Real Estate Broker/Owner & Property Manager · Sugar Land, TX · Member since 2013 · 660 posts · 459 votes
Every time I talk to novice or new investor who is just starting out, I ask them what's your goal. I believe in goals whether personal or financial goals. Without a goal in mind, it's hard to plan and take action right! Many told me they want to get 10 rentals and start getting passive income and settle down in life. Some told that they need to do more flips to leave their job.. so many.
What's your goal or dream as investor? Let's anything interesting...
Mine: I want to create passive income so i can go RVing every state in US and also visit 7 wonders of the world.
I really don't have a goal to retire. I actually love real estate...everything about it fascinates me (I even took a 4hr class this week on foreclosure law....yawn...ok, that was not terribly exciting....but still!).
When I was in my 20's I entered the workforce in the construction industry....did electrical, plumbing, HVAC...dabbled with masonry and carpentry on the side. Now in my late 40's I work for a Big 4 management consulting firm (and after 21 years of that I am a little burned out). But this was great training for me on building, running, and growing the business. I love the economic analyses, intrigued with lending and capital raising strategies, and genuinely like being hands on with all aspects of my rental business, including swinging a hammer or breaking out the linesmen's pliers.
Of course "financial freedom" is part of the goal...but being a passive investor doesn't get me excited. My goal is to make a career change and actually get excited to pop out of bed every morning ready to get after it.
I also find it rewarding to coach/mentor others...so maybe one day I will consider a formal way to get involved in something like this (e.g. training, education, consulting, etc.).
Create enough passive income that I can buy a nice house on the lake in my hometown along with a boat and a couple fishing poles haha
Id spend a lot of time traveling as well. I've got a goal to visit all 30 MLB ballparks, got 23 left to go so I'd spend time following the Texas Rangers around
Only the early 7 Wonder Worlds? Why not the full Gama of wonders throughout the world? Hint: There is one in Puerto Rico @ Caribbean (and the Island of PR is part of the US, yes dollars and no passport required for US citizens), "El Yunke National Park" in Puerto Rico, the largest rain forest in North America! Please don't get lost on the trails if you are not an experience person).
"Let's anything interesting..." Well, for me is to be financially free, with at least two-three personal houses, and be able to move freely without the "governing" vacation time or "PL" time from the big corporate job (even thought I'm part of the big corporate which I enjoy a LOT, I call this diversity, because I'm investing and like to invest on many things as possible, if that makes sense).
While others might not enjoy their work, there are like 25% of people that actually enjoy they work... I'm not in that range... thought, I enjoy my profession, which is different of enjoying my actual work or what I'm assign to do by others.
Please don't make generic statements. Getting financial freedom or making more money is good but what's the end goal. Money doesn't bring happiness right.. What do you want to do with that money? Try to find that and get that out. That's what should drive your financial goal.
In 6 years retired at 52 years old with a dozen rental properties, cash flowing $5,000 plus along with a pension for a combined $8,000 plus a month doing volunteer work on my own schedule.
I really don't have a goal to retire. I actually love real estate...everything about it fascinates me (I even took a 4hr class this week on foreclosure law....yawn...ok, that was not terribly exciting....but still!).
When I was in my 20's I entered the workforce in the construction industry....did electrical, plumbing, HVAC...dabbled with masonry and carpentry on the side. Now in my late 40's I work for a Big 4 management consulting firm (and after 21 years of that I am a little burned out). But this was great training for me on building, running, and growing the business. I love the economic analyses, intrigued with lending and capital raising strategies, and genuinely like being hands on with all aspects of my rental business, including swinging a hammer or breaking out the linesmen's pliers.
Of course "financial freedom" is part of the goal...but being a passive investor doesn't get me excited. My goal is to make a career change and actually get excited to pop out of bed every morning ready to get after it.
I also find it rewarding to coach/mentor others...so maybe one day I will consider a formal way to get involved in something like this (e.g. training, education, consulting, etc.).
Many have a goal of achieving enough rental income to live off of with the belief that it is passive income. That is short sited goal planning. That would be my definition of work in the form of responsibilities..
My goal was to accumulate enough wealth to be able to sell everything and retire. I no longer require the rental income as I have achieved my goal and am simply passing time till I decide to sell.
My goal is to quit my job and have more time with family and travel. I currently make a 6 figure salary however it takes so much of my personal time that it's not worth it. My philosophy now is that you can make more money but you cannot make any more time!
I want to own a Las Vegas Hotel of some sort that has big resident DJ names (im a huge EDM guy) Want to be able to post those cool snazzy IG posts from all over the world Want pretty cars that vroom vroom (yes I LOVE being the center of attention) Want to be able to see an awesome place on the web and book it that same second and just go do it without checking a bank account. Want to be able to pay 90% of my problems away (kinda like property management except for my life)
Many have a goal of achieving enough rental income to live off of with the belief that it is passive income. That is short sited goal planning. That would be my definition of work in the form of responsibilities..
My goal was to accumulate enough wealth to be able to sell everything and retire. I no longer require the rental income as I have achieved my goal and am simply passing time till I decide to sell.
Hi Thomas - just trying to understand your comment. Accumulate wealth through mortgage paydown or appreciation or something else??? How do you plan to sell all your properties without a huge tax event?
Have enough rentals to make six figures and systems so they are managed. Live (1+ months) in Italy and a few other countries in different parts of the world with my family. Be debt free. Have time to help others.
I want $250,000/year in investment income and to build a business structure around my rentals that provides jobs and economic value to my community. With a management team in place, I'll set up a non-profit organization that helps third world countries repurpose their garbage and greatly improve their living conditions. I want to do all of this while homeschooling my children and making them into world changers also. We currently have $4000/mo in positive rental cash flow and are adding on as fast as possible.
@Mike Hurney Sure Mike. I guess they are working on flying car and Texas is one of the states which will be tested bu Uber. Flying RV won't be too far.
My 15 year plan is to develop $15,000 or so a month in passive income. My wife wants to continue to build her real estate practice. I may hang it up or find a dental practice to work as needed, if it all. Housing is more fun than teeth!
The real motivator is to provide my 2 daughters (8 and 6) a potential career or business opportunity if they want it, and not just hand them money. Opportunity is worth more than cash.
Short term goal: build my rental portfolio from 3 to 10 single family houses. Mid term goal: 50 houses. Long term goal: take the cash flow from the 50 houses and use it to save for a down payment on a 300 unit apartment complex. Dang, I have a lot of work to do. I'm exhausted just from typing this. This is a 15 year plan. Now I have to be accountable for what I just typed....
My goal is to eventually have 100 rentals. Houses and multifamily. Flip at least 4 houses per year.
I want to be able to live comfortably, support a family, and I want to give back. I'm a full time police officer in a small municipality. Budgets are tight. They always have been and always will be. It's tough to get new equipment. Someday I want to be able to buy new vests, life saving equipment, and other equipment smaller departments need, but can't afford. I want to buy the equipment for the departments and donate it to them. The ultimate goal would be help each small department in the county I'm living in. It's just something I want to do when I reach financial freedom.