Since I am a big believer in written goals and reviewing them often, I am going to start a new monthly review post. In 2010, I have big goals, so I need to have laser focus to make sure I hit or surpass them.
What happened in January?
And now to the progress on the goals?
Get to 20 rentals properties (not units)
We are now up to 10 rentals. I am slightly discouraged because House #33 (the contract the bank cancelled on us after the electric meter got pulled) was going to be a rental too, so that would have put us at 11.
Make 36 Purchases (Rentals, Retail or Wholesale)
In January, we made three purchases, so we are exactly right on track with our goal. Three purchases a month * 12 months = 36 houses. Earlier in the month I really thought we might get 5 deals done this month, but House #33 got cancelled and House #32 got delayed slightly. It should close early this coming week.
Raise $250,000 in Private Money
We also nailed this goal; we raised $110,000 as a private first trust deed on one of our rental properties. This grouped with some of the smaller amounts I have pulled in, puts us way over half way towards this goal. I have another person that wants to invest 60,000, so we should be pretty close to meeting this goal by the end of February.
Now onto some of your goals:
I asked you guys to list some of your goals on my blog earlier this month, I am going to try to keep you accountable too, so I will list what you posted and you can post an update in the comments. If you want to be added to the list feel free to post your goal in the comments. If you want to be taken off of the list, no problem let me know.
Mike Z: Purchase 10 Cash Flow Rentals (1 Down 9 to go)
Anything new in January Mike?
QkNic: Purchase and rehab 2 properties @ 100% return on investment. Build a spec home in a high end community.
Any luck selling the first rehab? How is the second rehab coming?
BJ Fitzgerald: Purchase my first property. I hope to have more than one but I need to take that first step. Last year several “excuses” held me back: work, wedding, etc. I plan to have NO EXCUSES when I look back a year from now…
How are things coming? Did you get approved by some lenders to finance your deals? Have you had a chance to go look at any properties yet?
Stephen J. Moore : I plan to wholesale at least 10 properties, hopefully more and get 2-3 rehabs or flips done as well.
You have big goals Stephen. How is the progress coming? Have you got the first wholesale deal down yet?
Jennifer: 1) complete 4 rehabs in 2010. We have purchased one and are working on it now. Should hit the market by February 20th. 2) have plans done and permits ready to build our own home! We have gotten as far as interviewing architects – now we need to pick one and just go for it! We have not done much as we bought the location in March 2009!!! 3) Get my real estate license. I have completed/passed 2 of the 3 courses and then I can apply to take the test!
How is the first rehab coming? Have you found anything else to buy? Did you schedule your real estate exam yet?
Good luck everyone!