Real Estate Investor · Dearborn, MI · Member since 2010 · 75 posts · 27 votes
Driving home from the office today a new investor contacted me and we were discussing his Real Estate goals for the upcoming year.
During this conversation it occurred to me, although he had set his Real Estate goals high for the upcoming year he did not have any concrete reason behind it.
When you set your Real Estate goals, what substantial data do you use to set them? Some people set them off gut feelings or dreams, but I am interested in how individuals quantify their Real Estate goals.
I set my current year goals off of available capital and projected cash flow, does anyone use anything different?
I really am looking to the BP community for their responses because this seems like a very gray area.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
16y
I started by asking myself where do I want to be in 5-10 years. What do I then need to do every year to get there.
To achieve my yearly goals it is often about building weekly and monthly tasks that assure me that I am getting closer to the goal. Completing my bite sized tasks assures me that I'm getting closer to meeting my long term goals.
Homeowner · Philadelphia, PA · Member since 2010 · 123 posts · 66 votes
16y
Hi Dan,
Seriously this is my last post for the night; this site is addictive.
I met a guy last week at a meeting (green like me) and he told me what he wanted to make in real estate for the upcoming year. It's a very ambitious goal and I like his courage. It's not impossible. He is 20 years old and he reminded me of myself at that age. I did wonder whether his goals were based on anything besides dreams.
Sometimes people have lofty ideas and dreams and that's not necessarily a bad thing but when you can not back them up with something else then you can end up very discouraged when your dream is not realized.
I am all for having dreams and goals but it is important for me to base them in reality at the moment. So I would set my goals using the same parameters that you do.
What's my local market doing? Do I have enough capital to get in and how will I get in? What's my exit strategy? If I set a goal to buy 5-10 properties, can I actually do it and if so, how?
Like I said I'm green so I have a lot more to figure out.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
16y
I started by asking myself where do I want to be in 5-10 years. What do I then need to do every year to get there.
To achieve my yearly goals it is often about building weekly and monthly tasks that assure me that I am getting closer to the goal. Completing my bite sized tasks assures me that I'm getting closer to meeting my long term goals.
Real Estate Investor · Palm Harbor, FL · Member since 2009 · 79 posts · 76 votes
16y
@Dan,
I work my way backwards like Charles said. I teach my kids to do the same with their academics. I set a goal for 5 years out then 4 then 3 then 2 then for this year. All the time I'm asking myself what has to be done before this goal is achieved. Then I really drill down and create 6 month 1 month weekly and daily goals. At the beginning of each week I tweak my daily schedule according to the goals I've set and the results I've achieved. It works for me and my kids are less stressed at school because they have a road map or plan to work from.