Anyone have any plans for 2006? Any specific dollar amounts you're going to go for? I'd like to see seven figures in 2006! How about you?
Regards,
Adam

Adam,

Being I haven't cashed any deals yet, I'll be happy with my first, but assuming I start getting some, my goal is $50K. I know, not quite the 7 figures you're forecasting, but, I want to set something attainable. Should I hit it before the end of 2006, I'll just re-set another goal for the remainder of the year.

Jeff

Jeff,
This may sound weird, but look back after a year. The fact that you posted first means you have a hell of a future. Ride it out.
Adam

I have a few goals for 2006.

First, I plan to continue to grow in my understanding of sellers. It has become obvious to me that the reasons I do RTO as an investment (higher price, more cash flow, less management), do not interest 99% of sellers--even the ones who are considering RTO. I want to close that gap.

Second, I plan to maintain a more consistent CA inventory and run ads in the local real estate papers along side the agents and builders. Not only will this mean more deals, I'm hoping it will add an air of legitimacy that is lacking in some potential seller's eyes.

Third, I plan to focus on larger homes much more than I have in previous years.

Fourth, I plan on working more with builders and enjoying all the benefits of that!

I guess that's it. I don't have any particular dollar goals, even 1 CA a month provides plenty of cash to do whatever with.

Hi Adam,Doug and Jeff

My goal for a dollar amount is similar to Jeffs, well actually it is exactly the same $50 000. After talking to Doug about what it takes I know that this is my future. My goals are to develop more persistance and not be afraid to give those landlords and sellers a second,third and fourth call. I really get hung up on that sometimes.

But my goal for the new year is to make at least $5000 by January or February. Plus I will become more agressive in marketing in the city where I live. Remember that post Doug cold segments in a hot market?Well in the neighborhood where I live realtors have lost about 10 listings. I just might have a head start today I have a seller who has said yes but wanted to read over some info so I sent him an Lp advantage. I will be phoning him tomorow to talk numbers with him. Wish me luck!

Gordon Holtner

My goal is to get a 6 figure income by the end of 2006. Im ready! Lets do this adam! Btw adam if you do get 7 figures, your always welcome to donate to Jtl's flatscreen television in every room fund. Just a thought.

Jacin L.

LOL Actually, when I get there I'll have to donate to the "Pay off Adam's Discover Platinum because he put a flat screen in every room" credit card fund!

As for the rest of you, Aim higher!! Screw this $50K crap you guys are talking about!!! AIM HIGHER!!!! But seriously, you will only be limited by your dreams or lack there of. I know it seems like a lot of money but just have the faith and know that the understanding of how to achieve it comes with the experience. Trust me it does!
Regards,
Adam

Adam, It 's not about lack of goals or faith in my financial well being it is this, Prior commitments I was just asked for no reason at all by a guy I barely know to work and be trained as an environmental technologist with no relevant experience and I have to go to school and work and of course work on my main dream to be in Doug's shoes. I know I am being conservative in my estimate. But $50 000 is more cash than I have ever seen in my entire life.


Anyways my seller is currently getting the comps for me and I am having him do a seller disclosure form and send me pictures of the inside. This is a long distance CA like Adam gave me information to do ( thanks again Adam) I have a good feeling about this one And I am working on getting more in case this one falls through.

Gordon Holtner

Gordon,



WOW that sounds like a grow-up job!!

When I first started I put my goals on the wall. I wanted to make $100K that year. I only made $60K. The next year I made my $100K +. But it's not about the cash. I know that now because I have more fun being up north in our little cabin hanging on the deck watching the waves and having a beer. That costs just under $300 for a whole week!
Cool stuff,
Adam

Waves?? On a lake in northern Michigan in winter? How does 8" thick ice create waves??
Beer? On a lake in northern Michigan in winter? How do you pry the frozen can from your lips??

Adam brings up a good point. Many businesses don't really have a true plan (probally more in this BIZ). We all should make a plan and be looking at it weekly.

My plan for this year is to equal half my salary for this year. Second to write a plan. Within this plan is to give 5% of the Real estate profits back to charity.

Obviously, to get my first deal under my belt.

But the biggest goal for me is to use REI to first and foremost get me out of debt. (Mainly student loans in my case--2 Masters degrees don't come cheap!!) The anxiety debt causes me is the biggest motivator. (I don't care how much they tell me student loans are "good debt" darnit!!) The next biggest motivator is to keep that promise I made to myself to have a net worth of at least 1 million dollars by age 35. (I am 28.) (Secondary goal--the ability to retire totally by age 50.)

Soooo....by this time in 2006--no more debt and more net worth!

Shouldn't be a big deal. Just be careful. Sometimes getting yourself out of debt will put you into debt if you're not careful. BUT IS SURE IS FUN DOING IT!!! WOOOHOOOO!!!
Stick it out, you'll get there.
Adam

Adam, I propose that we start a new thread, in which we have to post our progress every month to see how everyone is doing in regards to their goal. Community pressure can be a beautiful thing when it comes to making progress. Weather you make progress or not, everyone has a responsibility to report on what they did or did not do towards their financial goal, and this must be done on a certain day every month. Everyone can learn a tremendous amount of info from others and learn a lot about themselves by doing this I think. So who is ready to put their option money where their mouth is? Or is everyone scared?


Jacin L.

Sounds good to me.

The day to post should be the last day of each month.

Jeff

Good idea, count me in.

Jacin and all,
I don't think it's a bad idea but let me warn you about something. This is called being accountable and will make or break you. I think there should be levels of accomplishment for individual categories of people so there's no "feeling left out" when looking at the progress of more established investors.

Here's what I propose:

1. Like Jeff said, the end of every month can be a progress report

2. Here's the categories of people:
A. People who have not yet done a deal
B. People who have done at least one or two
C. People who have done at least 10
D. People who you done more than 10
E. People who have done 50 or more

So when you post your progress let everyone know what level you're at. This may seem a little painful if you haven't done much, I think it's for your best interest because it will let others know how to help you.
Regards,
Adam

First let me say hello to everyone here... Brand New to naked Investor...

as for the topic...Goal setting is a very powerful tool in the business of Real Estate Investing. I hope each of you have met the goals set for this year and I am sure most have exceeded them.

We are closing in on 130 deals this year and hope to break 200 transaction next year... it has been a great ride so far...

To all of you who dont know where to start or what to do, drop me an email and I would be more than happy to help...


Michael "Marketing is the key to Successful Investing"

Michael,
Awesome! Welcome to the board and right, right, right you are.
Hope you stick around for some excitement!
Adam
PS GREAT SITE MICHAEL!!!!!

I want to increase my holdings by $500K, and net $350K income, contribute $50K to charity, I want to spend two weeks out of every month travelling starting in October, spending some time in introspection and long-term planning, and have some FUN!!! this year with friends and family.

Paul,
Very cool stuff. Man, you only want to vacation two weeks out of the month!?
Cool stuff,
Adam

Here It goes


I am in Category A I am still actively working on getting a deal. I had two yeses this week but I messed them up. In instance 1. The seller to either rent out or sell his house I told him I wanted him to get the comps so I could work out a fair price for a CA. My mistake is that I should have gotten him to sign as soon as possible
the $99 000 he was asking was right for the area where he lived.
2. I called a Landlord in Ft Mcmurray to ask if they wanted to rent their home on a rent to own basis? I described my service, they liked it but I fumbled when they asked how I get paid. I told them actually how much I stood to make when somebody rents to own their house instead of saying that the tenant pays me. DOH! That popping sound was their eyes bugging out because it was in the neighborhood of Bev's checks.


Gordon Holtner

It was supposed to be the end of the month?

Gordon,
You'll be fine from the sounds of your post. It looks like you're getting some motivated sellers and that will eventually turn into deals. Just a quick note: Don't ever worry about what the seller thinks when it comes time for you to explain how you get paid. Refer to MC's manual and tell them how it works. You don't know if they're motivated enough to not even baulk at it. And if they do you still have something to work with.
Regards,
Adam

Adam count me in. Yes I am still a "A" player. This damn snow is making my first deal hell. I should have a good idea by Wednesday afternoon when I meet with the client at the property. If the deal goes through they are looking at a Feb closing.

I just completed a accountability spreadsheet for myself. Its the engineering in me sorry dude. I will be able to gauge my marketing weekly with a total score of 5 within 5 sections of marketing, calling, hangers, signage and post it notes etc.

Each week is can see how close I am to my goal of Half my salary with 5 deals for the year. If I don't reach the goal I will probably see why right in front of me. If I begin to slide in my spreadsheet etc. I will see that to. So I guess yes I will be accountable to myself in the figures each week and total etc.

Craig

Craig,
LOL Very cool stuff! I'm sure you'll kick some butt here shortly!
I love the spreadsheet idea too. Engineer or not, that's a great idea.
The month is coming to an end here and I'm sure we'll see some unique posts.
Regards,
Adam

I am also a category A and my goal is 100k for my first year. I signed up my friend a 3 weeks ago, and now hes doing a straight tenant rental because frankly, that 2500 mortgage is killing him. His mortgage is way above the rental market rate for that area. So I tried to help but in the end , since I am looking out for his interest, I was more then happy to have him get a few tenants into the property( His original plan). Besides, it was a handyman. On the plus side I build a nice database of t/bs who are willing to pay a good option consideration and will rent a descent looking house in the 2800 range.

Moving on, a prospective homeowner finally got back to me about cancelling his RE contract and told me that they require a full commission pay off. Is that extreme or what? So I decided, using MC's advice, to put him on the back burner and move on. The homeowner is currently sending me a copy of the contract via snail mail.

I have 2 houses on the back burner as well, who if the buyers fall through, they will sign up with me. Does anyone know how long it typically takes for a buyer to find out their not qualified for financing. Another words how long is a property tied up typically before a buyer falls though?(If he falls through)

For now I seem to be generating a lot of calls through my signs, and I only had 11 of them up, then down to 7 and I got 3 calls in one day from just those 7. Now it seems they took most of my signs down. I have to get all my signs back up and put up some more as they seem to be working quite well.

That's it for now.. until the last day of January.


Jacin L

Jacin, that's the nature of the beast known as bandit signs. They are effective, but as you are finding out, they are short lived, too. Persistence is your friend. Keep after 'em, replace the ones that vanish, and you'll have a steady streams of calls as a result.

Wow sounds like everyone who hasn't done a deal yet is persistant and doing the right things, for my self i am in the A game as well, haven't been able to get started yet, just starting out, doin alot of research and reading the forum, can't wait to read MC's manual, (from what i read it pretty much gets you started as far as information?)well i love what i read everyday from you guys and gals,very inspiring, keeps me going ,

Hi Phil and Everyone here

Welcome to the naked investor it is always nice to see more investors or wannabe investors like myself here. I just had two more yeses today I am seeing if I can get them to work out. I keep getting people who say yes but they seem to be more educated than they are because i am fishing in Edmonton for some long distance CAs. The local rei group said that Edmonton Alberta is a great place to invest so I keep getting people who have heard of lease options and want a downpayment, it keeps driving me nuts. I am trying to work through this although of course in your market it will be different. I would think that 200 - 300 extra rent would be a turn on but it is nuts I guess I am having trouble being convincing? I know deep down that if I was in their situation I would love the extra rent am I being too good to be true?

Here is how my conversations usually go first I always let them know that I am a consultant that helps families find homes that the owner would rent to own or lease option for 1year to a family who would buy in 12 months
I then listen to their reaction then decide what to say based on that for example the last person i talked to wanted to know about rent credits I just explained that rent credits are added on top of their top price and are taken off the final price every time rent is paid on time. They just didn't seem convinced even though I am ready to help them. I guess maybe I just need to say next!!

Gordon Holtner

Hi Everyone

I just wanted to know how everthing is going for you guys. I lost 6 deals last month from saying or doing the wrong thing but I am not ashamed of that the only thing I realize now is that I must make more mistakes, or fail faster in order to learn what I have to learn. This month What I need to do is double the out put of what I was doing last month and then put together a team of people who will help me work in the areas that I want to work. In Edmonton Alberta for which I am in exile from the investors there are making a killing doing what we do I saw billboards and bandit signs it was just mad but so far no newspaper ads?

My only problem right now in putting together a team is that I am having trouble getting myself to believe that
I can put together the people i need to get the job done for showing the house and witnessing the signing.


Gordon Holtner

gordon great attitude....love


why are you exiled form that spot?

ya this year is going to be the breaking year for me biz wise, still doing alot of researching but i'm determined, and i got a hold of a great network marketing thing that is blowing up!
business is business, got get started somewhere right

cheers to the adventures we all will embark on this new year


WWW.FREQUENSEA.COM/CLARITY

Hi Phil

I just make twice as much money in Ft McMurray than I do in Edmonton for my J.O.B. I haven't found a way yet that I can get back to the city where I want to work this biz because it has more people. In Ft Mcmurray half the population lives in camps so in a small town of 50 000 only 25 000 live here and alot live in peoples spare rooms or basements if they live in town. It's a small market with alot of room for appreciation. In other words it is a tough crowd of homeowners to please.

Good luck on your business venture PHil may it be fruitful.

Gord

The optimist's viewpoint is that means you found six deals, too! And that tells me you're doing the right things. You just need to refine your approach, get some experience, and you'll be fine. Mistakes are a bad thing only if you learn nothing from them. Remember, talk less and listen more. In fact, that's probably good advice for just about all ventures and relationships.

MC

You are so right I think of it both ways actually I am developing myself
but I am still failling but it is good to fail at first because that is how we learn
like how many times did you fall when you were little before you could walk?

Talking less and listening more,I just have to stop letting my nervous energy
make me alk to much. That is the rule of success here, that is why you are the man MC!!

Gordon

Gordon,
This business is all about learning about ourselves. I did a telelconference tonight that was recorded. During the hour long call, I realized I said some things that I shouldn't have. (Nothing big, just too much opinion about certain strategies) That made me want to do the whole thing over again. But the problem isn't that I said some wrong things, it's that I was thinking of dumping the whole thing because of one little mistake. I have since decided that there is WAY more good things to dump the audio file. It will get used as planned.

Stick with the personal development and I promise you it will blow your mind when you look back in a year. This business is just nuts if you can roll with the punches.
Regards,
Adam

I guess I set a easy goal to start this year with. I am about 1/4 there if these 2 close. I am about 95% sure at this point.

You can always revise your goals upward. That's not a bad thing.

I know this is an old post, but I was browsing the forum and wondering how many of the people actually reached their goals that year.

Also, I'm wondering how people are doing on their goals for this year 2010 and what they are. For me, in the short term, is to get that 1st deal done. Longer term, replace my current income in order to leave the J.O.B.


Anybody else?......

Hi, Ray. Wow. You went into the vault for this one! I can't speak for anyone else in this thread, and personally I have never been much in the way of setting goals. Particularly long term. Others may approach their business differently. But I've always operated more efficiently with a shorter term outlook. In your case, for example, my focus would be to get that first deal and to do whatever is necessary to reach that goal.

Holy crap this is an old post!

Well, I reached most of my goals (Became a millionaire "on paper anyway") and then in late 2007 got too big for my britches raised a million bucks and turned into a private lender. Then got CRUSHED! I lost in one month more than most people make in a lifetime.
Still stinging FYI.
Adam
PS I know more than anyone about REI now. And no, not the lesson I was looking for.