2013 Goal Updates – Where I am and Where I might be going

Goal are very important in mapping out your path to real estate wealth.  So many of us spend a lot of time at the beginning of our journey, and then every new year, but I believe the difference between a hobby real estate investor and an investor who is truly motivated to become truly financially independent is some one who focuses on their goals, revises them, and learns from hitting or missing their goals.

So where am I at?   You can see the full list over at the original post about Goals: 2013.  Ignoring my Professional and Personal goals today, lets look at my Real Estate goals:

DOOR COUNT
Specific Increase the amount of doors
Measurable Purchase 1 in Q2, Q3, and Q4
Attainable Use Cash flow from current operations/Refinance of Properties
Relevant Salary Substitution/Replacement from Cash Flow
Time-Bound By The end of 2013

SCORE: FAILING

Well, Q2 is quickly coming to an end.  I have added 0 doors!  I’ve evaluated a lot of properties, outside of 4-plexes; smaller 10-15 unit apartment complexes.  There are a few in the right price range as what 4-plexes are going for in Las Vegas now.  But I’m short on Capital, it took too long last year/this year to stabilize the other properties to have $$ on hand, and I am looking at alternatives to funding. 

RETIREMENT/MOBILE HOME INVESTING
Specific Invest Self Directed IRA in Mobile Homes
Measurable Purchase 2 Homes this year
Attainable Do not Spend more then 10k
Relevant Building IRA Cash
Time-Bound By The end of 2013

SCORE: FAILING

I have driven for dollars through a few of the parks in Las Vegas and there’s a ton of opportunity.  In fact when the partner was in town in March we drove a couple and I showed her how to evaluate the homes.  Afterwards I sent her home with MY copy of Deals on Wheels.  D’oh! This goal is still on the table, but I may push it off because my personal situation is changing.  I need to re-evaluate this goal.

NETWORKING
Specific Develop a Relationship with C.B.
Measurable Close a deal
Attainable Work with “Speaker”  to secure first deal
Relevant Develop my first Private Investor
Time-Bound 2013

SCORE: UPDATED

This was a very specific goal, and was going wrapped around two people.  One the “Speaker”, and the other “College Buddy”.  Due to the problems we had with the “Speaker” I came to the realization that I needed to be a little less specific.

  NETWORKING – UPDATED
Specific Develop a Joint Venture with another Investor
Measurable Close a deal
Attainable Find a quality deal
Relevant Develop my first Private Investor
Time-Bound 2013

 

 

CREDIT SCORE
Specific Increase Credit Rating
Measurable Purchase a car on credit, remove all negative comments
Attainable Envelope Save: $100/wk at Down Payment pull trigger
Relevant Raise Credit Score
Time-Bound April

SCORE: ACCOMPLISHED – SORT OF!

  • My available credit on Card A has increased significantly (Which is costing me more money! But that’s okay)
  • Card Offers Continue to pour in, a sure sign of credit increases
  • I was offered great financing on a new car
  • SORT OF: Since my personal situation has changed, I decided to forgo purchasing a new car now.

Well I can see a pattern emerging and I identified it sometime in May and made a few decisions concerning my personal life so that I could make changes and start accomplishing more of my Real Estate goals.  I lack 2 things to progress my R.E. Goals: Time and Money. Money is around, and in fact I had another investor say he’d be more than willing to do J.V.’s with me if the deals were do-able.  But then I’m saddled with a job that’s not a 9-5, it’s a 9-9 six days a week.  Working 65-75 hours a week at a job is not conducive to following my path to real estate wealth.

For the last year I told myself, that’s okay you can do most of you R.E. Between 5am and 7am! Well that works for evaluating deals sending emails, and doing all the background stuff.  But how do I meet with a Realtor to visit a property?  Do you know one working at 6am?  I don’t!  Any chance to go out and meet with a M.H. Seller or Buyer?  Probably not at 6am, or even 10pm at night!

I had to come to a decision on whether I was going to continue down the path of my Job or if I was going to make the changes to embrace my path to real estate wealth.  I’ve struggled with the decision for a very long time, trying to balance the two. It is no longer viable, and I am working on executing the personal change.

Goals take; Planning and Execution,  Evaluation and Reflection, Organizing and Prioritizing.  It does not work to simply create a goal and assume it is going to guide you.  You need to develop a detailed plan and begin to execute those plans.  As progress is being made it becomes times to evaluate that plan and reflect on if you are ahead, behind or need to make changes. Organize your steps and evaluation and prioritize what and where you need or want to be.

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