Your Goals

General Real Estate Investing
1

I read an interesting study the other day.

It stated that a Harvard study was done in the 70’s where students were ask to write down their goals.

Only 3% of the class actually took the assignment seriously and wrote their goals down on paper at the time.

When they contacted them 20 years later to gather statistics on how they had done they found some shocking results.

The 3% who wrote down their goals and had earned 97% more money than the 97% who had not written down their goals. :shocked

Interesting?

So I ask each of you to type out your Top 5 long term goals you hope to achieve over the next 20 years and then update us later on if you achieved or exceeded those goals.

2
  1. Go to nursing school for 1 year.

2.Buy enough rental properties to allow me to be financially independent from a regular job.

  1. Get my piloting license, so I can go UFO hunting while im in the air.
    ( I hear thats the best way to see them). I want to get one on camera.

  2. Go to every IU game home/and away (Indiana University Basketball).

  3. Just enjoy life.

3

  1. Be able to handle a full short-sale, from start to finish, all by myself.

  2. Have the people under me to delegate the work needed to complete a full short-sale from start to finish.

  3. Have a net profit, not just gross, of $50,000 from one transaction in less than 3 months.

  4. Have my pilot’s license and own my own jet (a big, fat FU to the TSA!! :evil )

  5. Have enough passive income to cover all my bills and put food on the table.

Dean

4

Goal 1) Build a fully functioning well oiled flipping business. Hire enough staff to put it on auto-pilot

Goal 2) Use the cash generated from flipping houses to invest in revenue properties.

Goal 3) Buy as many properties as humanly possible till the day I die.

Goal 4) Build a large empire of real estate that continues to grow and grow with each purchase.

Goal 5) Start a brokerage so I can hire agents to handle all the incoming leads from sellers / buyers I don’t buy or sell houses to.

5

Tien,

before you get to Goal 1 -

you need about 50 smaller goals and about 150 smaller objectives to reach those little goals in order to get to number 1.

write them down - keep them simple.

6

I only have one goal. I have put this goal in writing every year for the past several years.

Also, I write the objectives I must achieve to meet my goal. Each object may have several tasks that I need to complete to accomplish that objective.

My goal quite simply is: Increase my year end net worth at least 5% over last year.

Flipping house, holding rental property, owning my own business, investing in the stock market, are all activities that support my goal.

Goals are specific, measurable, and have a finite timeline.

Keep it simple. Easier to stay focused.

7

Hey, read the opening post:

Top 5 long term goals you hope to achieve over the next 20 years

People love to talk about small goals but it seems a lot of people are afraid of thinking / dreaming / going after big big goals.

And every single day I keep mapping out the small objectives and adjusting the small goals but I never lose sight on why I am doing this in the first place.

8

O.K. Here’s mine.

  1. To generate at least $3,000 in “passive income” in 5 yrs. or less to eliminate the NEED to have a job.
  2. To have a minimum of 10k/mo. “passive income” and minimum of $2M in net worth in 10 yrs. or less.
  3. To be debt free (personal debt) in 10 yrs.
9

Here’s mine

  1. Not be shot by one of my tenants.
  2. Always clean the bottom of the toilets BEFORE reaching under to move it.
  3. Always wear gloves when moving toilets.
  4. Not be shot by one of my tenants.
10

John, OMG what are you doing to be worried about being shot by your tenants and why are you touching toliets in the first place.

Why not use a property manager or if not buy a “bullet proof vest” :help

11

Here are my goals

  1. Have tenants pay for my properties until I am ready to sell (or refi) in 30 years
  2. Make enough rental income so that I can achieve goal # 1 purely off the rent from tenants (none of my money)
  3. Make enough rental income so I can support my family
  4. Retire from my job and flip properties for fun (without compromise to my first 3 goals).
12

What if they shoot em’ in the head? :banghead :shocked

13

…then his goals won’t mean too much anymore…

14
before you get to Goal 1 -

you need about 50 smaller goals and about 150 smaller objectives to reach those little goals in order to get to number 1

Wow! If I had to do all that, I’d also need another goal to improve my memory so that I could remember all my 200 smaller goals and objectives!!!

Mike

15

  1. Get rid of PMI 1-2 properties per year. Then pay off mortgages.

  2. Finish “How to” book/seminar on Furnished Rentals for fun or profit, but just do it

  3. Finish renovations, 5 units to go before buying more.

  4. Sell all my free & clear properties by carrying high-interest paper or sell whole business.

  5. Retire in my paid-off resort hotel casita with restaurant, bar, pool and gorgeous landscaping.

16

  1. To achieve our goals (Our Mission)

  2. To always stay in single digit jeans for as long as I live.

  3. To stay happily married as happily married as I am right now to my awesome husband, Mr. Dan Caywood (the other tattooed guru).

  4. For my kids to grow up to be well rounded, patient, respected adults that are as persistent as a termite to get anything that they want out of life.

  5. And finally, to find a REAL money tree. (Not really) But to continue to grow as a person, a friend, a wife, a mother, and an entrepreneur.

17
  1. purchase no less than 10 properties, in the next 2 years, under 70% of ARV and rent them for positive cash flow. ($1 or more)

For now, that’s it in terms of RE bidness. Once I achieve that goal, I’ll re-evaluate.

If I can achieve that, I’ll have a foundation for other goals, but the next 17 of 20 years will be about raising my family and maintaining the value that I have created into retirement and passing it on to them when the time comes.

18
  1. Buy my first of 250 single family rental properties by the end of the year.
  2. remain healthy
  3. have a realestate portfolio worth 50 million
  4. help create more than 20 millionaires
  5. continue having good friends and family. :cool