Another year gone by people! Are you focused and ready for 2020? Having some goals laid out and a plan on how to reach them is key to a successful real estate investing year.
Thus, I decided to share mine and how I go about setting them in hopes of giving others some inspiration.
Real Estate Goals 2020!
My not so random road map…
Breaking Goals Up Into Segments
It’s not just about the overall goals, but the milestones on the way. I’ve learned to break down goals into segments or chunks. Admittedly, this happened by accident for 2020.
However, it makes reaching goals and feeling good about them along the way that much better.
2020 Overall Goal
Starting from the top, the goal for my real estate business in 2020 is:
- Acquire two vacant non-operational duplexes, completely renovate and turn into performing rentals.
- Buy one turn-key multi-family of 3-5 units.
- Acquire another rental in FL (my local market), either single family or duplex and renovate.
- Acquire a 12 unit of bigger multifamily anywhere in the nation.
Three realistic and one stretch…
Of the above goals, two are for the market I do most of my investing nowadays, mid-Massachusetts and are pretty much standard business and what is available in the market.
One is to diversify and get back into my local market of South Florida.
And the last one is what I like to goal a stretch goal. The first three are within my business scope and I 100% know can be accomplished. I have done them before and I know exactly how they work.
The last one would be moving on to bigger things, which brings along new experiences and problems to solve. The first three are so called must haves the last one is nice to have. I will chase them all with the same tenacity as I want to continually grow to bigger and better things.
Currently I have three projects going on right now.
- A single family flip
- Cash-out refi on a occupied single family
- Duplex renovation that will become a rental
The goal is to have all three of those things done come March 1. If all goes to plan at that point I will have already refi’d out of the operational single family, have the flip listed for sale and the duplex rented and kicking off a cash-out refi on that.
So basically, those are my Q1 goals which keep me on a progressive timeline.
After those items are done I will be able to go back on the hunt for property with working capital now available, thus Q2 will consist of looking for non-operational duplexes we can renovate and rent. I will also be on the search for a turnkey multifamily.
Goal is to have a minimum of one project started in Q2, while I continue to search for more.
Come the end of Q3 I should have the second duplex project closed and underway if it did not happen in Q2 and the larger turnkey multi-family under contract.
By the end of the year all these projects should be finished, operational and refi’d out or in the process of doing so.
Throughout all that the search for my stretch goal will be live and ideally I will have found a 12 unit or larger property that I have either partnered up with someone on or acquired myself that has closed before year end.
And just like that 2020 is gone!
If you are just getting started investing in 2020 then be sure you know how to analyze properties and buy right!
Learn how with the ScaredyCatGuide to Investing in Rental Properties Video Course.