Posted 4 months ago

Making Your Outcome With Multifamily REAL!

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We had a discussion with an individual the other day, actually, someone who is looking to jump into multifamily, we were talking about what his goals were and what he wanted and ultimately where he wanted to be. And what we discovered is that he just wasn't actively being as specific as he needs to be, ultimately if you're going to have a goal in mind, well it needs to be actionable, it needs to be actual, something you can create steps to, actually get there, because if you want, there's a lot of talks today about how many units do you currently have and I'll hear people have a thousand units or 2,000 units or all these numbers, but ultimately they're just numbers on paper if you only have a half a percent of a thousand units, well is that creating financial freedom for you.

What is it going to take and what is your ultimate goal, your ultimate goal is within five years to have enough income coming in to cover your current income or to have enough income coming in that covers your expenses. You can actually ultimately be free, that's buildable, so we'd have to look at what our expenses, what is our monthly burn rate, what we need to accomplish and if we need to accomplish to say $5,000 and we were able to get that having 20 units and those 20 units we're now ultimately a couple of hundred dollars a month, well is that achievable? So if we need 20 units, are we going to do that in 120 units, five, four plexus, ten duplexes, is what does that look like, so ultimately, if we have a goal in mind, now we get specific. We need five for plexus, where are we investing, are we investing here in New Jersey, what towns have four plexus, in my town, there's not a lot of multifamily properties, so maybe I'm going to look in the different neighborhood and look at three or four flexes and ultimately I want to have more than two one or two units at a time because with the taxes so high and the expenses so high you need to make sense of it and making sense of it only can be accomplished when you have multiple units on board.

Now I have a plan in mind, I want to cover my $5,000 and expenses with my income generated from the rent, from properties, I need 20 units to be able to accomplish that, so anything over 20 units is going to be gravy, so what is that going to look like, how many conversations am I going to need to have with brokers, how many properties am I going to have to look at and analyze, how many offers am I going to have to write, how much funding am I going to have to raise or find, how much money might have to put away to cover these down payments, how many banks I am going to have to talk to, they get so many loans, well if I'm going to create this journey and these steps now can become more real and I can write down my big five. 1. Today I need to have five talks with brokers 2.I need to have three money talks. 3. I need to analyze five properties. 4. I need to potentially write one offer. 5. I have to read ten pages in a book something related to multifamily investing. Five actionable steps, now that I can do and if I do that and say I do that, two hundred and fifty days out of the next year, do you think I'm going to be closer to my goal instead of just saying I want a thousand units, with no end in mind, no actual steps, no guidance, no end - I wanted a thousand units and not even knowing what that looks like. So today think about where you're going and what you want and what your actionable steps are and start writing down your journey, so it becomes real, take this time write it down, be specific, as specific as possible, so ultimately when you find it well, you've already been so specific in your mind, that you know that is it.

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