Wow! 2020 is now half way over. Who would have thought that the country/world would be where it is today. It is not where I thought it would be. Nevertheless, here we are and it’s time to take an accounting to see where we are compared to where we thought we would be this year.
I’d love to know what your goals were at the beginning of 2020 and where you are at today. Are you still driving forward full steam ahead? Are you on track to meet your goals? Did you pivot to a different direction? Did you pause or drop your goals? What did you do and where are you at with your 2020 goals?
My goals in REI at the beginning of the year were to build my company Maple House LLC into a business that fully supports my living expenses as well as allows for growth. I anticipated that would take 8 flips with an average return of 30k. So far we have completed 4 with an average return of about 45k and have one more underway. I believe we will get to 8 before the year is over!
We have only pivoted insofar as we have gone much more on the offensive with trying to find real deals. We also have turned down deals that we think will take more than 60 days from close to listing.
2020 goal setting is in progress, But right now, we are looking to go from 8 to 12. and purchase a 16-30 unit complex once we have a feel about the impacts of what covid will do to our target
@Shiloh Lundahl loh Lundahl, I would ask the same question of you. What were your goals and have you hit them?
Goals the same...just taking a different path...using different strategies.
@Patrick Daniel This is what I posted back at the beginning of the year - pre COVID 19.
I like to make yearly goals in each area of my life but here I will share only some of my real estate goals for 2020:
- Sell 19% of one of my real estate companies for 400K. - I pivoted from selling a part of my company to working on getting a working capital line of credit. It just got denied because of the economic uncertainty, but I am going to see what I can do to get one anyway.
- Separate my business finances better by taking 250k of that money and pay off business debt from my other businesses that I have used to fund the acquisition of properties in my main real estate business. - I accomplished this without raising money by selling a portion of my business or by getting the line of credit. I used the EIDL loans to replace my reserves in my business accounts and I used the reserves that were in there to pay back and separate each of my business finances.
- Use the other 150k to continue purchasing properties in the Triad area of North Carolina. - We have just continued to use hard money and private money loans to purchase properties in North Carolina. We also found a couple of really great banks that are both willing to refinance our properties into long term debt.
- Purchase 36 single family properties (24 in Greensboro, Winston-Salem, and High Point, and 12 in Arizona) and lease them out using the lease option strategy. - We have purchased 4 properties in Greensboro and Winston-Salem, North Carolina, so far and 13 properties in Arizona (A 6-plex and 7 Single Family).
- Purchase a 30 pad mobile home park with 10 units already rented and an additional 20 pads available to rent out, improve advertising and double the value of the park and basically BRRRR the mobile home park. - We have purchased 2 parks so far for a total of 25 units and we have been working with the city of Florence, Arizona to add 20 more units to the existing pads.
- Go on the Investor Summit at Sea real estate cruise with the Real Estate Guys, Robert Helms and Russell Grey. - No. I did not accomplish this as the cruise was cancelled.
- Bring on one or two more assistants to lighten our work load and systematize our businesses better. No. This has not been accomplished. But I better do it quickly so that I don’t burn out my assistant.
- Appear on 10 more podcasts to increase brand awareness in order to raise money for our real estate deals. - I believe I have been on 5 more so far and I have another 3 in the works.
- Get 20 real estate coaching clients and help them acquire their first, second, or third property. - I have 6 coaching clients who I have helped get properties using the BRRRLO Model so far.
- Increase cash flow by another 5k this year. - I haven’t done a full accounting yet but with the cash flow from the newly purchased properties, the purchase of the new mobile home parks, the refinances, and the debt pay down from the cash out refinances, I believe we are between 3k and 5k increase for the year so far.
One of the things that I have done to pivot from the COVID pandemic was I slowed buying in order to accumulate more in reserves. By the end of next week, I believe we should have the amount in reserves that want right now.
@Shiloh Lundahl Definitely the pandemic has made things rather interesting here in Houston! 🦠
As for goals, still driving forward full steam ahead dodging coronavirus while trying to close an apartment community before the end of this quarter!
Here are the goals I posted at the beginning of the year.
1. Read 52 books. I am actually ahead of this goal right now. I am 30+ on the books currently. This one has been an awesome journey and has changed a lot of my thinking. I know think if there is something I don't know and wanted to learn to just find the right book for this. I can't wait to see what other fun things I learn from this.
2. Purchase 2 more rental properties. This goal has fallen aside some. No excuses here, I know I just have not prioritized it. I have taken more the approach that this will come to me which will not get it done. Need to refocus on this and put in weekly effort to making this goal happen.
3. Run a marathon. This has been pretty good up until the last week. I had a vacation I took and did not run during it. My training plan had a little cushion built in in case something like this happened, but still making solid progress. If anyone didn't know this accomplish this is hard because of the time and physical toll the long runs take on you.
4. Double my sales as an agent. I had a slow start to the year, but stayed focus on the process of this one and it has really started to pay of. I am going to be at my sales mark for last year by mid to end of August which means I need to keep the pace up and this will happen.
5. Have at least one date a week with my fiance. I could list a ton of excuses for this one, my fiance started a new job which changed her schedule, my business has picked up, and plenty of others but it all comes down to us prioritizing this time. We actually had a talk last week about how we have fallen off and need to bring this one back to the top of the list.
I honestly feel really good with where all of these are. I know I have plenty to improve upon, but I can say with less than 6 months to go I know each of these is still absolutely achievable which is a big step up from last year.
How is everyone else doing with theirs? Any common struggles? Did you goals change?
The wife and I had one major goal this year, buy a good value SFH for us to live in for the next 5-10 years. We are now under contract to do just that. :)
Under valued neighborhood in an under valued town. One of the lower priced homes in the area. Most houses in suburban Kansas City are selling 10-15k over asking price with multiple offers. We got accepted over 3 other offers at 7,000 over asking. We couldn’t be more excited:D
@Shiloh Lundahl , I did not have the big goals I did last year. I had planned to buy and add another vacation rental unit. They did really great last year. I did purchase a property, an 800 square foot house. I put a new roof on it, repaired some ceiling issues, but covid 19 and quarantine in place hit and shut my VRs down. I ended up fixing it up lightly and renting it out to a couple for a year. I also intended to flip a property I purchased, either by fixing it up or just cleaning it up and flipping depending on price. I have it under contract. We had a bad hailstorm last year and I lost about 20 roofs. I put new roofs on 4 houses last year, and hope to put at least another 10 on this year. I currently have 7 done, one was pretty big, and another one under way. I had hoped to add at least 2 quality rentals, but I had purchased 2 rentals late last year and need to get them refurbished and have one really big renovation from a trashed rental house. I have the two new units refurbished and there is a small duplex with them that is 2/3 done and rented out under a master lease. I am upgrading and repairing some flooring in a unit as well. I did purchase one new house for a rental unit but it needed so much work that I flipped it under an owner finance. I had another goal of increasing cash flow by $2k per month. I do not think that I have done that yet, maybe I am at $800 increase, but I am spending so much on roofs that it is not noticeable. So while I am feeling like I had no goals and nothing is happening in hindsight I have accomplished a lot. Thanks for the post.
I launched my business January 1, 2020 with the full expectations of buying and flipping a few homes this year and possibly securing one or more rentals to start my portfolio. Unfortunately, COVID hit Houston hard around March and I didn't want to risk getting stuck with a project under financing. So, I decided to build my business around wholesaling. I'm satisfied with the progress I made choosing where I'm getting my leads, how I am marketing my leads, and my approach to helping solve sellers' needs. I'm currently working on expanding my lead outreach and hiring a bird dog for my distressed homes lead source.
Although I haven't reached my goals, yet, I'm excited about my new direction! 2020 will still be a great year for me!