Rental Property Investor · Hamilton, OH · Member since 2016 · 59 posts · 30 votes
I debated posting this in "Success Stories" as I am only 20% of the way to my goal of $5,000 a month in cash flow by March 2021 (My 5-year goal that I established last March). I decided to post here anyway since I typically come to this forum looking for motivation, aspiration, and to feed off of the success of others. A lot of people I talk to have goals of having "a lot" of money, "decent" cash flow, retiring "early". The common theme here is that they're not SMART! (Specific, Measurable, Attainable, Realistic, Time-bound)
Having SMART goals will give you a roadmap to where you want to be, provide instant feedback on progress, and allow you to measure and project your future to design the lifestyle of your choice. I'm a visual person, so I built a simple, but powerful chart that I look at every day that shows my progress towards my goal. I attached a picture below and if anyone is interested I will share the excel document with you to tailor it to your needs. I wish you all success! Let me know your thoughts on this tracking tool.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
9y
Congratulations @Tyler Wehrung, any step in the right directions deserves celebrating! The road to success always has bumps, it's getting use to the bumps and keep pushing forward what's important! This is a marathon, not a sprint, so keep up the good work and keep moving forward!
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
9y
Congratulations @Tyler Wehrung, any step in the right directions deserves celebrating! The road to success always has bumps, it's getting use to the bumps and keep pushing forward what's important! This is a marathon, not a sprint, so keep up the good work and keep moving forward!
Rental Property Investor · Hamilton, OH · Member since 2016 · 59 posts · 30 votes
8y
@Grant Rothenburger, nice meeting you as well! Yes, I'm projecting 950 a month at close and over the next year as I increase rents, I should be closer to 1300 - Almost halfway!
Thanks @Joshua Hilliard! I should be closing on the aforementioned property at the end of this month!
@Grant Rothenburger, nice meeting you as well! Yes, I'm projecting 950 a month at close and over the next year as I increase rents, I should be closer to 1300 - Almost halfway!
Thanks @Joshua Hilliard! I should be closing on the aforementioned property at the end of this month!
That's $80/door at close and hoping to get up to $108/door? I don't know what you paid, but this seems kind of low/door. Are you happy with the result and would you make this purchase if you had to do it again?
Rental Property Investor · Hamilton, OH · Member since 2016 · 59 posts · 30 votes
8y
@Eric James, The only real criteria I look at is CoC return and ROI. I try to get 13% and 5 year ROI, and I'm projecting 15% CoC within the year (purchase info below). This will be my first commercial multifamily so maybe cash-flow per door is something I'll have to pay more attention to in the future.
510K, 20% down @ 5.1% locked for 5 years amortized @ 20.