As I have said before, I believe setting specific goals is very important for your business. I also believe sharing your goals publicly is a great idea as it adds focus and some pressure. I started this three part series by reviewing our 2012 goals and performance against them. I then highlighted my thoughts on 2012 from both a macro and a micro level around real estate investing. I closed the last article with my personal lessons learned. Now I will highlight our goals for 2013.
Goal #1: Keep Sharing
First, I would like to continue our goal of sharing our story with real estate groups. I like the idea of sharing the idea that working a demanding full time job and real estate investing can work if you are prepared, committed and willing to sacrifice.
I would like to speak at no less than 6 real estate focused events. I have one extra special goal in 2013 on this topic. I want to speak on the Bruce Norris Radio show. If you don’t know Bruce Norris look him up as he one of the best resource on real estate investing and research and he single-handedly saved my investment portfolio by telling us to sell near the peak. I would like to shake his hand and say thank you again; I had lunch with him at the BiggerPockets event last year and it was one of my highlights of the event.
Goal #2: Close on Five Deals
Second, I would like to close no less than five transactions in 2013 that were financed with owner financing. These transactions will still need to meet our internal goals but given we can control the terms to a greater degree I am sure we can put together several win-win transactions.
Goal #3: Increase Our Monthly Cashflow
Third, given the increased competition and our high expectations for returns we are going to lower our goal for expected net cash flow generation from last year. We are going to set our goal at 2012 goal at increasing our monthly cash flow by $4,000. If something dramatic like the fiscal cliff, the loss of mortgage deduction, or other government intervention causes supply to increase or demand to decrease we will likely raise our goal; at this point we would be excited to add another $4,000 to our growing personal income and cash flow statements.
Goal #4: Trade Up
Fourth, I believe as this year progresses we will be able to sell one of the cheap houses we bought in 2008, do a 1031 tax deferred exchange, and move the equity into a profitable multi-family building. We used this strategy in 2006 and when we get to do it again in 2013, 2014 or 2015 we will be very happy.
Goal #5: Grow our Networking
Fifth, like last year we want to grow our network of contacts in the Fresno market by no less than 50 people. The market is always changing and if the market increase like I believe it will the investor with the most trusted contacts will win and be offered the best deals.
The 20 Best Books for Aspiring Real Estate Investors!
Here at BiggerPockets, we believe that self-education is one of the most critical parts of long-term success, in business and in life, of course. This list, compiled by the real estate experts at BiggerPockets, contains 20 of the best books to help you jumpstart your real estate career.
What are Your 2013 Goals?
In closing what are your goals for 2013? Have you thought about them? Have you written them down? If you want to share them feel free to leave a comment below.
Good Investing and Happy New Year