January 2010 Goal Summary

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?

  1. We sold House #17 and House #18.
  2. We rented three houses (House #22, House #25 and House #27)
  3. We bought three properties:
    1. Currently, we have two more under contract and are really close on another two.  I would estimate there is an 80% chance we will make four purchases in February.

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!

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6 Responses to “ January 2010 Goal Summary ”

  1. qknic says:

    Working on selling the first rehad, have a few interested but no contracts yet. Construction started on the second rehab today.

    Christmas & New Years Flips

    Closing on my New years flip today. Going to be a good purchase for me. Finished construction/rehab on my Christmas flip. Go to my pics for the specs. This one was my first since April of 2009. (My current primary residence).

    Long story short-
    I get a few calls from different people wanting to invest in real estate. One didnt think I was worth a monthly retainer, the other didnt contribute anything of value.
    But what these calls did for me was reignite the passion and drive that I had only a year ago.
    So I go through my usual hunt for bargains and deals. As luck would have it I trip and fall over my Christmas flip. I actually came across this deal 2 months prior but paid no attention to it cause I was in the wrong mindset. This time with my mind and passion strong I negotiate the cheapest price in the neighborhood since 1996. I get hooked up with the best contractor I have ever met. I structure the rehab and pull the trigger.
    6 weeks later we are complete and the property is listed. Now its time to get that buyer so and realize the gain on my investment.

    New years flip- This deal has been on the table for a few weeks now, finally ready to close today and once again got a killer deal and it made for enough room in the project to do a custom interior. This particular bank made me loose hours of sleep and almost made my blood pressure sky rocket! lol. You can view the before pics and see the speed bumps I have on this one lol. But to the rescue is my contractor who will start work in 2 weeks and be completed in 6-8wks. Perfect time for tax season and the start to the “buying season”.

    Both of these deals are complete rehabs, down to the frame!
    Both are adobe construction, the christmas flip had the following work completed on it.
    Stucco, windows, roof, plaster, drywall, sub floor, carpet, tile, lighting, paint, vanity, tub, shower, cabinets, H20 heater, insulation, driveway, plumbing etc. Who ever buys this house will be getting a turnkey home that is superior to the stuff currently being offered in that price range!

    Once the New years flip is in escrow I have plans to build and invest in Santa Fe. Partnering with my mentor and my father the 3 of us will tackle the hardest yet highest yeilding market in NM! Ill keep you posted on any future activity.

  2. qknic says:

    sorry for the reference to the pics, I have this blog on myspace for my friends and family. So far right on track!

    Congrats on hitting your goal for the month!

  3. Jennifer says:

    Apparently, according to my partner, the rehab “looks like a tornado hit it” this morning. I haven’t seen it for a week, so this is surprising since demo was 2 weeks ago…..not nervous yet. Everything is ordered and looking good for Feb 20th list date.

    I think we have a 2nd property already!!! I will know for sure by Friday.

    I need to take the last course exam, probably tomorrow, and then schedule the real estate test. I have no idea how I am going to pass that thing – hopefully the weekend crash course you told me about months ago will do the trick!

  4. stephen j. moore says:

    Well i have been able to get 2 deals closed as i’ve brought a buyer to deals,on my own though i haven’t, i need to get some good marketing going,i’ve also been talking to hml’s about rates and terms as well.

  5. BJ says:

    I have gotten “pre-approvals” from two wholesalers in the area but neither have anything promising at the time. I have paperwork out to a HML and have looked at four houses. One looks promising if the HML comes back ok…fingers are crossed!

  6. Mike Z says:

    Nice work, now we are both accountable, just got #2 in escrow should close by 28th of Feb (So far 1 a month :-) Thanks for keeping me honest …

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