Thread: Real Estate Goals

Lofty goal!!! Hey but its better to have a big one than a small one (or none at all). I'd like to know your plan to reach this goal. For 07, my goal is to purchase 3 properties. I'm already closing on two of them. I hope to get a $1k a month passive income as well but will be happy with $500 a month.
I'm also doing condo (vacation home) renovation and home renovation.
For the next 3 years, I plan on putting up a franchise business. I have 8 years till retirement and just like the monopoly game, i plan on trading some houses for a motel...;-)
P

Originally Posted by Gilligan

I usually do better if I set some goals. Last year my RE goal was to acquire one more income property. I found it on the last day of January and closed on it the last of April. This year I want to set my goals a little higher.

This holiday season, I took the family to see Will Smith’s new movie “The Pursuit of Happyness”, a very good movie based on the true story of Chris Gardner who went from being homeless to a millionaire.

In 2007, I want to increase my real estate holdings by a half million dollars and increase my positive cash flow by $1000 per month.

What are your goals this year?

If all goes as planned, I will retire within 2 years. I currently own a house in KS(paid for), another 30 acres in KS(paid for) and a 4 unit apt building in WV(I live in 1 unit). I'm considering selling KS to pay off WV so I can have a 100% positive cash flow(minus taxes, maintenance,etc) to supplement retirement. I'm sure my accountant will throw a fit, but I need to scale down and slow down to enjoy retirement. Isn't that what we all worked our behinds off for all these years.

You sound like you are on the right track. Keep up the good posts. I am so glad I found this website. Thanks Tom and to all that make it a success.

Originally Posted by pyriel

Lofty goal!!! Hey but its better to have a big one than a small one (or none at all). I'd like to know your plan to reach this goal.
P

I'm glad you asked that question Pyriel, that gets me to thinking. I haven’t set up a game plan yet until now. My #1 RE goal is to finish my new log home, that should appraise for 200K+, I am planning on adding 5 more spaces at my mobile home park which is currently 100% occupied. When those fill up, I might have enough room to add 5 more spaces, that will be another $1000 per month ($100X10) right there. The spaces are worth 10k each even though they only cost me 1k to add. Up until now I was trying to figure how I was going to get the extra 1k a month figuring the average rent house only gets about $200 PCF a month. I have been looking at some other property but I don’t like the numbers. One that might work is a 5 unit that the price was just reduced from 200k to 175k, it brings in $2,300 a month, I need to inspect it for repair work. Right now I have too many irons in the fire to rehab anything. Time is a scarce commodity. If I don’t reach my goals this year but at least gain some, then I will be satisfied. Without goals I am like a ship without a sail.

WV,
sounds like you are doing good. I just thought of something, If you would sell your four plex that you live in, and if you lived in for at least two years, could you take the 250K IRS tax free profit or just 1/4 of it? We might need Georgia Gal on this.

Pyriel,
What kind of franchise are you looking at. Motels around here are valued at 3x annual rents.

Originally Posted by Gilligan

I'm glad you asked that question Pyriel, that gets me to thinking. I haven’t set up a game plan yet until now. My #1 RE goal is to finish my new log home, that should appraise for 200K+, I am planning on adding 5 more spaces at my mobile home park which is currently 100% occupied. When those fill up, I might have enough room to add 5 more spaces, that will be another $1000 per month ($100X10) right there. The spaces are worth 10k each even though they only cost me 1k to add. Up until now I was trying to figure how I was going to get the extra 1k a month figuring the average rent house only gets about $200 PCF a month. I have been looking at some other property but I don’t like the numbers. One that might work is a 5 unit that the price was just reduced from 200k to 175k, it brings in $2,300 a month, I need to inspect it for repair work. Right now I have too many irons in the fire to rehab anything. Time is a scarce commodity. If I don’t reach my goals this year but at least gain some, then I will be satisfied. Without goals I am like a ship without a sail.

WV,
sounds like you are doing good. I just thought of something, If you would sell your four plex that you live in, and if you lived in for at least two years, could you take the 250K IRS tax free profit or just 1/4 of it? We might need Georgia Gal on this.

Pyriel,
What kind of franchise are you looking at. Motels around here are valued at 3x annual rents.

Probably just a 1/4 of it since I am taxed at a different rate than my other 3 units, because it is a business. Would have to check with accountant, but I don't want to sale. I love my home. Thanx for asking.