Every year, I write at least one post and do a podcast about my goals for the upcoming year. I also talk about my previews goals and how things went in the previous year. This episode of the InvestFourMore Podcast is all about goals, with details on my business. I had a lot of goals for my real estate team, house flipping, rentals, my blog, and my personal life in 2017. I accomplished some of those goals, did not accomplish others, and had some surprises as well. In 2018, I want to build on 2017, change a few goals, change how I look at some of my goals, and add some big changes to my business and life.
To listen to the podcast click on the green button below
Why are goals important?
Many people set New Years resolutions, but few actually stick to them. I do not set New Years resolutions because I fee they are too short sided and easy to forget. When you set goals, you are setting yourself up for success by creating expectations for yourself that can be measured. You should know—at the end of the year or after whatever time frame you put on your goals—if you accomplished them or not. A good goal is specific in exactly what you plan to do and when you plan to do it, and it should be challenging as well. I want goals that are hard to accomplish, and I have no problem not reaching my goals. The goal is meant to help you accomplish more than you would without a goal. I do not reach many of my goals, but they still help me become more successful.
What were some of my big goals for 2017?
I had quite a few goals in 2017, but I will focus on the big ones in this write up. If you want to hear about all of them, listen to the podcast, or you can read the transcript below. I wanted to flip 30 houses in 2017, and I came really close. I ended up selling 26 flips and buying 27 more. I thought I was going to come close to my goal midway through the year, but there are always things that slow down the process. The year before, I flipped 18 houses, so I definitely improved on that goal.
I also had a goal to buy a 50,000-square-foot or larger commercial property. I did not accomplish that goal, but I am getting close! I have a property under contract and set to close this month. We are still working on some of the inspection issues, but I think this deal will go through. I will be posting much more information on this deal if it all goes through as planned.
What surprises did I have in 2017?
I did not set any rental property goals in 2017 except for buying a big building. I did not set any other goals because the market in my area quit working for residential rental properties. I did not buy any rentals in 2016. However, I ended up buying 4 rentals in 2017 that were commercial properties. I was not planning to buy smaller commercial properties, but the cash flow has been much better on them than on the residential.
I also bought a Lotus Esprit in 2017, which I was not planning to do. The car was a great deal and something I have always wanted. I love the car and was super happy with that purchase.
What are my goals and plans for 2018
I have changed most of my goals for my team, my flips, my rentals, and my personal life. Here are a few of the goals I have for the next year:
- Make $100,000 per month flipping houses, which would take about 36 flips.
- Create $6,000 per month in passive income from rental properties.
- Start my own real estate office, which involves buying the 50,000-square-foot building.
- Buy an Aston Martin V8 or Lamborghini Countach.
Some of these goals will be super challenging, and I am already working on others that should happen sooner rather than later. As always, I will make sure to keep everyone updated on what is going on in my business and life. Make sure you listen to the podcast for more details on all of this.
[0:00:13.9] MF: Welcome to the InvestFourMore Real Estate Podcast. My name is Mark Ferguson and I am your host. I am an active real estate investor, I flip 15 to 30 houses a year. I’ve got residential and commercial rental properties. I’m an agent with nine people on my real estate team who’ve sold thousands of houses over the years. I talk about what’s going on in my career as well as interview other amazing agents, investors, landlords, flippers, wholesalers, and companies who could help people succeed. So, I want to give a quick shoutout to my sponsor, Patch of Land.
They funded a flip for me in six days. I emailed them on a Sunday afternoon, they responded in less than 15 minutes, they have rates below 8%, work in 45 states, will fund 85% of the deal and fund the repairs as well. Great company who I love working with, Patch of Land and for my podcast listeners I have special discount page for my products, investfourmore.com/discount. That’s invest–f–o–u–r–m–o–r–e.com/discount. We got coupons on all my coaching programs. Some of those programs involve calls with me, consulting, video training and much, much more.
Alright, let’s get to the show.
[0:01:46.9] MF: Hey, it’s Mark Ferguson with InvestFourMore, welcome to another podcast episode. Today, I’m going to talk about goals so I don’t know how many of you read the last article I wrote from last week that I went over all my goals from 2017, how I did? And, what I plan to do in 2018 as well. So, I want to go over those as well on this podcast, talk about what I am going to do, what I’ve done, maybe some changes I’m going to make, things are going to be different for the next year and hopefully can help some of you set your own goals, keep track of your goals, and hopefully accomplish some of your goals or at least get close to them.
Alright, before I get started it’s a New Year. I really appreciate everyone’s support on the blog we’ve been going now for over four years which seems kind of crazy. I started back in 2013 and now it’s 2018, kind of crazy. Over that time I flipped, where I am at a? 141 flips something like that, now I bought 20 rentals. Sold a lot of houses as an agent and things have evolved over that time went from being strictly an agent to an investor, rentals, flips, running a team, all kinds of crazy stuff is going on.
So, it has been a lot of fun. I really appreciate everyone’s support for those of you who’ve bought books or coaching programs. I know I have helped a lot of people out there and if you have any questions or any comments for me, you can always email me, [email protected] I do my best to respond to everybody and help as much as I can and, yeah, we’ll get going with this episode.
Alright, so every year I do an article on what my goals were for the previous year and what my upcoming goals are for the next year. I’m going to go over with my success, my failures, how things went and what my plans are. And, last year I did a podcast on this as well and of course I’m going to do a podcast now on it too. Just give you some more insight of my thoughts, what I’m thinking, and how I have really made myself more successful by planning, by setting goals, by being as proactive as I can in my business in life. You can’t just float through life and hope things will happen to you. I did that for a few years and it didn’t go very well.
Nothing really happens if you don’t go out there and make it happen. Some people maybe get lucky with inheritance or winning the lottery but a lot of times they lose that money very quickly because they don’t know how to handle it, they aren’t prepared for it. So, instead of worrying about people who are making or getting lucky, think about people who made it. Came from nothing, were able to find success and really build on that success and make themselves happy, content, and have a lot of fun in life.
Because usually the people who do it themselves and get there on their own are to be much better off in the long run because they’ve been through what it takes to become successful, they know how long it takes, how much work it takes, it doesn’t happen overnight even with professional athletes. Like they say, ”Oh they’re making millions of dollars throughout their play in the game.” We don’t see the seven days a week or six days a week that they’re practicing for hours on end nonstop and workouts they do, the running they do, the weights they lift, the studying of playbooks, and it’s a ton of work. And, they do this for years, and years, and years, just to make it to college and then they do it for years in college just for a hope of maybe becoming a professional someday and less than 1% of them ever become a professional.
So, it’s not an easy, “Oh I’m playing a game making million of dollars.” There’s a lot of work that goes in to it just like business, just like people who make a ton of money in other jobs, it doesn’t happen overnight, it won’t just come to you. You have to plan for your success, have the right attitude, and then you’ll start to see some of that success coming. It’s not just going to happen. So goals were something that really helps me out.
Helps me become successful, I kind of started my career as an agent. Three or four years in starting making some excel goals. I was getting annoyed with how much money I was making thought things weren’t fair when I was on my team with my father. He didn’t pay me enough money throughout this big long plan about how crazy it was for me to make descent money. How many houses I have to sell and just how ridiculous it was that I got paid so little money. That was pretty naïve and short sighted back then.
But, in the end I kind of accidentally wrote some goals by doing that and I, kind of wrote out this little plan that I thought was kind of a demonstration of how unfair life was. But, in reality was kind of a plan for success of what I could do. Instead of thinking, “Oh man, look how horrible it is, look how much I have to do to make good money.” You’ve been thinking “Wait a second, here’s my plan, here’s how many house I have to sell, here’s what I have to do to make good money” and look at it in the positive light. I probably would have been much successful much sooner and I thought of it that way.
But, at the same time it still kind of work to kind of get that seed in my head, that maybe if I did take control, if I did some more houses, do more things on my own then I would obviously make more money and be more successful and it did help. I mean, within a couple of years of that I really started making big changes in my life – working harder, planning more, setting goals, doing different things at work, and I set my self apart, found my own niche, found the REO business.
Started selling hundreds of houses a year as an REO agent and I was making good money and then I started setting goals for rental properties. So, I started setting goals for flipping, created the blog, started setting goals for the blog. Just kind of planned my whole life, the more I plan, the more I sat down and thought about the big picture what I want to do the more successful I became.
It’s kind of like a snowball. The more success you have the more time you have to plan. You got more money you can hire more people and you get more successful, you have more time to plan and it just builds and builds and builds and it all starts with just setting goals from the very beginning. So, anybody out there who isn’t setting goals who isn’t thinking about their future and really planning things out, you need to do it right away.
Things will not happen for you, you can’t just hope that someday get lucky, you have to make your success and it’s really hard to become successful as well if you don’t know what success is. There’s a lot of people I talked to out there and they say, “I want to get in to real estate, I want to invest in properties.” “Okay, what’s your goal?” Like, “Well, I want to buy some rent investment properties.” “What kind of properties?” “I don’t know. Flip or rental or something like that.” “Okay how many you want to buy?” “Well, I don’t know I just want to buy some.”
“Okay, how much money do you make?” “I’m not sure I just wanted this.” They have no idea what they want to do. They just have this idea of investing in real estate but they don’t know what kind of real estate. Where are they going to buy it, how much are you going to buy it for? How many houses they want? What their end goal is? So, really what you have to do if you’re planning to get in to real estate any type of business is look at the end goal.
What do you want to accomplish from this? Is it a certain amount of money? A certain amount of cash flow every month? A certain amount of houses? Is it time? Do you want freedom? What is that you want? Figure out what kind of your dream life would be like and then work backwards from there on how you would get it and maybe it will take you ten years to get there, maybe five, maybe twenty, but at least you have an end goal in mind. You’ve got – you can create a path to get there based on working backwards from that goal.
So, that’s kind of where my goal to buy 100 properties came from. I just thought to myself, “Okay what would be my most awesome life? Where I have all this money coming in every month without really working and okay how do I do that? Alright, maybe I buy rental properties bringing cash flow, cool. Alright, and then I think how long it’s going to take me? How many properties I was buying at that time?” Figured I can always improve things make it much better in the future so I made a bigger goal than I thought. I could accomplish at that time but I knew in the future things would change and I work back every year on how that would happen, what I have to do to reach that goal and that’s really how you should build your goals. Just have some kind of end game in mind and all your goals should be part of that plan to reach that end, kind of life, dream or whatever you want to call it.
Alright, little bit on setting goals like I said, if you want to be specific on what success is you need to be specific on what your goals are as well. You can’t just have a goal to make a bunch of money in 2018.
A bunch of money to somebody in Ethiopia could be $30. A bunch of money to somebody living in New York City, in Manhattan, could be three million dollars a year, or maybe somebody in Milwaukee. They just want to make $10,000 a month. What is a bunch of money mean to you? You have to be very specific like, “Hey, I want to make $10,000 a month in passive income by August of 2020.” That is a specific goal you can work backwards to get there.
So, make your goals specific as possible, if you want to go buy a car I have lots of those goals. I love buying cars. I bought some really cool cars but I had goals when I want to buy them. What dates and I was as specific as possible but what that car was, what color it was, what it look like, what year it was, those types of things. It doesn’t happen exactly as you plan but at least the more specific you can be the more real it will seem to you, which will make it more likely to happen.
So, make your goals as specific as possible when you’re setting them. Give yourself a timeframe for when, you can set them, when you’re going to achieve them, you can’t just have a goal to someday buy a real estate you need to have a date for when it’s going to happen. And, all these, goals should be something you can say one year from now say your goal was set to happen on January 1st of 2019.
Should we look at that goal and say, “Hey, did I accomplish it?” Yes or no. It shouldn’t be “Well, I sort of accomplish it or I’m getting there or maybe I’m in progress.” You should be able to say, “Yes I accomplished that goal” or “No I did not.” And, speaking of that it is not bad to not accomplish goals, totally fine. A lot of people don’t want to set big goals because they don’t want to fail. They want to feel like, “Oh I didn’t accomplish it. I feel bad about myself now…” Yada, yada, yada, who cares.
Alright, goals are meant to make you achieve more and be a better person, better at your business, whatever you’re trying to do. The goal is not the point, alright? If you accomplish a goal great but that’s not the exciting part about goals. Goals are there to make you do more than what you have done without the goals. So, if you set easy to accomplish goals you probably will not do as much or accomplish as much as if you set more difficult goals or goals that you don’t quite know how you are going to reach but force you to think outside of the box.
So, work harder to do things a little different and I always set my goals a little higher than maybe I think I can accomplish and I still want him to be realistic. I don’t want them to be so crazy that I know it’s impossible to achieve them because they aren’t real. But, if you set them just a little bit higher it keeps you working all year long and makes you think about different ways to do things. If you’re jogging along you realize you’re behind your goal you really start to think and say, “Hey, okay, what can I do different? What can we do to improve things to get me closer to this goal?” So, I have had a number of goals that I’ve set that I didn’t reach, you know, I was okay with that.
I think actually some of the best goals are goals that you almost reach you get really close too but don’t quite hit because it keeps you working all year long. It makes you think harder but you don’t hit it so you don’t relax at all. So, I’m not saying you can’t relax at all but this is a business mindset, those goals seem to be the best for me.
Alright, let’s get in to my 2017 goals a recap on what happened last year. Alright so, one of my big goals from last year something completely outside my comfort zone, something I’d never done before, was to buy a 50 thousand square foot or larger commercial building. I did not do it, that’s okay. I actually made a ton of progress towards this goal. Learned a ton about commercial real estate and came really close to buying one.
So, there’s a very giant commercial building it was 280 thousand square feet, been vacant for ten years totally dilapidated that actually had a contract for a couple of months and went to the whole process of talking to investors who were going to partner with me on it. Talking to banks, talk to construction companies, got some bids for repairs, had architect job plans for me, but in the end that deal fell apart. Mostly because it was twice as much as I thought to fix it up which brand new to commercial real estate so you’re going to make mistakes you underestimate things sometimes but I learned. Then there was some access issues that were created by the seller, kind of after I had the property in a contract with some other parcel stay sold, which really wrecked my whole plan to divide the building up in to smaller spaces and either rent or sell those spaces out.
So, in the end I learned a lot, took some really cool videos that I will eventually post I promise I want to do some before and after videos of the property and I haven’t got to my after videos but I will do that eventually and learned a lot about commercial. So many things that I didn’t know about different terms like, TI which means tenant improvement. A lot of landlords will pay for their tenants to fix up properties for restaurants, to put equipment, things like that. Triple end leases, gross leases, asbestos harmful, so many different things I learned about commercial. It was great to go through that experience and learned everything. It cost me a couple of thousand dollars and cost to do some certain things, it was well worth, well worth the education.
And, on more exciting news I currently have a different property under contract to buy at the end of this month. So, we’re still going through our inspection process. I’m still going to the loan process but that is a 70 thousand square foot building that hopefully we will buy here at the end of this month or maybe next month and once that is done I will unload on you guys with information about commercial properties. This particular property and of course do all kinds of videos on it as well too.
So, that is a super exciting thing. I don’t see any reason why it wouldn’t work unless there is some kind of crazy loan stuff going on but that’s getting closer and closer to happening, so I will let you guys in all that once that occurs. So, that goal did get accomplished but still caused me to pursue it a lot. I learned so much and I’m really close to doing one now just a little bit later than I wanted to.
Alright, moving on I want to flip 30 houses in 2017. I flipped 18 in 2016 I think the year before that I did 12 something like that so I really ramped up the flipping business. I was an REO agent for a long time as I said, selling a couple of hundred houses a year for a few years in a row. Well, foreclosures disappeared in Colorado so it’s really hard to sell REO’s which are foreclosures when they are a team. I had to change my strategies I kind of went from being primarily an REO agent to primarily a house flipper and I can tell you I love flipping houses much more than I love being an REO agent.
Much less stress, I have much more control, it’s much more fun for me. So, I really love it I don’t think I will go back to being a straight REO agent again. I love flipping houses. So, that’s why those numbers have increased why those goals have increased and what I did in 2017 I came super close I ended up flipping 26 houses. So I sold 26 flips in 2017. I bought 27 flips in 2017 so came really close. Didn’t quite get there for a while there I thought I might reach it but I always have delays when you’re flipping houses no matter what. There’s always a delay for some reason but was still an awesome year and we’re going to up that goal which I’ll talk about later but that was an awesome experience I’ve learned so much about improving the process of my contractors, had more lenders, more banks, Nicky on my team is my project manager, has been awesome and amazing this year. Improving the processes with the contractors with invoicing, with properties that I buy she’s, kind of a voice in my ear to tell me to stay away from the problem properties which I have a habit of doing.
So, that’s been a ton of help and really that’s been the core of my business and I really enjoy flipping and it’s been a ton of fun so we’ll keep working on that here coming up in to this year. Alright, another goal I had for 2017 was to sell 200 houses as a real estate team. I’ve had this goal for a while. I keep setting this goal like you’ve coming up well, fully short. I always figure, “Hey, I sold 200 houses by myself for a few years. Why can’t my team do it?” And, it’s just the market is really tough to sell a lot of houses as an agent right now.
There is very little inventory in Colorado, there has been for years and years and there’s really maybe one or two agents even coming close to doing that in this area, with teams not just agents by themselves. So it’s really not surprising I’m not hitting that goal and I’m not really hands on with the real estate team either. I kind of, let my team manager do that and we’ve had some turnover with agents who have left and joined the team. So, it’s tough to hit that goal. We sold almost a hundred houses so didn’t do too bad, definitely not too bad, we had good sales volume around 27 million dollars in sales volume, which is good.
But, we’re just not hidden that goal so I’m going to change things up this year and really rethink my whole idea of the real estate team as well, which I’ll talk about here soon.
Alright, I want to publish two bucks from my blog and then hire more help for my blog as well so your blogs has done very well. I did end up publishing both of those books, one was with Jay Scott who is also a very successful flipper. I know many of you know him. It was a book on negotiating real estate is what we publish so we were doing that for a long time, really great book, awesome book, that one yeah, has been a big success, really happy with it. We made it into an audio book as well so if you’re interested you can always get on Amazon, a book on Negotiating Real Estate, Audiobook, E-book, Paperback book, all of those versions are available. I also published my book, How to Buy a House which, kind of, goes into the basics of buying real estate which a lot of people want to invest in real estate. A lot of agents wants so real estate but they don’t know everything there is to know about buying or selling houses so that book is really to give the basics and even some more intricate concepts of house buying.
I think its lot of really good base information for anybody who wants to be in real estate. There’s so much that goes on that I’ve learned from being a real estate agent for what 16, 17 years now and an investor at the same time as well. So, that book has done well. I really enjoyed publishing that book so it’s just kind of an educational tool for other people whether you’re an investor or just anybody whoever is going to buy and sell a house. So, those two were great and we did hire a lot of people for the website, different contractor’s companies to help with different things.
Some are successful, some are not, but I really tried to put kind of anything I make off the blog and website back in to it to make it better, bigger, more useful for people. Alright, I don’t always discuss all of my goals publicly so I have some other goals that I keep to myself. I try to keep a small portion of my life not public but I mentioned the possibility of buying a Countach or an Aston Martin in 2017. I didn’t really make it a goal so I didn’t really do a very good job of that and I did end up buying either one of those cars but I did buy Louise Spree V8 twin turbo which is a fantastic car. I’ve kind of always loved the Sprees since I was a kid.
I always kept my eye on them and had my eBay searches setup for different cars that I like and love and that’s one of those cars. There’s a car that popped up on eBay that was Azure Blue is, kind of, a bluish almost purple not quite purple V8 twin turbo 1998, 30 thousand miles really good shape and was 38 thousand, good price for that car. I saw it and I’m like, “Oh man I have to get this car.” So, I was watching it and it’s sold I actually tried to bid on it and eBay won’t let me bid on it because I didn’t have my account verified or something for that much money. I called the dealer talk to him, “Yeah, we would go deposit on it if anything happens to the car we’ll let you know.” And so, two days later the dealer call me back said, “Hey, the guy who put the deposit down in this car backed out. He couldn’t get financing are you still interested.”
I’m like, “Yes I’m interested.” So they sent me some videos with the car I’m like “I’ll take it.” So I put down my deposit and paying for it, they shipped it to me and I got a few weeks later and it was more than I ever expected. I’ve never driven a VA Spree before and it is a fun car, it is a blast to drive beautiful car. People think it’s my Lamborghini if they aren’t real car person they’ll think I’m just driving the blue Lamborghini around it’s actually the Spree but I love that car.
Unfortunately, right now it’s in a mechanic shop because we hurt the transmission a little bit I’m hopeful it will get fixed soon. One thing to know about those cars is Lotus put on a V8 engine with twin turbo’s like I said, they could go up to 500 horsepower. They detuned to 350 horsepower because they had no transmission in it that couldn’t quite handle 500 horsepower and they did a bunch of warranty, you know, returns for broken transmissions so they detuned the car to 350 horsepower.
Well, who I bought it from, well I didn’t know this when I bought it, had put a chip in it and modified it to get close to 450 maybe more horsepower and a ton of fun that’s for sure, but yeah it also did break the transmission. So I really want to rebuild the transmission make it a little beefier and stronger to handle the extra power it has but that’s it a great car.
Alright, so those were the main goals I want to talk about for 2017, like I said came close to some of them. Accomplished some others but really is a great year, a funnier had a really good time with my team flipping houses and really good base for 2018. So, looking at 2018, what are some my goals for this year? I made a goal actually yeah, I lied earlier I changed my goal for flipping. I said, I wanted toflip more, oh no, I made a negative number what as kind of ahead in my head I wanted to flip 36 houses in 2018.
But, change that goal to I want to make a hundred thousand dollars a month flipping houses. My thought process was I can flip 40 houses and not make as much money as a five foot ten houses, you know, the number of houses I flip is an important but really the money you make from it is more important. You want to make sure you have enough profit per deal, you’re doing them quick enough, you‘re not buying bad houses and not making money that isn’t doing any good.
So, I made a goal to make a hundred thousand dollars a month flipping houses and to do that I basically have to flip three houses a month, maybe one extra one. I’ve always kind of averaged right around $30,000 in profit per flip and that’s after repairs, after financing cost and after some of my team cost which help me on it and so, that would give me really close to hundred thousand dollars a month.
Maybe, we have the profit a little bit on each property maybe I buy one or two extra one’s during the year but that’s my goal and that will stretch me that will push me to work harder like I said, I tend to buy some problem properties sometimes. I’ve got a couple right now, we had work with the county to add a second lot on to the property to make it legal and conforming. Other ones needed a ton of work and had problems in foundations and other issues.
And, those properties always tend to eat up so many resources with money, with time, with contractors and even if I make a little more money on them it’s usually much better to flip a couple easier houses that might not make as much as money on, versus the big huge projects where I run in to problems. So, I’m really going to work this year on being smart about what houses I buy, not just buying any house that I can make money on but making sure I have a plan if they need a ton of work. I have contingencies for problems that rise up just keep track of what properties I’m buying more. That should help. Of course, I’m doing more direct marketing which has increased my profits at the end of the year with the house that I bought from direct marketing. I had one house we made over $50,000 on that I bought for a $120,000.
Great profit margins. I wrote a little right up on that but that was amazing. So of course, if you’re interested in direct marketing program let me know marketinvestfourmore.com and give us information on it has been great huge success buying properties from that. I bought three or four from that last year I got another one actually that I might be picking up here soon for my first campaign which headed back in June, I’ve been talking to people the whole time and they finally looks like they might be ready to sell.
So, that’s my flipping goal and of course I’ve got all my flips you can see all the pictures, videos, everything numbers on them under my resources page on investfourmore.com or you can just go to investfourmore.com/flips and you’ll find all the details there as well. Alright, another goal I had last year like I said, anyone have a rental property goal? Because I stopped buying residential rentals in 2015 since prices rose so high here. I talked a lot about that before. Our medium prices have almost tripled. Rents have not even come close to that and residential properties just don’t cash flow as well.
So, I stand by any residential rentals in 2016. What I have does kind of replace that with my goal to buy the 50 thousand square foot building which should kind of be a rental property but I actually ended up buying four commercial properties in 2017. So it wasn’t really something I expected or a goal I set, it just kind of happen. So, I sold some properties in the MLS that were really good deals for commercial properties like, “Man, I should look in to this more.” So, I ended up looking to demands, supply, prices, cash flow, and bought four commercial rentals.
One was a shop for my own personal supplies and I can put a couple of cars in that’s worked out great I bought that from a friend who’s going to sell it. Another one was a furniture restoration place that was a $110,000, super cheap, that we have rented out for $1,500 a month right now. Another place, it’s kind of a little retail store which I bought for a $100,000 from Facebook which we have rented out for $1,500 a month now.
Another one is a bigger commercial place we bought for $290,000 close to 7,000 square feet. We had some renovations on the top floor that is rented out for $4,500 a month now and we might also go back and finish the basement and get another unit finished and rent that out as well. So, it has been awesome experience with commercial rentals, something that I didn’t expect. So, I changed my goal for 2018 as well for rentals from literally not having a goal last year to I want to add $6,000 a month in passive income.
So, that would include the big, kind of 50,000 or 70,000 square foot commercial building I’m buying which should add a couple a few thousand dollars a month in income. Then so, I figured out I need to buy about six more commercial rentals that were smaller or maybe a couple more that are bigger to get that to that number. So again, it’s not really a number of properties you want to buy it’s more of a cash flow number I want per month and at the end of the year have $6,000 more coming in without me doing, you know, any work on those obviously.
So, new goal for next year – adding that passive income. Another big goal that, kind of goes in line with me buying the large building for 2018 is I want to start my own real estate office and I am 99% sure I’m going to do that this year. I just want to be on my own. I’ll have less expense, less costs. I have my own building with space in it, so it’ll be more cost effective and that route as well. There’s really no reason not for me to do it in the past I didn’t want to start my own office because a lot of my REO and HUD accounts for foreclosures go through my broker.
And, I don’t own my own office now I’m just going to operate a team under in another office. And so, if I left this office and start my own there is a chance some of those REO and HUD accounts would not have come with me. They would stay with their broker would have to reapply trying to get with him again but now that I’m not really in the REO business anymore that’s not holding me back. So, my plan is, kind of start my own office. I have a dream of having an office or I can kind of work in there, have my offices, have my team all there and a place to park cars and stuff too inside. We’ll see if that happens but I always – it would be nice to be able to drive one car at work leave it there, take another car home, make sure I’m driving my cars enough and not just let him sit in a garage.
So, of course I’ll update you with all that but that’s a goal coming up here. Another personal goal that I added for 2018 is I will buy an Aston Martin V8 or Lamborghini Countach this year. I am working on this goal as we speak actually. There is a car I’ve been talking to the owner about I found a couple of months ago and it is probably 90% done deal. So, of course I will post about that when that happens too. I will keep you guessing on which one it is but it’s beautiful, it’s something I wanted since I was a kid, extremely rare you hardly ever see them and yeah, it’s going to be fun. That’s all I’ll say about that.
So, there’s that goal and then I’ve got some personal goals other stuff going on but I’m not going to disclose a lot of blog goals personal income goals things like that. Like I said, I will keep a little stuff private but I do have other stuff too that I am working on. So, those are most of my goals for 2018, we’ll see how I do. Something else to think about while you’re setting goals when you’re trying to accomplish them is a lot of people set resolutions, New Year’s resolutions, “Oh I want to do this. I want to do that.”
And, I figured out a couple of weeks in the year, month in to the year, you got to have a way to keep track of these goals, you got to have a way to review them on a regular basis. I try to review my goals ever week, which doesn’t always happen. But, at least every month review your goals if not sooner I’m going to make it really a habit to try to review them every week to make sure I’m on point with what I really want to do. Otherwise, you forget it about it, I mean, it’s really easy to forget what your big picture is what you’re trying to accomplish. So, make sure you review them by me talking about my goals in this podcast, by me writing about my goals in the blog and also adds accountability.
I’ve got thousands of people who were paying attention to my goals not like you guys who come to me and yell at me or send me nasty emails if I don’t accomplish them or forget about them but it still makes me want to work on them, do good for the people who are paying attention to me and giving me support. So, if there’s a way that you can have someone who will help you be accountable that’s something to think about as well. You’ve got a partner, a spouse, children, parents, co-workers, friends, whoever it is. It can be tough sharing goals and personal goals to people but it will make them easier to accomplish if you do share them and you work with each other and you try to help each other and motivate each other to do what you really want to do in life.
Alright, that’s all I’ve got for this episode. I hope you guys enjoyed it. Please let me know, send me an email like I said, comment on the post if you’re on the investfourmore.com. I respond to everything personally, let me know what some of your goals are, let me know if there’s any goals I need to add or anything else that you’ll be thinking about that’s going on the real estate world and I hope everybody has an amazing 2018. Hope everybody grows as a person and their business grows or maybe it’s already where you want it to be, then awesome.
Alright, thanks for listening everybody and we’ll be back next week.