I like setting objectives, making an attempt to perform them, and normally failing miserably! I say that in a joking method however I actually don’t thoughts not carrying out all of my objectives as a result of that isn’t what objectives are for. Objectives are that can assist you do higher and go farther than you’d have gone with out them. If I attain all of my objectives then meaning I made them too simple to perform and I in all probability stunted my progress. Yearly I make very aggressive objectives and I put up them publicly to provide myself accountability. I additionally change my objective construction as I study what has and has not labored effectively for my objectives.
My earlier objectives and the way I did
It’s loopy to think about how a lot I’ve completed through the years and I do know that setting objectives helped me do far more than I ever thought attainable. I personal greater than $22 million value of actual property and have completed a lot of my desires. I nonetheless have an extended technique to go and I’ll hold this going so long as I can. Yearly I write this text that goes over my earlier objectives and my future objectives. You may see these different objective articles from earlier years under:
Issues have modified through the years as my enterprise has modified and new issues have come into my life. I began an actual property brokerage, began investing in industrial actual property, wrote many books, began brick-and-mortar companies, and far more.
What have been my objectives for 2022?
For 2022, I needed to vary issues up just a little bit. I modified a lot of my objective buildings and tried some new issues which labored okay. I’m going to vary these once more for 2023.
Full 36 rehabs
I’ve at all times had a objective to flip a certain quantity of homes every year. Nevertheless, this objective cannot at all times present what is going on within the enterprise. Final 12 months we began transforming multi-units which suggests one flip is perhaps the identical as 5 flips. We even have been shopping for extra rental properties and rehabbing and renting these properties might be very worthwhile as effectively however power us to do fewer flips. In 2022 I’m altering my objective to be in regards to the number of rehabs we do! I need to full 36 rehabs on flips or leases and that is per unit.
This was a tough objective to maintain observe of as a result of we had multiunit properties, industrial properties, and homes that we reworked. I feel we have been proper round 30 rehabs that we accomplished which was near my objective. This was an fascinating objective however we nonetheless had rehabs that took manner too lengthy. I additionally didn’t promote as many properties as I normally do and I feel promoting properties is an effective objective to have (flips or leases) since that helps hold money coming in to help new buys and rehabs.
Right here was certainly one of my crazier rehabs!
Add $45k a month in passive revenue
I’ve had some bizarre objectives of including sq. footage of leases as effectively. I like this objective and it’s simple for me to measure however I additionally find yourself with vacant sq. footage which is destructive and never optimistic. For this 12 months, I’m making a passive income objective that embraces each the buying and stabilizing of leases. This objective will also be completed with refinances or beginning companies that create more money circulation just like the liquor retailer or mini-mart.
This objective was additionally tough to trace and I didn’t hit it by any means. I did improve my money circulation by fairly a bit however then decreased it at occasions with new purchases that weren’t rented but or wanted to be reworked. I accomplished a refinance which helped the money circulation as effectively. I feel I added round $15,000 in money circulation general which is nice however not near my objective. I might have additionally carried out a greater job focussing on this objective as effectively. Some offers have money circulation straight away and a few don’t!
Refinance $2 million of debt
I had a objective to refinance $2 million of debt in 2021 and I’ve that very same objective this 12 months as effectively. After serious about it, I might have to extend this objective since one refinance I’ve in progress will come near $2 million! That refinance also needs to save me about $8,000 a month as a result of it’s paying off high-interest short-term debt with low-interest long-term debt!
It took me a very long time to get that one refinance carried out however I did it! I didn’t do every other refinance charges rising a lot however I plan to look into extra in 2023. I do have non-public cash loans that I want to interchange with financial institution loans or promote the properties sooner or later.
Make $500k in income from InvestFourMore
I had made objectives to have actually good months with my weblog, and on-line enterprise: Investfourmore. I noticed all the 12 months is extra vital to give attention to! I’ve made a objective to herald $500,000 in income and we now have fairly low overhead on this enterprise. I’m working with a brand new firm to assist me do that so be careful for a couple of new issues popping out this 12 months!
That new firm I labored with was filled with guarantees and brief on outcomes! Sadly, I wasted some cash on them however that’s a part of the enterprise. That was a irritating expertise and prompted me to tug again from among the on-line advertising for some time however I’ve not given up. I nonetheless do effectively on-line with income and have some new streams of revenue since Fb and Instagram began paying content material creators extra. I feel I can hit this quantity ultimately however I’m not there but.
Add 200k social media followers
I’m protecting this objective the identical as effectively. We made some huge progress with YouTube final 12 months however had some destructive progress with Instagram when my account was disabled and I assumed is perhaps gone for good! Fortunately I acquired it again, however getting new followers after that has been difficult!
You by no means know what is going to occur with social media! My Instagram continues to be lackluster however TikTok is doing effectively and my YouTube took off after the squatter evictions and loopy post-occupancy home. I added greater than 60k follows on Fb in a single 12 months and far of that was due to anti-landlord individuals who remark on a regular basis and assist my engagement! I didn’t get to 200k however I feel I added near 100k followers and I plan to up that once more.
Right here is the squatter eviction video that did so effectively!
Add $3 million value of debt
I stole this objective from Fb after I noticed one other investor ask individuals how a lot debt they needed so as to add this 12 months. I liked this objective instantly! I’m an enormous fan of utilizing good debt to construct wealth. If I’m including debt it means I’m shopping for extra properties that can make me extra money!
I got here very near this objective! With the refinance and a few massive purchases together with the 13k sq. foot industrial property and the liquor retailer and mini-mart I in all probability elevated my debt by greater than $3 million however then I offered a couple of properties as effectively which lowered it some.
Purchase a Lamborghini Countach
I’m repeating this objective once more and I could must repeat it for a couple of years however I’ll obtain it will definitely! I’ve gotten extra severe about searching for a automotive and reached out to a couple individuals within the business who might know of one thing that isn’t technically on the market however may very well be on the market! I after all will hold everybody up to date on this objective!
This was one which I make a number of years and one 12 months I do know it’ll occur. Properly, 2022 was the 12 months it occurred! I couldn’t imagine I used to be capable of get it carried out however there was a terrific automotive that got here up on the market at an honest worth (for a Countach). It took a while to get all of it labored out however the automotive is in my storage and up to date public sale gross sales have satisfied me it was the correct transfer on the time. I knew if I didn’t purchase one quickly I could by no means be capable of get one so it was cool to tug that off.
My objectives for 2023
For 2023 I’m switching issues up with some totally different objectives to see what I like greatest! Right here they’re!
Promote 20 properties
I normally make a objective to flip a certain quantity of houses which means I sell a flip. I felt the necessity to convey a objective like that again since I have to be promoting properties pretty shortly to maintain my enterprise mannequin sustainable since I’m shopping for new ones and spending so much on repairs. I didn’t promote as many properties in 2022 as I normally do. These could also be leases or flips that I promote in 2023. I’ve offered leases prior to now that weren’t the perfect performing and that’s my plan now as effectively. I’ve had some properties that I had huge plans for however these plans fell by for varied causes. I must promote these and transfer on to different properties whereas protecting the nice ones.
Purchase 12 Flips
I feel we solely purchased 6 flips in 2022! That was the fewest variety of flips I’ve purchased in a few years however that quantity can also be just a little deceiving. A few of the flips I purchased have been multiunit properties that can take extra work than a standard flip and among the properties that I thought-about to be rental property purchases in 2022 might find yourself being long-term flips too. I’ve a couple of duplexes and triplexes that I used to be pondering of protecting or promoting and I feel I could promote them after fixing them up a bit.
I wish to improve the variety of flips we purchase as a result of that a part of the enterprise is enjoyable for me and Nikki, my undertaking supervisor. I feel we might discover extra this 12 months with a extra regular market. The housing market in 2022 was insane with many ups and downs however few offers available!
Purchase $2,000,000 value of rental properties
I’ve had objectives to purchase a certain quantity of leases (my objective to purchase 100 rentals) and to purchase a certain quantity of sq. footage of leases (my objective to buy 1 million square feet of rentals) however this 12 months I’m altering it to a greenback quantity. I favored each objectives however they each had points. The 100 property objective was for homes I began shopping for massive industrial properties. The 1 million sq. toes of leases objective was cool however then I purchased some loopy huge properties that have been largely cash pits. We are going to see how this objective goes.
Refinance $2 million value of debt
That is one objective that I’ve been carrying out and makes an enormous distinction in my funds. By refinancing non-public cash into financial institution cash, I unencumber these non-public cash lenders to lend me extra non-public cash and cut back my curiosity funds whereas locking in loans for the long run. I’ve some new lenders to do that 12 months and I can attain out to my previous ones as effectively on a couple of properties.
Make $500k in income from Investfourmore
I’ve this similar objective once more! I’ve some new issues to attempt to I could actually give attention to that enterprise this 12 months myself as effectively. I feel there may be a number of alternative there that I’ve not been totally tapping into. I might like to have individuals in my workplace who work on this enterprise.
Add 250k social media followers
I feel this objective is diable and on the similar time difficult as effectively. The tough half with social media is you by no means know what is going to do effectively or how your account will do. Some issues I feel won’t ever do effectively find yourself being superior and a few that I feel are superior do horrible! One of many sub-goals in that is to hit $100k subscribers on YouTube. I’ve 90k now and gained 10k within the final 2 months however with out loopy evictions, YouTube stops pushing my channel as a lot and that loopy run is over for now. Hopefully, I can get extra regular and constant progress with out craziness.
Increase Revenues at my retailer from $65k to $95k per 30 days
I purchased a liquor retailer and mini-market in 2022 which was a objective of mine for some time. I’ve at all times needed a brick-and-mortar retailer for some purpose. I acquired my want and it has been enjoyable but in addition difficult. The shop makes cash even after paying lease to myself who owns the constructing as effectively. Whereas it makes cash, I feel it will probably accomplish that significantly better! One huge change is we will serve extra meals choices since I simply upped our meals license to a grocery with deli which permits us to arrange some meals. We are going to see how that goes!
Setting objectives is essential and one thing I do yearly and hold observe of on a regular basis. It took me some time to jot down this text this 12 months however I had made my objectives and was protecting observe of them and dealing in direction of them previous to writing out the complete article on them. To learn more about goals and why I use them check this out.