I’ve realized that I need to write down my goals. I need to make short term goals as well as long term. Why set goals? When we have not clearly identified what is important, everything is. I have all these ideas and goals floating around in my head, but I need to be able to visualize them to make them real and attainable. Setting goals helps to create focus and eliminate distraction. So, I’m going to go one step further and post them here for all to see. I hope doing this will also allow you all to keep me both accountable and motivated!
As I meet the goals, I will cross them off and amend them for a higher target when applicable.
Short term goals:
- 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.
- Begin finding Private Money/Hard Money Lenders to hopefully work with on future deals. Identify two potential lenders by June 1st.
- Complete at least 3 more rehabs in 2012.
Part of my overall strategy is also to purchase properties to “buy-and-hold”, or rent out long term. These will hopefully consist of both single family residences (SFR), and multi-family residences (MFR). This will eventually be done in a seperate company/entity other than Mended Properties. Here are my buy and hold goals:
- Form another corporate entity to hold my first buy-and-hold property/properties.
- Purchase at least one SFR in 2012. – I’m frustrated because I’m finding some deals on properties that would make good rentals, but I won’t have any cash to work with until after I sell The Batcave. I’m going to see if I can find a way to jump on at least one of these deals in the meantime, before someone else does.
Long term goals:
- Explore hiring a project manager to oversee the day-to-day operations including scheduling of contractors for the rehabs. This will be vital once I start having multiple projects going at the same time.
- Rehab 5 properties in 2013
- Rehab 10 properties in 2014
And for the buy-and-hold division:
- Purchase at least 1 SFR in 2012
- Purchase at least 2 SFR in 2013
- Purchase at least 1 MFR by the end of 2013
- Purchase at least 3 SFR each year from 2014 through 2022
- Purchase at least 1 MFR each year from 2014 through 2022
- By December 21 2022, have a passive annual income of at least $1Million.
Now, I understand that my final goal above may come across as greed. Please understand, it’s not. Anybody who knows me knows that I am far from greedy. I have always been a very giving person and there are a LOT of things I want to accomplish as part of the legacy I leave behind me when my short time on this earth is finished. Most of these things involve giving to others. By 2022 (10 years) I aim to have at least 30 SFR and 10 MFR in my inventory, which should provide the means to provide these things.