Well, I spent part of this weekend doing lots of book-keeping for 2010…and wow… I made far more money in 2010 than I have ever made in my lifetime. This was a banner year for me, and my company.
And 2011 will be even better. I plan on expanding my existing (and main) company too, launching a whole second business that has been in the market testing stage for the last couple months - and has really taken off, and also I will buy a ton more real estate too.
And what are YOUR business/real estate plans for 2011??? <<
I would love to hear what the dreams & plans of other folks are.
After two straight years of heavy buying, we’re looking to slow down some and start paying the properties off. My wife told me this weekend that she just doesn’t have any more “house” left in her. I still enjoy working on them, but I do want some more free time. I estimate that we should be able to pay off a house in 3-4 months based off our cash flow.
So here are my goals for the year:
Pay off 3 houses
Max out IRAs for my wife and me
Save 25k
Take a trip to the northeast this summer to see my best friend and tour DC.
No major purchases
Congrats on a great past year. Hope you continue to have success this year.
On a more serious note I plan on: completing my dispatch training in early May, max out my IRA, tax liens/deeds, continue to invest in the stock market, and buy my first home.
I am planning on starting to learn how to invest in real estate in this market. I found this free training program, does anyone know anything about it. http://www.Tigr/
Yes, 2010 was a great year! I didn’t rake in the cash like you guys did, but it was still pretty successful. I got my diploma and my real estate license.
This year I want to…
-get brokers license
-get a couple deals under my belt
-generate enough cashflow from those deals to quit my job in finance–I hate working in a cubicle… and I feel like the corporate job is taking away my drive, so I want to get out before I get stuck.
Where I live we’re still in a “despondency” stage (a buyer’s market). Buy & hold time. I plan to sell the 2 deals I currently have under contract before the end of the month, and put a portion of the profits back into the biz as follows:
Heavy bird-dogging for vacant houses simultaneously having my guy put out bandit signs in targeted 'hoods
Float a large deposit with my Realtor towards making some really lowball offers on listed REOs
Flip a dozen or so of the aforementioned to build up reserves enough to buy and hold 4 or 5 (sub2) while the getting is still good
Then ride the wave back up and sell off hopefully at 2006 prices (continuing to wholesale the entire time), then take that windfall and put it into commercial development & self storage
I plan to go on the REI cruise in February, first time on a cruise and it’s all a tax write-off. The cruise goes from Houston-Mexico, Honduras-Belize. I hope to encounter someone from this site. It’s not too late to sign up!
The furnished rental home business is plugging along. My goal is to have more of the homes hit the $300/month profit margin. I have one house with a $1,000/month profit, but some others are in the red. I am still figuring out my business, teaching myself.
We were at 88% occupancy in 2010, I would like to see occupancy in the 90+%. That’s a lofty goal, and difficult.
I want to complete renovating and renting out 2 more of the vacant houses in the inventory.
I want to buy 1-2 REALLY GOOD DEALS, do a modest fix-up and then sell them. That cash will be cash for more deals, and separate from the furnished rental home business. I want my seed money to grow.
Thanks to all of you who have shared what you do. All your successes have primed me to move past my usual way of thinking. Business is good, people are optimistic here and it’s going to be a very good year.
I am going to stick out my neck in 2011 instead of just doing the same old buy, fix, furnish, rent. It’s gonna be buy, fix a little, and cash out. Test the water with you other investors. Take a calculated risk instead of a sure thing.
This year I want to…
-get brokers license
-get a couple deals under my belt
-generate enough cashflow from those deals to quit my job in finance–I hate working in a cubicle… and I feel like the corporate job is taking away my drive, so I want to get out before I get stuck.
and just for fun…
-grow a beard :biggrin
[/quote]
Haha I am with you. The corporate world will suck your life dry! 1 question, dont you have to be an active real estate associate for 2 years before getting your broker license?
My goals are to find begin my journey in REI. I have all my ducks in a row and due to low Capital all I need now is an investor. I have found and had to pass up 3 deals in 2 months that would provide 30% ROI for investor while still leaving me $15,000 or more. Any advice on finding an investor is greatly appreciated.
In CA there are 2 requirements for a Brokers license. One is an education requirement (you have to take the classes listed) and the other is the experience requirement. If you have a 4-year degree that will suffice for the experience requirement so you dont need to do 2 years as a salesperson. http://www.dre.ca.gov/exm_broker_exper.html
see “Education in Lieu of Experience”… this is just in CA though. I found this right after I applied to take my salesperson’s exam. I was like noooo!! but nbd, I was able to get my salespersons license while I was finishing my broker’s courses.
Bummer about the deals you missed. I see a lot of people on here referring hopeful investors to their local real estate club (theres a link to the left that shows the clubs by state). I’ve never been, but supposedly there is a great opportunity to find an equity partner at your local club. Good luck!
In 2011 I plan on doubling my net worth thru real estate investing.
That means selling all units and replacing them again with better homes without the mistakes of the last 5 yrs. I am finally getting a handle on this.
Redhawk