Kent, OH · Member since 2019 · 71 posts · 48 votes
6y
My wife and I are aggressively paying down personal debt in 2020, with the goal of building our rolling capital, building a team of like minded individuals and ending the year with our first investment property purchase.
Florida is also another area we have an invested interest. We have seen some good deals in the area just outside of our wheelhouse. What is your investment criteria? I may have some deals that would interest you.
Florida is also another area we have an invested interest. We have seen some good deals in the area just outside of our wheelhouse. What is your investment criteria? I may have some deals that would interest you.
As of right now we are closing on our primary residence in January. As for investments my wife and I are looking to grow in the Ocala market by investing in flips or LTR's. We have seen an increase in foreclosures and believe there is a prime opportunity right now to get some of these under contract for 2020. We plan on starting with SFR's next year and for 2021 we may look into multi families/apartments as there seems to be a lack of good quality apartments/multi's in this area.
I like that you included your personal goals also. Sounds like you are preparing your children for great success in the future. Start saving now so they can have capital for themselves ready when they start investing.
I also have been building SOP's for the business so I think that is wonderful. Also put a plan in place to follow up on your goals maybe quarter 2 sit down and revisit your goals to see what progress you have made and what you can change to be more efficient. May not need to do anything but always good to revisit for accountability.
What goals and objectives do you have for yourself as an investor or sponsor?
- 1st Increase my yearly income (to continue making myself a stronger borrower)
- Buy 2 or more investment properties in 2020 (Ideally buy and holds to BRRRR)
- Make another stride towards working full-time on investing, by transitioning from remodeling for homeowners to earning enough income fixing up our own investments
- Continue to network and add value to local investors
How do you determine your goals?
- Everything I do with (goals, commitments, outcomes) is based off my ten year outcome, then worked backwards to determine what needs to be done to stay on that track.
I call my goals outcomes. Minimum outcomes are set at 5 years, then 10, 25+. Then I use principles like the One thing's focusing question, and Pareto principle to get into my more immediate actions needed.
What process do you have in place to follow up and check progress of said goals?
- I track everything in G-sheets one tab per year in the following manner:
What are my Outcomes?
What is my Compelling Vision (what will it look like when I achieve my commitment)
what are My Reasons for achieving these outcomes (your why)
Massive Action (What is the massive action I will take to achieve this)
(END OF THE YEAR REVIEW) What was my Result
What have I learned
How will I use what I learned to make progress and grow in the future
And always review these years and write in great detail, what I did, what worked out well, where should I have been more successful, where should I have been less successful, and on and on... I like revisiting my year with approaches outlined by Annie Duke, thinking in bets.
Multi-Family Syndicator · Abington, MA · Member since 2017 · 603 posts · 347 votes
6y
Goal for 2020 is to help educate passive investors to find sponsors, source opportunities, build relationships and help build/improve their legacy and net-worth. I truly enjoy helping others achieve their goals and contribute in any way I can.