Yearly, I set objectives and evaluation my objectives from the earlier 12 months. Not solely do I set objectives and evaluation them however I publish them right here for the world to see! This helps maintain me accountable for my actions and retains the objectives contemporary in my thoughts.
Once I set objectives, my predominant goal is to not obtain these objectives however to do higher. Lots of my objectives I don’t obtain and that’s okay as a result of I do know I did extra and higher with the objectives than if I didn’t have them.
My earlier objectives and the way I did
It’s loopy to think about how a lot I’ve achieved through the years and I do know that setting objectives helped me do way more than I ever thought doable. I personal greater than $22 million price of actual property and have achieved a lot of my goals. I nonetheless have an extended method 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 possibly can see these different objective articles from earlier years under:
Issues have modified through the years 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 way more.
What have been my objectives for 2023?
I don’t make the identical objectives yearly as a result of not each objective works. Some objectives might appear to be nice concepts till I notice attaining them was too simple or not impactful on me or my enterprise. Some objectives could also be too troublesome to measure or observe and a few are simply oo boring. These have been my objectives for 2023
Promote 20 properties
I normally make a objective to flip a specific amount of houses which suggests I promote a flip. I felt the necessity to carry a objective like that again since I have to be promoting properties pretty shortly to maintain my enterprise mannequin sustainable since I’m shopping for new ones and spending so much 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 previously that weren’t the very best performing and that’s my plan now as nicely. I’ve had some properties that I had massive plans for however these plans fell by way of for numerous causes. I must promote these and transfer on to different properties whereas maintaining the great ones.
I imagine I solely offered 10 properties in 2023! This was means under my objective and some issues made this troublesome. For one, I used to be not in a position to purchase as many flips as I hoped to. Rising rates of interest additionally made it tougher to promote among the multifamily flips that I had deliberate to promote. This was not the tip of the world as a result of I’m getting cash on these properties each month however I do have plenty of capital tied up in them that I want to get out finally.
Right here is without doubt one of the properties I offered:
Purchase 12 Flips
I feel 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 be a bit deceiving. A number of the flips I purchased have been multiunit properties that can take extra work than a standard flip and among the properties that I thought of to be rental property purchases in 2022 might find yourself being long-term flips too. I’ve a number of duplexes and triplexes that I used to be considering of maintaining or promoting and I feel I could promote them after fixing them up a bit.
I didn’t purchase 12 flips in 2023 both! We solely purchased 7 flips which was not significantly better than 2022. The silver lining of that is that a lot of the flips we purchased we within the final half of 2023 so we may even see some mild on the finish of the tunnel for locating extra offers. The dearth of stock has made it very laborious to seek out properties that shall be a worthwhile flip.
Right here is without doubt one of the flips I purchased:
Purchase $2,000,000 price of rental properties
I’ve had objectives to purchase a specific amount of leases (my objective to buy 100 leases) and to purchase a specific amount of sq. footage of leases (my objective to buy 1 million sq. toes of leases) however this 12 months I’m altering it to a greenback quantity. I preferred each objectives however they each had points. The 100 property objective was for homes I began shopping for massive industrial properties. The 1 million sq. toes of leases objective was cool however then I purchased some loopy massive properties that have been principally cash pits. We’ll see how this objective goes.
I did completely horrible with this objective as nicely! I solely purchased one rental property and it was a small one and a enterprise too. The small laundromat in Kersey Colorado had an house in it and that’s the solely rental I used to be in a position to -purchase for $300k. I did have one other property that I nearly purchased for $1.3 million however the vendor backed out on the final second. Despite the fact that the marketplace for promoting leases is just not superb, there nonetheless aren’t many offers on the market to purchase both!
Refinance $2 million price of debt
That is one objective that I’ve been engaging in and makes an enormous distinction in my funds. By refinancing personal cash into financial institution cash, I unencumber these personal cash lenders to lend me extra personal cash and scale back my curiosity funds whereas locking in loans for the long run. I’ve some new lenders to do this 12 months and I can attain out to my outdated ones as nicely on a number of properties.
Nicely, that is one other objective that I utterly missed. I had some concepts to refinance properties however these concepts fell by way of. I knew it could be powerful refinancing properties with conventional financial institution loans and I hoped to make use of some DSCR loans. The difficulty I bumped into with DSCR loans, is that the majority of them have big prepayment penalties and it is vitally laborious to seek out them on industrial or mixed-use properties.
Make $500k in income from Investfourmore
I’ve this identical objective once more! I’ve some new issues to attempt to I could actually concentrate on that enterprise this 12 months myself as nicely. I feel there may be plenty 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.
Are you getting used to me lacking my objectives as a result of it occurred once more! I truly noticed a lower in income from investfourmore. Investfourmore is that this weblog, my YouTube channel, social media, actual property teaching merchandise, and some different issues. One of many massive issues with Investfourmore is that actual property is admittedly laborious proper now and I feel many individuals have misplaced curiosity or given up. Whereas my income didn’t go up, I used to be in a position to accomplish some nice issues in 2023 with my model.
Add 250k social media followers
I feel this objective is diable and on the identical time difficult as nicely. The tough half with social media is you by no means know what is going to do nicely or how your account will do. Some issues I feel won’t ever do nicely find yourself being superior and a few that I feel 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.
Here’s a objective that I used to be way more profitable at attaining. I hit 100k Subscribers on YouTube! I didn’t add 250k social media followers, however I added about 100k by way of YouTube, Fb, and TikTok. Instagram has truly been shedding followers as a result of I feel Instagram shadow banned me and hates me. I’m not positive why.
Elevate Revenues at my retailer from $65k to $95k monthly
I purchased a liquor retailer and mini-market in 2022 which was a objective of mine for some time. I’ve at all times needed a brick-and-mortar retailer for some motive. I bought my want and it has been enjoyable but in addition difficult. The shop makes cash even after paying hire to myself who owns the constructing as nicely. Whereas it makes cash, I feel it may well achieve this significantly better! One massive change is we are able to serve extra meals choices since I simply upped our meals license to a grocery with a deli which permits us to arrange some meals. We’ll see how that goes!
This objective I hit in the summertime of 2023 after which gross sales dropped again down once more. Gross sales are seasonal on the retailer and that was to be anticipated. Whereas gross sales have been means up, our earnings weren’t as a lot as they need to have been resulting from some staffing points and price issues. Getting cash is just not all about income, however the backside line, or revenue as nicely. The shop goes nice.
Fascinating 2023 accomplishments that weren’t objectives
Whereas I didn’t accomplish a lot of my objectives I used to be in a position to do some new issues I used to be not anticipating. I’ve needed a laundromat for a few years and tried to construct one from scratch in a small city in Northern Colorado. That didn’t work out due to the construct and utility prices. Nevertheless, I used to be in a position to purchase one small laundromat and automobile wash in June that was already present after which I took over one other laundromat in September! The small laundromat has had many challenges however the bigger one is doing fairly nicely. It was very thrilling studying the enterprise and making an attempt to enhance gross sales.
My objectives for 2024
As at all times I’m going to alter up how I do my objectives this 12 months. I’m at all times tweaking and altering issues as I mentioned beforehand. I’m going to do one thing new which perhaps I ought to have executed earlier than however for some motive, I didn’t. I’m going to publish an revenue objective. I’ve at all times been about investing and income in a few of my companies however I’ve by no means executed a complete revenue objective. Many individuals assume I make far more cash than I do.
I wish to make a million {dollars} in taxable revenue in 2024
I’ve a number of corporations which have made near or multiple million {dollars} in income a 12 months however taxable revenue is just not income! If I’m able to make a million {dollars} in taxable revenue it’s going to imply that I introduced in far more revenue than that as a result of my leases and different companies present an amazing quantity of writeoffs and deductions. I plan to do that with a mixture of on-line revenue, retailer revenue, flip revenue, rental property revenue, and laundromat earnings. I broke down that objective into smaller objectives like making $100k revenue on the retailer.
I wish to promote 20 properties in 2024
I’m repeating this objective once more as a result of there are about 5 leases I want to promote which might be underperforming or have plenty of fairness in comparison with the money circulation coming in. I even have 7 flips that ought to promote in 2024 and I plan to purchase extra that can promote in 2024 as nicely. It’s not the tip of the world if I don’t promote this many however it could be good and unencumber capital to purchase properties with extra potential or value-added potentialities if I can discover them!
Right here is without doubt one of the properties I offered in 2023:
I wish to purchase at the least 12 flips in 2024
I made this objective in 2023 and didn’t attain it both however I feel I can in 2024 or at the least come shut. It’s enjoyable doing flips and I really like creating movies and shopping for extra flips permits me to make extra movies! I’m hoping with rates of interest happening (fingers crossed) extra stock will come in the marketplace and I will discover extra offers.
I wish to purchase $2 million price of leases
I’m repeating this objective once more too! Rental properties that generate profits have been briefly provide in my market. There have been a number of properties that got here up on the market that have been near ok offers for me and different buyers jumped on them. I’m considering I could must attempt a special market quickly however I’m not giving up on Colorado but. I did make a publish about essentially the most landlord-friendly states which may assist others and myself decide if I determine to spend money on different markets.
I wish to refinance $2 million price of debt
I’m nonetheless seeking to refinance a few of my properties which have personal cash loans on them. Fortunately my lenders are very versatile and are prepared to maintain taking the curiosity I’m paying them. If rates of interest come down a bunch that will be superior however I’m not positive how far down they may go. I’d additionally like to discover a DSCR lender that doesn’t have big prepayment penalties!
Social media and weblog objectives
I’ve many objectives for social media. I wish to proceed to develop my YouTube channel and I’d love for it to take off and focus my time on it however my different social media channels like Fb and TikTok drive folks to my YouTube channel. I additionally haven’t been writing as a lot on Investfourmore.com as a result of I’ve been focussing on social media and I feel that’s one motive I’ve not been as profitable on-line as I had hoped. I wish to write extra on my weblog and ensure I’m benefiting from the model I’ve constructed over a few years!
Listed below are among the social media objectives:
- 150k YouTube Subscribers
- 400k Fb followers
- 100k Tiktok followers
- Improve visitors on Investfourmore to 50k customers a month
- I nonetheless wish to hit that $50k a month income objective as nicely!
Conclusion
Setting objectives is essential and one thing I do yearly and maintain observe of on a regular basis. To be trustworthy, I may have saved higher observe of my objectives in 2023. I had them written on a whiteboard and I checked out them however I didn’t set time away to plan as a lot as I ought to have. One other objective of mine is to focus extra on my objectives in 2024!
To study extra about objectives and why I exploit them verify this out.
