What Are Your 2007 Real Estate Goals?
Joshua D.Pro Member
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votesWe're conducting a 2007 real estate goals group writing project for those people who blog about real estate. With that in mind, I thought it would be appropriate to ask our members to set their own real estate goals for next year.
:groovy: What are your 2007 Real Estate Goals? :wowie:
I'm new to the foreclosure business. I hope this site will help me with my quest. My goal is to help atleast 3 families who are in foreclosure.
Are there other's on this site who I may learn from?
E.
My goals for 2007 are to free myself from full time gig by learning all I can about REI. I became licensed as an agent in NY and am looking to use what I learn from that to aid me in the investment side. I am like a spong trying to absorb all I can.............success to all! I've already claimed success so now it's my job to make it happen!! :mrgreen:
Alex...........can you elaborate on what you mean about $1 passive income?? I have an idea but want to make sure I'm clear..thanks!!
There are three types of income: earned, portfolio and passive.
Earned - Money earned by working for someone else (regular job). After taxes, social security and such, the government winds up taking 50% of it.
Portfolio - Money earned by paper investments (stocks, mutual funds, etc). Here, 20% of it goes to the government.
Passive - Money earned by your money working for you. Best example of this is rent coming in from a real estate investment. The key is that you do no work and still get paid. Here, after various loopholes, the government takes 0%.
I recommend grabbing a copy of Rich Dad Poor Dad by Robert Kiyosaki. These are his concepts and he can explain it much better than I ever will. I highly recommend it and would go as far as saying that it is required reading for everyone.
Thanks,
Alex
That's what I thought. You explained it quite well. I actually own the book so I need to start reading it.....thanks!! :mrgreen:
$2 Million Dollars by the end of this year..
I have never understood why 95% of people spend more time putting together a map of how to get to their vacation spot, than they do putting together the map that will shape their lives. Without goals you are essentially trying to put together a puzzle without having a box to look at the picture on.
1. Rehab 20 homes and sell at least 13 of them
Steps I have taken so far
a. I am currently rebabbing 11 properties so I am off to a good start
2. Make at least $200,000 flipping, buying, and wholesaling real estate
Steps I have taken so far
a. I have 6 homes under contract to sell which I will profit very well on
3. Make at least $120,000 selling other real estate as a realtor
Steps I have taken so far
a. Started running ads
b. Started calling leads back again
4. Help at least 40 people turbo charge their investment careers
Steps I have taken so far
a. Have done 11 phone consultations with new investors
5. Develop a 100 person buyers list for wholesale deals
steps I have taken so far
a. Started running ads again
b. Started calling old buyers back
6. Build up to $4,000 net cash flow
steps I have taken so far
a. I have 33 units, Mostly single families, a couple twos and a couple 3's. To be honest I have no idea what I spend or what I take in. These figures would seem somewhat important so I hired an accountant this year.
7. Be more organized
Steps ive taken
Hired an accountant
Hired 4 contractors to do my work
Thats a brief overview of my real estate goals. I have the long version using the steps below but I will save you the reading. I will say this Goals are powerful tools once written, here is what happened to me with my first goal setting attempts.
When I was around 24 years old, I had started reading about the importance of writing down goals. I was sitting at my desk one day (at a job I wasnt overly fond of) and began writing out my goals, I don’t remember all of the details but I do remember the major themes of the goals.
Goal #1 Own a Harley before I was 30 years old
Goal #2 Have at least $30,000 in the bank before I was 30
Goal #3 Make at least $100,000 a year by the time I was 30
Goal #4 Own at least 5 investment properties before I was 30
Goal #5 Have a fun car by the time I was 30
I think I must have been about 29 years old and was working on cleaning out my basement when I discovered my old book of goals. Upon opening the book I realized that I had achieved every single one of these goals without even realizing it. I had a harley in my garage, a convertible corvette in the garage, a jeep wrangler for days I didnt want to drive my vette, a lexus for my winter beater, I had been making 6 figures for a few years already, had over $100k in the bank and had 9 rentals. It was as if once my goals were written down I began to attract all of the tools that the universe could offer. :beer:
1st What is the end result that I would like to have? Be very vivid in your description of your end result. Think of things like how you will feel, what you will look like, and how other will see you.
2nd What time frame would I like to achieve my result in? Does your result need to happen in a week, a month, a year, or a decade.
3rd What am I willing to do, to make these results happen? If I were to pick out the most important step of goal setting it would be this one. Layout every action that will be required in order to achieve your goals. Be sure to include every step that will need to happen in order to make your dreams come true.
4th What will happen if you don’t achieve your result? By answering this question as thoroughly as possible you will be creating your big WHY and building your leverage. Building leverage is important because leverage helps you stay on track when the going gets tough. If your end result was too lose 20 pounds, your leverage might be I will die 5 years earlier, I will continue to feel fat, or I wont be able to play sports with my son.
5th What has caused me to fail in the past when I have tried to achieve the results that I desire? This type of brainstorming can help aid you when roadblocks come up. Identifying what has lead to past failure will help you avoid repeating the same failure again
6th What will my new reaction be when the same roadblocks come up in the future? Having a written plan of action in place can help prevent future failures at your goal attempts.
Here is a sample of using the 6 step method.
1st, Make $20,000 wholesaling 3 homes by June 1, 2007
2nd June 1, 2007
3rd Steps to Getting Homes to Wholesale
1. Put out we buy house signs
a. Get 1800 for signs
b. Hire someone to put out signs
2. Call 5 realtors a week
a. Ask them if they have investors that they work with
b. Offer to take them to breakfast to discuss investing
3. Find buyers
a. Run ads in newspaper
b. Call other wholesalers
c. Ask realtors for buyers
4th List of What will happen if I don’t achieve my results
1. Be 20,000 poorer
2. Wont be able to put my son through school
3. Wont be able to buy that new car I wanted
4. Wont be able to take my dream vacation
5th List of what has caused me to fail in the past.
1. Analysis paralysis
2. Didn’t look at enough properties
3. Didn’t have enough properties to see
4. Didn’t have enough buyers in place
6th List of what I will do to get past the old road blocks
1. I will prevent analysis paralysis by having all the proper contracts, buyers, and market analysis tools in place.
2. I will run ads, put out signs, and network to find properties
3. I will run ads, put out signs, and network to find buyers.
I hope this helps at least 1 person to sit down and write their goals out, then achieve them.
Can I be apart of # 4 lol? In all seriousness can I? lol
Marvin,
This is an excellent post regarding goal setting. I plan to use your suggestions to HELP me with mine.
Ironically we almost have similar GOALS!
E.
Hello there,
I love your philosophy on everything and all the goals you have written down. I have been a realtor for 3 years, but am just getting into investing. I am starting my own investment company. I have deals on the line, but not sure how to put them under contract without having the money for a deposit. One is a 6.5 million dollar deal, but where do I get the money to put down as a deposit. My reason for responding to you is....you say you want to help 40 people turbo charge their investment career. I would love to be one of those people. I want to learn as much as I can as fast as I can. One of my goals is to make $500,000 on on deal by the end of the year, and to have $202,000 in the bank by Aug 11, 07.
Can you help ?
Cory
My goals for this year are to purchase 1 small multi-unit property and to wholesale one small property, either SFH or multi.
I am currently in the closing process on the multi and once the dust settles (no really the dust settling from the week or two of minor rehabbing) from that deal I want to get started on a wholesale deal.
After working on this deal I'm not sure I could ever go a week again in my life with out working somehow on a RE deal, I'd feel to much like I was wasting time.