Challenge: Let’s hold each other accountable by publicizing our goals

12 Replies

As a real estate investor, it’s important to have goals as they will drive you to reach your full potential. Goals help you dream big and keep you on track when the going gets tough.

After I publicized my goals with this Bigger Pockets Blog Post, the readers who commented were overwhelmingly positive which only further encouraged me to achieve all I can achieve. I’d like you to experience the same.

I don’t care how old you are, I don’t care if you’ve yet to make one dollar or already made ten million, I don’t care if you work a desk job or own businesses, everyone needs to have goals and I intend to hold you accountable!

I challenge you to publicize your goals on this thread with the exercise below. Don’t be shy, you will feel great after you let people know your ambitions. You may find like-minded individuals to connect with and at the very least, I’ll be knocking on your door making sure you are striving toward meeting your goals.

The Exercise:

List three to five goals for each: One Year Goals; Five Year Goals; Ten Year Goals; and Lifetime Goals. You may explain your goals if you want to share more information.

My One Year Goals:

1. Grow my CPA business to 40 clients and at least $15k in revenue.

2. Efficiently and effectively manage my three-unit so that it generates $200 cash flow per unit per month.

3. Run a half marathon - I have signed up for the Navy/Airforce half marathon in September.

My Five Year Goals:

1. Be promoted to "Manager" at my day job - this is more of a 3-4 year goal.

2. Enter into my business full-time and grow it to $1MM. 

3. Own 15 units cash flowing at $200 per unit per month.

4. Be admitted to an Ivy League Masters program. 

5. Travel to two different countries and run a marathon. 

My Ten Year Goals:

1. Grow my business to $10MM in revenue. 

2. Own 50 units cash flowing $200 per unit per month.

3. Publish a book on how to create a better life, business, or world.

4. Pay cash for an exotic car - this is my goal that tells me "I made it." Everyone should have an "I made it" goal. It doesn't have to be something tangible or expensive. This is just unique to me.

5. Purchase a beach house for mom and dad.

My Lifetime Goals:

1. Launch a venture cap/ private equity firm that invests in people who are solving major world problems.

2. Give a Ted Talk.

3. Own 100 units cash flowing $200 per unit per month. 

4. Grow my business to $100MM in revenue and create 1,000 jobs. 

5. Live a happy and fulfilling life.

Medium logo blackBrandon Hall CPA, The Real Estate CPA | http://www.therealestatecpa.com | Podcast Guest on Show #196

Enjoy today, tomorrow never comes.

To be just like my childhood hero

@Bob Bowling

You make a very valid point. I have been Reading many books "enjoying the present", and it has become one of my goals actually. I currently own a business that I'm parting ways with my partner and that company just mentally exhausted me. So I'm looking to be more well balanced in my future endeavors. I honestly think that you can have BIG goals like Brandon was saying, but you can work on them IN THE NOW. Instead of over analyzing everything, just taking action & learning from mistakes. 

Just my take on it.

@Brandon Hall

Here are my goals for the next 2 years. Things change so drastically so I only do 1-2 years out. 

2015:

  1. 1. As stated above one of my biggest goals is training myself to think right. I want to work hard, ENJOY THE PROCESS, and detach from the results. 
  2. 2. Pay off debt so I can stop working overtime & have more time with family, friends, & to devote to business. 
  3. 3. Buy one Fourplex, fix up, & increase value
  4. 4. Run a Spartan Race

2016:

  1. 1. Hope start having kids 
  2. 2. Buy 2 Fourplexes 
  3. 3. Buy one Mid sized Complex around 24 units +/-
  4. 4. Go on Alaskan Cruise

Real estate allowed me the freedom to leave my day job. I am now free to explore opportunities and participate in the ventures that appeal to me. If I had strict goals I would have never seen some of my most lucrative deals--I didn't know enough about them at the time they presented to ever place them in my "goals". I do not know what I will be doing next year--that was the goal.

@Dustin Allen thanks for contributing, and impressive goals. Keep us updated on the Spartan race, best of luck with it!

@Jeff Rabinowitz I agree that strict goals can limit your sights, however I still think it's imperative to have goals, both short and long term. Do you mind sharing an example of how goals may have kept you from seeing the most lucrative deals you've had? I know I and everyone reading will likely benefit from the insight.

Medium logo blackBrandon Hall CPA, The Real Estate CPA | http://www.therealestatecpa.com | Podcast Guest on Show #196

Originally posted by @Brandon Hall :

@Dustin Allen thanks for contributing, and impressive goals. Keep us updated on the Spartan race, best of luck with it!

@Jeff Rabinowitz I agree that strict goals can limit your sights, however I still think it's imperative to have goals, both short and long term. Do you mind sharing an example of how goals may have kept you from seeing the most lucrative deals you've had? I know I and everyone reading will likely benefit from the insight.

Approximately, a year ago I received an e-mail asking me to fund the rehab of a small house. I glanced at it (I didn't even open all the photos) and didn't think it made much sense for the area so I quickly dismissed it. This was a quick decision--I only spent a few minutes on it. 10 minutes later I received a call from an investor I had gotten to know a bit but had never done any business with. He asked if I had seen the e-mail and I told him I had rejected it. I then asked if he was considering adding a second floor. When he told me it didn't have a basement (I rejected the rehab before seeing that it didn't have a basement) I knew immediately that the best use would be to knock this down and build a new home. That is what my new partner was proposing. I said I would participate immediately and we determined the maximum we would pay for the assignment of the contract. The next phone call was to the wholesaler. His price was within our target and we had the property tied up in another 10 minutes. This was the first of two new construction projects in this neighborhood that I participated in.

This property would probably not have been available if we had waited even an hour. New construction was not anything I had ever considered I would participate in. If I had goals that spelled out how many units I should add or how much profit I should make I would have never been open to considering a project like this. I could not have planned for it because it was not even on my radar. Now it is. So is anything else that comes my way. Who wants to build a subdivision?

Plans and goals are great for some--for me they are limiting. I will not impose limits on myself.

I truly believe goals are not restrictive in any way shape or form.  The old adage is, "the best way to be in business, is to be in business".  So if your goal is to purchase 100 units cash flowing $200 per month, you will be in "the game".  In order to acquire 100 units takes immeasurable time, energy and knowledge of a marketplace.  And through countless hours analyzing deals, and driving neighborhoods, it may open your eyes to other opportunities.  It is at this point you can pivot and take on different work.  A lot of people, myself included, need to write goals down to work towards something.  If you are someone who doesn't need to write your goals down, it is still very possible to achieve, but I would not say either case is restrictive.

The quantitative goal of owning 100 units may not be what is actually important about the goal setting process.  What is truly important, is the behaviors that you develop by setting and working towards those goals.  

My goals:


Overrall, in a chosen market, the aim is to dominate in a specific niche

A deal per week by year end

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