Accountability for your 2022 investing goals
If you've listened to the BP Real Estate Podcast you know that 'taking action' and 'setting clear goals' are the most popular answers to the Famous Four question "What do you believe sets apart successful real estate investors from those who give up, fail, or never get started?"
An excellent analysis of all answers provided by podcast guests is summarized here, by the way: https://www.biggerpockets.com/...
For Canadian investors that are serious about achieving success in 2022, lets share our goals here and hold each other to account as the year progresses. I would be happy to host a monthly virtual meeting where we can support each other in achieving success. To get the ball rolling, here is my goal for 2022:
December 31,2022 I now own at least 50 multifamily units and have invested in at least one new asset class
What's yours?
Not Canadian but I'll weigh in :)
For me it all comes down to execution and continued growth of the team. My goal is to 3x my team. We've already identified most of what they'll be doing. The next step is just getting it all in place and everyone up to speed!
Just signed up to the forums today :). I started my investing journey 5 years ago and now have 6 units and cashflow $6,500. I aim to hit $10k per month in cashflow by end of 2022.
I would be happy to meet other investors in the BC Canadian market! I've been mostly investing in Victoria but would be great to invest also in the Vancouver area and beyond and to learn from others!
Hi Philip, welcome to BP. Try
Jason Ridout he holds meetups for RE investors on Vancouver Island. The one in December, he had Kyle Green (Mortgage Broker) as the guest speaker.Cheers.
@Chris Baxter, this is a great idea. Count me in!
Thanks for setting this up with the word collage.
December 31, 2022 I now own at least 27 multifamily units and will have capital in place ready to deploy for the next building.
@Philip Ng @Ryan Kenneth @Taylor L. thanks for sharing your goals! I've invited other Canadian investors that I've connected with to share theirs as well. 2022 is going to be awesome!
Great idea @Chris Baxter. Accountability and motivation are so important in this industry to keep on track.
First and foremost, My second child will be born in March, so I am going to try to spend more time with family this year.
As for real estate, I currently hold 3 titles: Mortgage broker, Real estate investor and now developer. I feel the need to mention all 3 because I have different goals with each one.
Mortgage broker:
I would like to try to help as many people as possible to achieve their real estate investing goals by working with Canadians that are looking to invest in Atlantic Canada. I have hired a full time team member to help me be a better broker to my clients and be more attentive. In 2022 I want to continue to grow my systems to give me more time to do the things that I like to do. Talk with other investors!
Real estate investor:
My goal for 2022 is definitely to keep acquiring multi-family properties when I can, but after growing to my now 51 units, I am trying to be more conscious of my current portfolio and how to maximize its potential, but as well would like to implement better systems and processes to make it a lot less work than it currently is. I would be happy if I can grow to 75 units (24 more) in 2022.
Developer:
2021 was very good to me. I partnered up with some amazing people to build 60 units in Nova Scotia with a federally funded affordable housing program over the next year and a half. I would like to continue to grow that partnership and look for more building opportunities, while learning about it will help me to be able to better help others who would like to get into the construction industry.
If all else fails, I will be happy simply starting each day with gratitude and lots of time with family.
- 705-930-3770
@Chris Baxter thanks for starting this! Great opportunity!
December 31, 2022: I now own at least 6 multi family units in a market outside my home market.
Thanks for sharing @Gabe Ess @Jordan Perry 2022 is looking bright :)
Great to find like-mined Canadians, eh.
I have more my goals by 40:
7M in RE w/ 4M in equity: 4M now w/ 3M equity, purchase more RE / partner
20k in passive mo. income; 10k now, wedding venues and SRTs to bring it there
150/hr income; finish spec writing course & freelance at $150/hr
@Philip Ng @Ryan Kenneth @Jordan Perry @Gabe Ess @Kris Mcfarlane I am going to set up a monthly accountability call for the first Tuesday of the month at 5 PM PT (8 PM ET). I will message you with the link and hope we can all make it!
@Chris Baxter this is a great idea! Great to have other people here to motivate you to stay on track with goals that can be lost with everything that's going on.
Currently, just own my principal residence that I got a year ago and I am house hacking by living in the suite and have tenanted the main house. This has reduced my overall living expenses by 75%. I am in the process of refinancing and pulling out my initial investment to buy elsewhere. Looking at STR in Whistler but the market is a little wild so looking to go into the multi-family space.
Would like to join the monthly accountability/ motivation calls, Chris.
December 31,2022 : Currently own my first multi-family property.
I love the idea OP! as you can see by my post count I'm a newb looking to learn and build a team. My hope is by responding to this thread I can be held accountable to making and actioning goals to buy my first rental property in 2022.
December 31st 2022: have a team in place and have purchased my first rental property.
I'm just seeing this now. My goal for 2022 is to purchase a vacation property to Air BNB or VRBO, ideally in Whistler, however, Kelowna wouldn't be a bad 2nd choice.
I am new to RE. Would like to have 2 rental properties by the end of the year (2022) to get my foot into the door.
I live in Toronto. Would love to meet anyone in this area to exchange experience in analyzing deals and finding markets.
Thanks for getting this started Chris!
December 31st 2022: Have 20 doors (from 9 now) and got a Limited partnership going for external investors.
Hello from Surrey, BC - I’d love to join the next meet up you organize!
My goals for 2022 are to get my first multifamily and my first creative financing / vendor take back style deal.
Looking forward to meeting you all!
Thanks for starting this Chris. My goals for December 31, 2022 are the purchase first property using the BRRRR method and have ready to rent with positive cash flow by this time. Starting my path to financial freedom. Good luck all !!
@Chris Baxter as stated before this is an awesome idea. Accountability reinforces your goals. This has definitely helped me. I purchased my first duplex with the potential for third basement apartment a little more than a month ago. Using the BRRRR strategy. Property was bought as is. Our team in that time has cleared the property of all trees grown and covering the house. Cleaned all contents and garbage from all three floors. House is mostly plaster and lathe, top floor demo is complete and ready for new framing. House needs total rehab, complete new roof with sheathing and shingles. Roof should be completed at end of next week. Foundation needs repair scheduled to start next month. Three new electrical services are completed and we have construction power for the last week. Our goal now is to complete the top floor and ready for rental while continuing demo on main floor. April is our target date for top floor completion and get a tentant. July is our target date for bottom floor. We did not budget for basement apartment reno so this will be considered towards end of project. New goal is both units occupied and providing positive cash flow by July 2023.
Thanks for sharing @Leon Doucette
Thanks for sharing @Leon Doucette. Keep us posted on progress!
@Chris Baxter will do!
Thanks for creating this Chris!
It is just over a month to the end of the year, so my goals are shooting for 2023, but I do need progress by year end!
I have done a stack this year, doubling my first REI purchase in 2021 so now up to 3 units. I have run into a snag with one property, a lovely sf home I got $40k below assessed value in Regina, but tenant is delinquent. My goal for Dec. 31, 2022, is to have him evicted and have that home rented out again!
My big motivation in searching BP is to find finance professionals to help find a multi family purchase is Saskatchewan.
I am currently in BC, and would be interested in Meet Up with other BP members!