This is an update to my previous post detailing My Business Goals. Here’s a quick recap of where I stand on the short term goals listed.
1. (Finish The Batcave and have it on the market by May 11th. This will depend on coming up with the money to replace the roof, finding a landscaper, and assuming they can have the work done by then.)
I got The Batcave finished and listed, but it was 4 weeks later than my goal. There were a few reasons for this. First and foremost, I had an incredibly difficult time finding a good landscaper who wanted some work. After speaking with over 10 people and waiting on estimates or at least some sort of reply, I finally found one and am happy with the price and results. The new roof also had a slight delay in being installed due to bad weather and the holiday weekend. The property was on the market for 9 days until I received an offer, and got it under contract shortly thereafter.
2. (Begin finding Private Money/Hard Money Lenders to hopefully work with on future deals. Identify two potential lenders by June 1st.)
I guess this goal was partially completed, as I discussed the possibility of doing some private money lending with one person and talked with another person about potentially partnering on some deals. I will re-visit this goal later as I look to do some more deals.
3. (Complete at least 3 more rehabs in 2012.)
This goal is going to be tough to achieve since the year is half over, and my market is becoming pretty competitive amongst investors along with owner-occupants as well. I’m certainly going to try to meet and exceed this goal, but I’m not going to get myself into some thin deals just to meet my quota. I still want to meet my minimum $ spread in a deal before I will proceed with it.
4. (Purchase at least one SFR rental in 2012.)
I’m confident that I’ll be able to add at least one rental property to my portfolio this year. I’ve already seen numerous good deals come and go while I’m waiting on The Batcave to sell. It hopefully will close in about 3 weeks and I’ll be able to pursue rentals at that point.
Thanks to everyone who’s visited the website. You are helping keep me motivated as I move forward and I appreciate all of your support.