Well, here we are on the last day of 2010, all in all it has been a very good year for me. My first income producing property has now officially one year in the books and is performing better then I expected.
As we are approaching 2011 in a hurry I figured it would be a good idea to list my goals for 2011 here, maybe that will help hold me more accountable since it is all out here on the world wide web.
I do try to set all my goals according to the SMART principle (S=Specific, M=Measurable, A=Attainable, R=Realistic and T=Timely).
The main goals for 2011 are as follows:
1. Finish building my team of experts. All real estate investors needs other professionals to be able to be successful. I have already built a team that consists of real estate agents, attorneys, title companies, contractors, cash buyers. What I have left to find is a good CPA that is either an investor by him/her self or is used to working with investors.
2. Find additional sources of funding, today I have several Hard Money lenders in my network, I would like to expand that with at least two small local banks and some private money investors. I have cash on my own and good credit but to be able to fully reach my potential I always need to have money available.
3. Purchase, Rehab and retail at least two properties, I have yet to do one of these so I set my goals fairly low for this year.
4. Find at least one more income producing rental property, I would prefer a small multifamily (2-4 units) but a single family home would do as well.
If I can reach these goals by year end of 2011 I feel confident that I can grow the business enough to be able to retire from my day job within the next 10 years.
Happy new years to all of you out there and please feel free to comment or ask questions.
//Stefan
Hi Stefan,
ReplyDeleteI actually follow you on BP, and I came across your blogspot after seeing the address in your profile signature. I'm Dion Shields, btw, and I must say I have learned a good deal from your posts, especially your $0.02 on the 'Average % of ARV for Wholesale In Dallas TX' topic. Anyways, I just wanted to know how exactly how you went about building your network of experts as you refer to in item 1 of your goals for 2011. Particularly, what's the initial convo begin like. For example, there are a few title companies in my area that I would like to inquire about, with regards to them being investor-friendly and whether they would like to partner with me. How would I go about initially speaking to them about my intentions? Keep up the good work btw. You're inspiring me to setup a blog to document my trials and tribulations as I go along the more and more I read through yours.
Regards,
Dion Shields