I love how Invest Four More does an outline of his goals for the coming year, including a recap of his achievements in his prior year goals. I love the accountability, so I am following suit.
We started in real estate investing in early 2017 when we purchased our very first acquisition that March. We didn’t have specific goals for 2017. We were still getting our feet wet and said, “let’s get five rental houses this year.” We didn’t set specific criteria for those homes – we were winging it. We closed out 2017 with four properties – three buy and holds that are currently tenant occupied and a flooded home at the very end of 2017 that is currently in rehab that we plan to keep as a rental.
We also started a meetup group here in Katy because it felt like all the real estate groups were centered in Houston. Katy has over 300,000 people, and we felt that population can support having a localized meetup. The meetup currently has over 600 members, and we had about 60 turn out for the last meeting. The meetup helps us make connections, and we’ve come to learn networking is a vital part of this industry.
I’ve learned a lot over the last eleven months (and have a ton more to learn), and our goals for 2018 are more specific and informed.
So what are our real estate goals for 2018?
- Purchase five single-family rental properties where we can get into them with at least 20% in immediate equity that cash flow at least $300 per month each.
- Do three straight flips netting at least $25,000 each.
- Do three wholesale deals – I’m less concerned about the amount of profit from these at first and more so on gaining the experience in the process.
- Increase available funds from our private money lenders to at least $600,000.
- Get my real estate license – I have already taken and passed the state and national exams and am waiting for TREC to approve my application.
- Launch my real estate agent websites.
- Be generating at least three closed agent referral leads per month by the end of the year.
- On a personal note, we’ve sold our primary residence and will be moving into a new one in mid-March, so we need to get that done and deal with some minor chaos for a few weeks as a result.
- Do a full renovation of my husband’s office space in our new home. It’s currently a dated 1,100 SF space with a small but not very functional kitchen and a half bath.
- Grow our meetup to 1000+ members, with an average attendance of 100 per meeting.
While I wrote this post in February, I set these goals before the start of this year. I’m already actively working toward achieving them and looking forward to updating y’all on how I did with them in 2019.