My Actual Property Targets for 2023 and a Recap of 2022
I like setting objectives, attempting to perform them, and normally failing miserably! I say that in a joking method however I actually don’t thoughts not conducting all of my objectives as a result of that isn’t what objectives are for. Targets 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 which means I made them too straightforward to perform and I most likely stunted my progress. Yearly I make very aggressive objectives and I publish them publicly to provide myself accountability. I additionally change my purpose construction as I be taught what has and has not labored properly for my objectives.
My earlier objectives and the way I did
It’s loopy to consider how a lot I’ve achieved over time and I do know that setting objectives helped me do rather more than I ever thought attainable. I personal greater than $22 million price of actual property and have achieved a lot of my goals. I nonetheless have a protracted solution to go and I’ll maintain 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 purpose articles from earlier years beneath:
Issues have modified over time 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 rather more.
What have been my objectives for 2022?
For 2022, I wished to vary issues up slightly bit. I modified a lot of my purpose buildings and tried some new issues which labored okay. I’m going to vary these once more for 2023.
Full 36 rehabs
I’ve all the time had a purpose to flip a specific amount of homes every year. Nonetheless, this purpose cannot all the time present what is going on within the enterprise. Final yr we began reworking multi-units which suggests one flip could be the identical as 5 flips. We even have been shopping for extra rental properties and rehabbing and renting these properties could be very useful as properly however pressure us to do fewer flips. In 2022 I’m altering my purpose to be concerning the variety of rehabs we do! I need to full 36 rehabs on flips or leases and that is per unit.
This was a tough purpose to maintain observe of as a result of we had multiunit properties, industrial properties, and homes that we reworked. I believe we have been proper round 30 rehabs that we accomplished which was near my purpose. This was an attention-grabbing purpose however we nonetheless had rehabs that took method too lengthy. I additionally didn’t promote as many properties as I normally do and I believe promoting properties is an effective purpose to have (flips or leases) since that helps maintain money coming in to help new buys and rehabs.
Right here was one in every of my crazier rehabs!
Add $45k a month in passive revenue
I’ve had some bizarre objectives of including sq. footage of leases as properly. I like this purpose and it’s straightforward for me to measure however I additionally find yourself with vacant sq. footage which is detrimental and never constructive. For this yr, I’m making a passive revenue purpose that embraces each the buying and stabilizing of leases. This purpose can be achieved with refinances or beginning companies that create more money circulate just like the liquor retailer or mini-mart.
This purpose was additionally troublesome to trace and I didn’t hit it by any means. I did improve my money circulate 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 circulate as properly. I believe I added round $15,000 in money circulate total which is nice however not near my purpose. I might have additionally executed a greater job focussing on this purpose as properly. Some offers have money circulate instantly and a few don’t!
Refinance $2 million of debt
I had a purpose to refinance $2 million of debt in 2021 and I’ve that very same purpose this yr as properly. After fascinated with it, I may have to extend this purpose 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 executed however I did it! I didn’t do some other refinance charges growing a lot however I plan to look into extra in 2023. I do have personal cash loans that I want to exchange 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 your complete yr is extra necessary to give attention to! I’ve made a purpose to herald $500,000 in income and we’ve 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 yr!
That new firm I labored with was filled with guarantees and quick 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 a few of the on-line advertising for some time however I’ve not given up. I nonetheless do properly on-line with income and have some new streams of revenue since Fb and Instagram began paying content material creators extra. I believe I can hit this quantity finally however I’m not there but.
Add 200k social media followers
I’m protecting this purpose the identical as properly. We made some large progress with YouTube final yr however had some detrimental progress with Instagram when my account was disabled and I believed could be gone for good! Fortunately I acquired it again, however getting new followers after that has been difficult!
You by no means know what’s going to occur with social media! My Instagram continues to be lackluster however TikTok is doing properly 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 yr 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 believe I added near 100k followers and I plan to up that once more.
Right here is the squatter eviction video that did so properly!
Add $3 million price of debt
I stole this purpose from Fb once I noticed one other investor ask folks how a lot debt they wished so as to add this yr. I beloved this purpose 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 may make me more cash!
I got here very near this purpose! With the refinance and a few massive purchases together with the 13k sq. foot industrial property and the liquor retailer and mini-mart I most likely elevated my debt by greater than $3 million however then I offered a couple of properties as properly which lowered it some.
Money versus loans on actual property.
Purchase a Lamborghini Countach
I’m repeating this purpose once more and I could should repeat it for a couple of years however I’ll obtain it will definitely! I’ve gotten extra severe about on the lookout for a automobile and reached out to some folks 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 maintain everybody up to date on this purpose!
This was one which I make a number of years and one yr I do know it’s going to occur. Properly, 2022 was the yr it occurred! I couldn’t consider I used to be capable of get it executed however there was a terrific automobile that got here up on the market at a good worth (for a Countach). It took a while to get all of it labored out however the automobile is in my storage and up to date public sale gross sales have satisfied me it was the suitable 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 purpose to flip a specific amount of houses which suggests I promote a flip. I felt the necessity to deliver a purpose like that again since I must be promoting properties pretty rapidly to maintain my enterprise mannequin sustainable since I’m shopping for new ones and spending loads 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 very best performing and that’s my plan now as properly. I’ve had some properties that I had large plans for however these plans fell by for numerous causes. I must promote these and transfer on to different properties whereas protecting the nice ones.
Purchase 12 Flips
I believe 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 slightly deceiving. A number of the flips I purchased have been multiunit properties that may take extra work than a standard flip and a few of 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 considering of protecting or promoting and I believe 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 challenge supervisor. I believe we might discover extra this yr 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 price of rental properties
I’ve had objectives to purchase a specific amount of leases (my purpose to buy 100 leases) and to purchase a specific amount of sq. footage of leases (my purpose to buy 1 million sq. toes of leases) however this yr I’m altering it to a greenback quantity. I favored each objectives however they each had points. The 100 property purpose was for homes I began shopping for massive industrial properties. The 1 million sq. toes of leases purpose was cool however then I purchased some loopy large properties that have been largely cash pits. We’ll see how this purpose goes.
Refinance $2 million price of debt
That is one purpose that I’ve been conducting and makes an enormous distinction in my funds. By refinancing personal cash into financial institution cash, I unlock these personal cash lenders to lend me extra personal cash and cut back my curiosity funds whereas locking in loans for the long run. I’ve some new lenders to do this yr and I can attain out to my outdated ones as properly on a couple of properties.
Make $500k in income from Investfourmore
I’ve this identical purpose once more! I’ve some new issues to attempt to I could actually give attention to that enterprise this yr myself as properly. I believe there may be a number of alternative there that I’ve not been absolutely tapping into. I’d like to have folks in my workplace who work on this enterprise.
Add 250k social media followers
I believe this purpose is diable and on the identical time difficult as properly. The difficult half with social media is you by no means know what’s going to do properly or how your account will do. Some issues I believe won’t ever do properly find yourself being superior and a few that I believe 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 purpose of mine for some time. I’ve all the time wished a brick-and-mortar retailer for some motive. 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 properly. Whereas it makes cash, I believe it may well achieve this a lot better! One large change is we are able to serve extra meals choices since I simply upped our meals license to a grocery with deli which permits us to arrange some meals. We’ll see how that goes!
Conclusion
Setting objectives is essential and one thing I do yearly and maintain observe of on a regular basis. It took me some time to jot down this text this yr however I had made my objectives and was protecting observe of them and dealing in the direction of them previous to writing out the complete article on them. To be taught extra about objectives and why I take advantage of them examine this out.
