Let’s start 2010 Goals Early

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Let’s start 2010 Goals Early

Michael Zuber
Real Estate Investor · Fresno, CA · Member since 2009 · 105 posts · 71 votes

Good news I just granted you 13 Months to accomplish your 2010 goals.

Sit back over the next week or so and think about what you want to accomplish. The Thanksgiving week is a perfect time to do this as you are likely around friends and family having a good time, instead of New Years Eve where alcohol and parties rule the day (not to mention that New Years kiss from the someone special).

We chose real estate investing for the lifestyle it can provide and thus lets set some goals to accomplish over the next 13 months.

I’ll start.

I will add 10 REO rentals to my portfolio that each produces greater than 20% cash on cash return.

Good Investing

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Mike Haro
Real Estate Investor · NW, IN · Member since 2009 · 45 posts · 15 votes
16y

To replace my wife's income with my net rental income so she can be a stay-at-home mother. Actually I've been working on this goal for the last few years but I'm on track to hopefully reach that goal this year.

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  • Timothy W.
    Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
    16y

    Go for it Andre. Just remember that renting a home is not a waste of money in and of itself - it is only a waste relative to market conditions at the time. Buy yourself the right house.

    0Reply
  • Andre Green
    Investor / Agent · NY, NY · Member since 2009 · 97 posts · 20 votes
    16y

    Advice noted Tim. I will do my best to keep the BP family updated throughout the year hopefully with good news.

    0Reply
  • Eddie Ziv
    Investor · Mableton, GA · Member since 2009 · 1k+ posts · 465 votes
    16y
    Originally posted by Andre Green:
    Oh one more thing. Acquire my first home and stop wasting my money on rent!!!


    Renting is waste of money? What are you talking about Andre? I repeatedly encourage my tenants to keep renting... Of course only the good tenants... :lol:
    0Reply
  • James Vermillion
    Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    16y

    I have recently started an LLC with a partner and we laid out many goals, from small scale organizational things, to monetary goals. I will start by saying that I hope to close a short sale I have just started working on early in 2010 (special thanks to James Ward). I have already learned a lot and am very exciting about this deal...if for no other reason than the expirence. In 2010 I hope to close on 10 properties.

    Another goal area is real estate licencing. I started my license about 1 month ago and am about 1/2 through the coursework. I hope to take and pass the test by March 15, 2010.

    And finally, I am going to continouslly improve my processes, and network throughout 2010. I have most members of my team assembled, but I plan on continuing adding resources.

    Looks like 2010 is going to be a great, and busy year for me.

    1Reply
  • Tiara Murray
    Investor · Detroit, MI · Member since 2008 · 296 posts · 11 votes
    16y

    I am currently studying for my real estate license in which I should be ready to take the exam in the first week of Jan. So my goals are:

    1. Make 25 offers every day.
    2. Clear/Clean up my credit.
    3. Close on 50 deals per month (not
    hard to do in Detroit)
    4. Set up my LLC

    0Reply
  • Stephen Leblanc
    Banker · sydney, Nova Scotia · Member since 2008 · 100 posts · 8 votes
    16y

    I guess this will be a boring year for me. I'll see if I can go a whole year without buying any properties. Use extra money to pay off debt. Good time to stabilize. Pay off 2 loans I got buying up properties which will leave me with enough cash flow to retire from 9-5 at 31. Not going to quit the 9-5 just yet, but it will be nice to know I can.

    steve

    0Reply
  • Scott R.
    Real Estate Investor · Amarillo, TX · Member since 2008 · 547 posts · 214 votes
    16y
    Originally posted by Tiara Murray:
    I am currently studying for my real estate license in which I should be ready to take the exam in the first week of Jan. So my goals are:

    1. Make 25 offers every day.
    2. Clear/Clean up my credit.
    3. Close on 50 deals per month (not
    hard to do in Detroit)
    4. Set up my LLC






    Talk about thinking big.. 25 offers a day, if 10% of them are accepted you'll close 912 deals next year.. dang!

    My goal, obtain 1 more long term rental, and pay down on the ones I have!
    -Scott

    0Reply
  • Tiara Murray
    Investor · Detroit, MI · Member since 2008 · 296 posts · 11 votes
    16y

    Yes, Scott, lol I try to think BIG everyday. One of my other mottos is: Go hard or go home. Im never going to get anywhere making a few offers per day.

    1Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    16y

    My goals for 2010:
    Earn at least $1.2M in income.
    Flip at least 50 homes
    Complete a joint venture with at least 5 BP members whom I have yet to do so with.
    Take my funding business to a much higher production and profitablity level.
    Prepare for my full blown commercial investment strategies for 2011.
    Do all of this while spending less time working and more time playing. Increasing the time I can spend with what is really important - the family!

    Take a trip to Italy for a few weeks, go on at least two more cruises, & go to at least 3 baseball games to parks in which I have never been to.

    Podcast Guest on Show #130
    1Reply
  • Aaron Mund
    Real Estate Investor · Arvada, CO · Member since 2009 · 68 posts · 5 votes
    16y

    Incorporate
    Join CAREI
    Make first deal by the end of January
    Do one deal a month (wholesale, purchase, rehab, flip, etc)
    Meet as many real estate investors as possible and learn from them

    0Reply
  • Scott Nachatilo
    Real Estate Investor · Oklahoma City, OK · Member since 2009 · 86 posts · 39 votes
    16y

    Hey guys - I've got to tell you about a terrific resource I got from Ben Pargman I posted on my site (free)...it called "The magic formula for having your best year ever". I highly recommend you get it go through the exercises http://financiallyfreelandlord.com/2010-are-you-setting-the-right-goals-for-yourself/

    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    16y

    Hi, this is not good, it makes me somewaht accountable if I list my goals, I know what you're up to! LOL

    I need to plan a really good bike trip and do that Peter Fonda thing and sing "Born to be Wild" along the way. Doubt I really find any adventure though. Maybe I could meet some BP folks!
    I want to get rid of two boats, that will leave me with one, like other sane people.
    I'm going to get involved more in the community, as I use to be.
    I'd like to help investors get started, paying it back. I'd like to put at least 5 guru wanabies who are giving bad advice and ripping people off out of business.
    I'd like to contribute to investors finding ways to become more creative with transactions. It's the fun of the hunt, the chase and the kill, not the money for me.
    I have a family member who is finally comming home and his wife drove him to poverty, so I'll be getting him restarted.
    Overall, I'll be setting things up for winding down, getting my play time organized and some travel.
    I'll find about 10 people starting out or with a few years of experience and provide some startegies for them to do at least three deals. Guess that will be by cell phone, because I'm going to ride! Bill

    1Reply
  • Jessica Breed
    Real Estate Investor · Encinitas, CA · Member since 2010 · 15 posts · 1 vote
    16y

    Alright, I am new to the board so late to the goal setting. Our stated, conservative goal is to create enough passive income (through a combo of flips and rehabs of rentals) to get me out of work by the end of 2011. My true passion is to achieve that by the end of 2010.

    1Reply
  • Joseph Ziolkowski
    Inspector · Alsip, IL · Member since 2008 · 361 posts · 75 votes
    16y

    That's a great goal Jessica. And doable from the sound of it! Make sure you take full advantage of the knowledge on this site.
    After a brief hiatus taken to deal with a few things, my 2010 goal is to make enough wholesaling to live comfortably while going to school for physical therapy. I think 2 good deals per month should do the trick. Once I reach that goal, I plan to exceed it to begin building capital to invest in some residential rental properties in 2010/2011, and then, if everything comes together just right, some commercial stuff in 2011/2012. Wish me luck :)

    0Reply
  • Matthew Paetz
    Real Estate Investor · Los Angeles, CA · Member since 2010 · 123 posts · 8 votes
    16y

    My 2010 goals

    Real estate:
    - close 5 deals a month (whole sale)
    - create a working relationship with 1 new investor from the BP family a month
    - start buying properties using my SDIRA

    Personal:
    - pay off all of my consumer debt (cedit cards by may)
    - get more involved in auto acutions
    - sell 1 car/motorcycle a month
    - get 2 new motorcycles ( GSX-R 1000/ soft tail custom)
    - new truck
    - start training for local pistol comp.

    0Reply
  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 694 votes
    16y

    Mark's Goals

    Buy at least one property from the court house steps (foreclosure). And everything that goes with it - including refinancing for "hold / rent" strategy.

    Evaluate "upgrading" primary residence to take advantage of no capital gains (lived there over 2 years) - this will also put is in a good school district which is a must for the wife.

    Increase number of rental units while maintaining strict guidelines on price, aesthetics, and LOCATION!

    Maintain or increase Cash-on-Cash % for portfolio

    Start a ROTH IRA and max it out.

    Build a relationship with a local bank

    Reduce expenditures on "luxury" items and stash extra cash while maintaining a balanced life (mostly work, with some well earned vacation).

    Podcast Guest on Show #112
    Updegraff Group Realty4.746 Reviews
    WebsiteView Page
    0Reply
  • Mike McKinzie
    Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    16y

    To sell the losers and buy some winners.

    1Reply
  • Anthea S.
    Real Estate Investor · bronx, NY · Member since 2010 · 53 posts · 2 votes
    16y

    buy 4 properties. 2 to flip and 2 to rent out

    0Reply
  • Danny Johnson
    Real Estate Investor · San Antonio, TX · Member since 2010 · 328 posts · 182 votes
    16y

    Flip over 50 houses. Rehab at least half and wholesale the remaining.

    Sell 10 houses with owner financing.

    Buy 5 houses to hold as rentals to help with taxes.

    Expand marketing to include direct mail to 3 new target lists.

    Develop free software to help real estate investors.

    Spend more time on BiggerPockets learning and sharing.

    These are all broken down more and more to smaller sub-goals down to where they are biweekly goals that are easily measurable.

    1Reply
  • Mike Haro
    Real Estate Investor · NW, IN · Member since 2009 · 45 posts · 15 votes
    16y

    To replace my wife's income with my net rental income so she can be a stay-at-home mother. Actually I've been working on this goal for the last few years but I'm on track to hopefully reach that goal this year.

    4Reply
  • Reid Mayo
    Nashville, TN · Member since 2009 · 37 posts · 3 votes
    16y

    Well lets see...

    Graduate in May.

    Get settled in my job doing web marketing/sales for a company that I love (and hopefully can afford to retain me)

    Keep saving those paychecks and hopefully have first 50% rule buy and hold deal done by end of year. :mrgreen:

    Oh, and once I'm finally out of school, be more active at biggerpockets instead of just stalking the forums :lol:

    0Reply
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