to play and adventure. Having extra $ from our investments will enable us to go on the trips that we like to, enter into the opportunities that surround us, and give to whatever cause we want to. To be able to raise our children with an unlimited mindset and show them that success isn't always flashy and exciting, but what you can do with that success certainly can be flashy and exciting!

    Here is to being an overnight success over the course of the next decade ;)

    RMG Real Estate4.939 Reviews
  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y
    Originally posted by @Mark Kelley:

    My goal is to take a one year sabbatical every 5 years during my career for an epic adventure.

    I'm currently making that goal happen. I'm out on a one year sabbatical with my wife and two small children, traveling the US in a vintage Airstream visiting national parks and other places.

    I've thru-hiked the Appalachian Trail and cycled across America, and in the future I'm aiming to one day paddle the length of the Danube River and sail around the Americas. 

    I enjoy my career in tech, and I'll likely always be a part time real estate investor. My real estate investments though help keep cash flowing and wealth growing while I'm working and adventuring. I plan to slowly grow my real estate holdings to fund bigger, badder adventures and give me more financial flexibility to pursue the riskier, big idea startup ventures in the future. 

    Mark...that I awesome!

    Can you please post photos? You must have some great ones cycling accrues the US!!!

    I'd like to hike the applichian trail, but haven't been able to locate anyone crazy enough to join me.

    I have a similar goal...to enjoy one life-changing adventure each year.

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y
    Originally posted by @Blake Elder:

    I love this topic! So often we are so focussed on the "how" rather than the "why". As fired up as one can get about spreadsheets and ROI and good vendors, and awesome deals etc. it is refreshing to think about why we are doing this and stay focussed during the tough times, the boring times and the stressful times!

    My wife and I bought our first investment properties in 2014. This was an owner occupied FHA fourplex and the neighboring mobile home. We currently live in one of the units, and are getting ready to move into a new construction fourplex that is currently being built. This will be FHA owner occupied as well. In the meantime, we were able to purchase another fourplex that we won't need to occupy.

    Our short term goals are to have 20 units that we own by the year 2020. Unless something strange happens, by the end of 2016 we will have 15. Here is our goal progression list.

    1. 6 months reserves for each building.

    2. 20 units by 2020

    3. Have our investments make more money than we do.

    4. Continue working doing what we love and letting the investments grow and produce.

    5. Have the resources available to help whenever and however we feel like.

    We love to play and adventure. Having extra $ from our investments will enable us to go on the trips that we like to, enter into the opportunities that surround us, and give to whatever cause we want to. To be able to raise our children with an unlimited mindset and show them that success isn't always flashy and exciting, but what you can do with that success certainly can be flashy and exciting!

    Here is to being an overnight success over the course of the next decade ;)

    Awesome! Very detailed goals and plan.

    Please expand on "play and adventures" you'd like to do.  Do you have any photos you can share?

  • Real Estate Agent · Circleville, OH · Member since 2008 · 633 posts · 488 votes
    10y

    500 units.

    Don't care how long it takes me, NROI they bring in (Although the higher the better) neighborhood, mfd/sfd mix, etc. I just want 500, as if I fail that goal and still 'only' hit 250 units, I'll still be pretty darn successful. 

  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    10y
    Originally posted by @Jon Q.:

    @Brian Burke Is acquiring a plane still on your list?  Any accomplishments and/or other life goals you're willing to share?

    The plane was on my list but I checked that box 10 years ago. Although I must admit I'm thinking about an upgrade...

    My life goals when I set out were fairly simple. I wanted financial security, to not have to get up at the crack of dawn nor work graveyards ever again, have a career where I didn't have to change clothes when I got home, to take vacations whenever and as often as I want, not have a commute longer that ten minutes, and to have all of that while building a business for myself and not for someone else. And I wanted to really enjoy what I was doing.  

    I checked those boxes too, but since have created new ones. A condo on Kaanapali Beach is my biggest one...time to start thinking of spending more island time.

    There is a trade-off though.  In exchange for these lifestyle benefits, I had to give some up.  Some people want to avoid taking risks, want to be able to completely "unplug" after they leave the office, don't want to be responsible for other people's money, don't want the livelihood of others to be dependent on them...but I accept these in exchange for satisfying my needs list. 

    My real estate goals are to buy 4-6 properties a year. Each would be 150 to 300 units so 600-1,000 units/year. Maybe do that for ten more years (then spend the next ten years selling), unless of course that asset class stops making sense and a strategy shift materializes...

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y
    Originally posted by @Brian Burke:
    Originally posted by @Jon Q.:

    @Brian Burke Is acquiring a plane still on your list?  Any accomplishments and/or other life goals you're willing to share?

    The plane was on my list but I checked that box 10 years ago. Although I must admit I'm thinking about an upgrade...

    My life goals when I set out were fairly simple. I wanted financial security, to not have to get up at the crack of dawn nor work graveyards ever again, have a career where I didn't have to change clothes when I got home, to take vacations whenever and as often as I want, not have a commute longer that ten minutes, and to have all of that while building a business for myself and not for someone else. And I wanted to really enjoy what I was doing.  

    I checked those boxes too, but since have created new ones. A condo on Kaanapali Beach is my biggest one...time to start thinking of spending more island time.

    There is a trade-off though.  In exchange for these lifestyle benefits, I had to give some up.  Some people want to avoid taking risks, want to be able to completely "unplug" after they leave the office, don't want to be responsible for other people's money, don't want the livelihood of others to be dependent on them...but I accept these in exchange for satisfying my needs list. 

    My real estate goals are to buy 4-6 properties a year. Each would be 150 to 300 units so 600-1,000 units/year. Maybe do that for ten more years (then spend the next ten years selling), unless of course that asset class stops making sense and a strategy shift materializes...

    Thanks for sharing Brian.  Your accomplishments are impressive.  What's your planned date for buying that condo?  Are you looking now or will you wait for a bottom?  Are there any complications with owning in Hawaii?  I thought you had to have a percentage of Hawaiian blood or married to a Hawaiian or is that an urban myth?  Is there anything people on this board can do to help you accomplish this?

    Here's a visual for everybody:

    How far can your plane fly without refueling?  

    What's the further you've flown so far in one stretch?  

    Would you be able to fly to Maui yourself?

    Have you spent time in Kauai?  

    The fact that it's very lush, the wettest place on earth in fact, and free of families (mostly an adult vacation destination) makes it my favorite island.  I have a hiking trip planned here for next year.  I've heard that the heli tours are pretty fantastic.  I'll have to try that.

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y
    Originally posted by @Brandon Schlichter:

    500 units.

    Don't care how long it takes me, NROI they bring in (Although the higher the better) neighborhood, mfd/sfd mix, etc. I just want 500, as if I fail that goal and still 'only' hit 250 units, I'll still be pretty darn successful. 

    Thanks Brandon.

    By what date will you accomplish this?  

    What's your roadmap (sub-goals) to accomplishing that?

    Do you have a market focus or are you looking nationally?

    As there anything people on this board can do to help you accomplish this?

  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    10y

    No date for the condo, it'll happen when everything falls into place. Having the capital to allocate to it is one factor and the other is I'm very specific on what I would buy so one of those units would have to have a willing seller. No complications to owning in Hawaii and no requirement for Hawaiian heritage.

    My plane could make about a third of the way to Hawaii and then I'd have to swim the rest.  Instead, I can just use my miles to sit in first class for very minimal cost and leave the flying to someone else.

    Kauai is very nice, just not quite my speed.  And yes, next trip to Kauai you should do the helicopter tour. I've done it on all four of the major islands and each one has a very different view. Great way to see the island!  highly recommended...

  • Investor · Fort Worth, TX · Member since 2016 · 107 posts · 62 votes
    10y

    Brian, having lived on Maui for 11  years I'm a little biased and would say you are making the right choice. Each island is very different and has its advantages and disadvantages.

    If you need property information don't hesitate to contact me.

    Aloha,

    Jeff

  • Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    10y

    Aloha Jon

    https://www.biggerpockets.com/forums/223/topics/21...

    What @Brian Burke failed to mention is that Haoles are considered a delicacy  to the Hawaiian cannibals.  I thought you were coming last year on a $20,000 vacation.  Did I miss you?

  • Investor · Fort Walton Beach, FL · Member since 2015 · 568 posts · 966 votes
    10y

    @Jon Q. Great idea! Congratulations on reaching your initial goal! When you go to New Zealand, everywhere is beautiful, but definitely visit Queenstown, and spend time in Fiordland national park. I lived in Auckland and it is a beautiful city, cathedral cove and coromandel are great places to go up north. 

    Just started in real estate this past year. Right now my goal is to have the freedom to not have money be an issue for decisions in life. For example, whether we end up starting and raising a family in FL where my husband's parents live or in New Zealand where my parents live (in Auckland, 3/2 1200sqft houses are about million dollars). Or whether we get to see my family who live in several different countries. 

    Since pulling the trigger in Nov 15, my husband and I have 2 rental properties, and are on our 4th fix and flip deal. Right now we are projecting to make more in real estate than we are making in both of our full time non-REI jobs.

    REI plan - build a fix and flip business that can run with minimal input from us that makes 500k/year. Acquire enough rental units for 30k/month cashflow

  • Boca Raton, FL · Member since 2016 · 24 posts · 17 votes
    10y

    My short term goals include closing first deal this year, then 2 more by end of year, of small MF buy and holds.  My sister and I are partners and will keep our W2 jobs until we can achieve our salaries/benefits with rentals, possible flips, in the next five years.  My life goal is to build a family business so that our kids have some options when they enter workforce.  I don't believe jobs/careers are going to be the same in a few years due to technology and more emphasis on younger workers piecing together a life with contract type work (uber, self driving trucks, AI advances).  Future workers need to adapt in order to have same or better quality of life than us so I'd like to have at least 100 rentals by year 5.  

  • Real Estate Agent · Circleville, OH · Member since 2008 · 633 posts · 488 votes
    10y
    Originally posted by @Jon Q.:
    Originally posted by @Brandon Schlichter:

    500 units.

    Don't care how long it takes me, NROI they bring in (Although the higher the better) neighborhood, mfd/sfd mix, etc. I just want 500, as if I fail that goal and still 'only' hit 250 units, I'll still be pretty darn successful. 

    Thanks Brandon.

    By what date will you accomplish this?  

    What's your roadmap (sub-goals) to accomplishing that?

    Do you have a market focus or are you looking nationally?

    As there anything people on this board can do to help you accomplish this?

    I guess I'd like to be there within 10-15 years.

    I just need to close 30ish units a year between now and 15yrs to hit the goal. Been going back and forth on a ~32 unit deal with acceptable ROI but have to meet the seller tomorrow.

    Only looking at a few towns in my area of Ohio. 

    I'm sure there's people here, I just need to find people with pocketfulls of money wanting to loan me money at an acceptable rate ;)

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y
    Originally posted by @Arianne L.:

    @Jon Q. Great idea! Congratulations on reaching your initial goal! When you go to New Zealand, everywhere is beautiful, but definitely visit Queenstown, and spend time in Fiordland national park. I lived in Auckland and it is a beautiful city, cathedral cove and coromandel are great places to go up north. 

    Just started in real estate this past year. Right now my goal is to have the freedom to not have money be an issue for decisions in life. For example, whether we end up starting and raising a family in FL where my husband's parents live or in New Zealand where my parents live (in Auckland, 3/2 1200sqft houses are about million dollars). Or whether we get to see my family who live in several different countries. 

    Since pulling the trigger in Nov 15, my husband and I have 2 rental properties, and are on our 4th fix and flip deal. Right now we are projecting to make more in real estate than we are making in both of our full time non-REI jobs.

    REI plan - build a fix and flip business that can run with minimal input from us that makes 500k/year. Acquire enough rental units for 30k/month cashflow

    Congrats on taking the plunge and getting started!

    Thanks for the travel tips!  I plan to spend most of my time on the south island and wil take the Alpine Train from Christchurch to Greymount, see Milford Sound, Franz Josef Glacier, and of course, hiking the Milford Track, the "finest hike in the world"!

  • Blake ElderBusiness Member
    Professional · Wasilla, AK · Member since 2014 · 35 posts · 16 votes
    10y

    @Jon Q. Good Idea. Here are some photos of the adventures that we enjoy! We live in Alaska and love to be outside. One of our favorite events every year is a snowmachine race called Arctic Man. It is awesome and we typically go up for 1 week and enjoy all of the riding, and the race itself is fun. That is the first few photos here. During the race the snowmachiner tows a skier and it is really fun. We also like going on other adventures like sky diving, traveling, going to the tropics, and the ability to enjoy fun things with our friends and family. We are very thankful for the adventures we have had so far, and know that by choosing to pour our resources into real estate investing now, we will be able to enjoy more of these types of adventures as time goes on!

    RMG Real Estate4.939 Reviews
  • Real Estate Agent · Sacramento, CA · Member since 2014 · 73 posts · 16 votes
    10y

    Truly motivational guys/gals!

    My goals are...first to send out direct mail and close on my first deal by the end of October.  Next I plan to repeat the process over and over again until I can quite my full time job and work from home. My wife and I are also planning to buy our first home within the next 1-2 years.  My long term goal is to own 100 rental properties that cash flow and be able to travel the world, see family and friends whenever we want to, and to help as many people as I can and to give back to those in need. I love thinking about this and how it puts everything into perspective.  Cheers!

  • Steger, IL · Member since 2016 · 57 posts · 13 votes
    10y
      Hello BP Community ,
    I have couple goals and some of theme I  reached.
    Real Estate Goals :
    -I am new to RE, and my new goal is   to get as much cash flow as possible by doing direct marketing to get deals, than wholesale some of it and to keep some as " subject to", when I've got this done good enough I want to switch to triple net properties and buy tax leans.
     
    Educational goals:
    - In next 6 month I want to learn English enough to not be  shy post  my messages :))

    -1 year  Learn Spanish so I can communicate.

    Life goals:

    - Reached:   

    - self employed for last 5 years ( I came to US 9 years ago with 500$ in my pocket) Trucking company

    - 800+ credit score 

    - bought nice Mercedes ( reached 5 years ago) ( I know many people will drive that old car and invest and hope they will reach it later, but it's not my philosophy)

    - Move to downtown Chicago  (  lived on 41 floor )  reached 5 years ago-->

    -Move to my favorite state of California close to the ocean --> San Diego, Torrey Hills ( just moved  2 weeks ago and super Happy)

    - 6 month work/ 6 month do what ever I want : usually sport ( freediving/ spearfishing, rock climbing, mma, dirt bike) self education+ travel ( 48 states + Maui  visited), reading books, playing chess.

    - Do not focusing on money to much,  I don't want to miss my life now

    - live with dreams reached now or in near future, without waiting when I would be 60 and can afford anything

    - In progress:

    - be healthy, and never stop education

    - find same minded friends who like to be educated , sport interests and passion with RE. 

    - buy what ever me and my wife wants

    - travel any time we want

    - rise capital enough to buy dream house ~3m

    - buy 82' boat ~2m

    - rise kids and give them the best education as possible (not just prestigious but education that gives knowledges)

  • Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
    10y
    Originally posted by @Blake Elder:

    @Jon Q. Good Idea. Here are some photos of the adventures that we enjoy! We live in Alaska and love to be outside. One of our favorite events every year is a snowmachine race called Arctic Man. It is awesome and we typically go up for 1 week and enjoy all of the riding, and the race itself is fun. That is the first few photos here. During the race the snowmachiner tows a skier and it is really fun. We also like going on other adventures like sky diving, traveling, going to the tropics, and the ability to enjoy fun things with our friends and family. We are very thankful for the adventures we have had so far, and know that by choosing to pour our resources into real estate investing now, we will be able to enjoy more of these types of adventures as time goes on!

    Wow! Blake, That race looks very cool!

    Please explain the photo of you by the river with that long pole...

    Also, where are you investing? Alaska?

    Thanks for sharing...

    jon.

  • Blake ElderBusiness Member
    Professional · Wasilla, AK · Member since 2014 · 35 posts · 16 votes
    10y

    Hey @Jon Q., Yes Arctic man is absolutely the best. The pole and the river is me dipnetting for Salmon on the Chitina River. Salmon swim upstream each year and with the right license you can dip them out of the river and then have a freezer full of delicious salmon all year long. Yes I am investing in Alaska. I live in Wasilla Alaska, which is just north of Anchorage. I am a full time Real Estate Agent and my wife and I are slowly and surely building our investment portfolio!

    RMG Real Estate4.939 Reviews
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