Ask the Readers: What Are You Most Thankful For?

As the year is winding down and we celebrate the holiday that’s all about gratitude (and food), it’s a good time to reflect on the things we’re thankful for.

What are you most thankful for? What impact does it have on your life? Has it changed your lifestyle in any way?

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Source: wisebread.com

My Real Estate Goals for 2021 and 2020 Results!

2020 was a crazy year for many people, but it turned out to be a good year for us business-wise. I had many goals in 2020 including flipping 15 houses, buying 50k square feet of rentals, writing 2 books, possibly buying another car, and more! We did not accomplish all of the 2020 goals but we came close! For 2021 I have come up with new goals that are above and beyond the 2020 goals. I will go over those, why I made those goals, and how I plan to accomplish them as well!

What were my major 2020 goals?

I had many goals in 202o and I love to make my goals aggressive but reachable. I actually reached more goals in 2020 than I usually do! You can see some of my other goal articles from previous years below:

Here is a list of the major goals I had for 2020:

  • Sell 15 house flips.
  • Buy at least 50,000 square feet of rentals
  • Publish a book
  • Run 700 miles
  • Maybe buy a car
  • Make $50,000 in a month online

How did I do with these goals? Some I hit and others not so much!

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House flipping

I wanted to flip 15 houses in 2020 even though I flipped 23 in 2019. I wanted to flip fewer houses because I felt the house flipping was taking a ton of time and resources and I needed to focus more on my rental properties. I ended up flipping 15 houses exactly! Now, I was not really proud of this goal even though it took some will not to buy as many houses as I normally do. I feel like my team and I do well when we are pushed and this did not push us at all. We are changing this goal for sure!

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Rental Properties

I made a goal to buy 50,000 square feet of rental properties which is part of my larger goal to buy one million square feet of rentals! I made that plan because I love the sound of one million square feet and it is easy for me to visualize and be motivated by! A lot of people think it is a silly goal but I love it. I buy mostly commercial properties and it does not make sense to use doors as a goal since some of my properties have 68k square feet and 5 doors and other properties have 2,500 square feet and 4 doors. I ended up buying 58,000 square feet which was awesome! Some of those properties need some work and are still vacant but they should be good investments eventually. I would love to buy more properties that are performing this year and do not as much stabilization.

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Publish a book

I published my 9th book in 2020! Build a Commercial Real Estate Empire. This was a book a lot of people had asked for since I started to invest in commercial real estate. It was a difficult book to write because there are a lot of technical chapters about NNN leases, tenant finish, Cap Rates, and more. However, p[art of the book was much easier to write because I included case studies of all of my commercial properties which was a lot of fun and easy for me. I think those stories can be just as valuable as the technical side of the book.

Maybe buy a car

This was a silly goal and I know that. I was not super motivated to buy another car because I do not have room for more cars and there are not any that I am really excited about unless I pay more than double what have ever paid for a car. Having said that I ended up buying a car! Actually, a truck!

I bought my first truck ever which is a 2017 Ford Velociraptor. What is a Velociraptor? It is a regular Raptor that has been modified by Hennessy and sold by Ford. I picked up the 500 model which means it has 500 horsepower. Many people think I bought a 300k dollar truck because some Velociraptors are $300,000! They make a 6×6 version which mine is not! They also make a 600 version and a 750 version. The 600 version has a few more modifications than mine and the 750 version has the V6 swapped for a Coyote V8 with a  supercharger. My Raptor was about $90,000 new and the 750 runs $180,000!

velociraptor investfourmore

Make $50,000 in a month online

I started my blog in 2013 without a clue how to make money with it or that I would ever make money with it. It had been a wonderful experience and blossomed into so many other things like YouTube, Social Media, Books, and coaching programs! Along the way, I learned how to monetize the site and have been doing fairly decent with it the last few years. I decided to take it to another level last year by making a goal to make $50,000 in a month. We did not get there, but we did have some months with more than $30,000 in revenue. Most of the money comes from my books and the Complete Blue Print Coaching Program.

Run 700 miles

I have always liked sports and like to workout. I routinely lift but I also get into running phases. I had let my running slide a little bit after having our third child in 2019. I decided to make a super-aggressive goal for 2020 which was to run 700 miles. I did not make it. In fact, I came up way short at around 600 miles. I also was a little too lax keeping track of my miles and I don’t know the exact amount I ran. That goal still helped me run more than if I did not have that goal so it was a success in that sense.

What are my goals for 2021?

I liked many things that happened in 2021 but I also want to change some things. I really like flipping a lot of houses and I think we need to up our game on that front. I also love to buy rentals and I am looking forward to buying more rentals as well. I have more specific car goals as well and some new types of goals as well!

House flipping goals

The most flips I have done in a year is 26, which I was able to do in 2017 and 2018. I flipped 23 in 2019 and I want to flip 27 in 2021! I decided that flipping houses is what I love to do and we can up our game with what we are currently doing. Part of this goal is that we had 14 flips in progress at the end of 2020 so we already have 14 that should be closing in the year and that would mean we need 13 more that we buy, repair, and sell in 2020. I think we can do that as long as we stick to buying properties that are not huge projects and do not need a ton of work.

Rental Properties

I love my rental property goal and I want to expand on it every year. My original place was to buy 50,000 square feet in 2020 and 70,000 square feet in 2021 and I think that is still the plan. A lot of my square footage from 2021 was farther away from what I would like and vacant! I want to change the type of square footage I buy in 2021. I would love to have local rented properties, but if I do buy properties that are farther away I would love for them to be rented!

Renting properties

Piggybacking off the last goal I want to get a certain amount of square footage rented in 2021. I have about 50,000 square feet vacant in my rental properties! Much of that is from properties that I recently bought and it did not help that Covid hit and made it a little harder to rent commercial properties. However, we were still able to rent many properties in 2020. When these properties are rented it makes them much easier to refinance as well!

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Refinance 2 million dollars worth of debt

When I buy my commercial rentals I sometimes use bank money, sometimes I use cash, and sometimes I use private money. The plan when I use cash or private money is to buy the property, stabilize it, and then refinance it with long term debt from a bank. I planned to refinance some of my properties sooner as I have some stabilized properties but again Covid caused some delays. I had a few deals lined up in March to refinance and Covid stopped them dead. Luckily, I am in a position where I do not have to refinance my properties but I would love to get those refinanced and get some lower interest rates put in place. I may even get some cash out!

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Make $100,000 online in a month

I did not hit my goal to make $50,000 in a month online in 2020 so I decided to make the goal even bigger! If I do not get there, at least it will help me do more than I was doing before. I plan to do this by improving everything we do and hiring more people to help. In fact, we already hired someone to help with our social media side of the business. We have 120k Instagram followers, 71k YouTube Subs, 70k Facebook likes, 21k Twitter followers, and even 23k on Tiktok! I want to use social media to reach more people, the blog to reach more people, and I want to help those people using my coaching programs as well as improve the books, coaching, and other online revenue streams.

Add 200,000 followers

As part of the previous goal, I want to add 200k followers to all of my channels. I think the biggest room fr growth would be on Instagram, Tiktok, and YouTube. That is where I focus most of my time and where we have had the most success. Tiktok has tremendous growth opportunity!

Buy a Lamborghini Countach

I am making car goal this year and it is long overdue. I will buy a Lamborghini Countach in 2021! I should be writing these goals out better since the better you write a goal the better it works. You want to have a specific time frame, a specific number, and be as specific as possible. By writing out these goals I make them pretty specific, but if you are just making goals make sure you put some time into it! The Countach has been a dream of mine for many years, and the way to make a dream a reality is to make it a goal! I bought a Lamborghini Diablo in 2014 and it was one of the best goals I ever made. It was incredibly motivating and easy to visualize. That car has been amazing for me and my business!

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Conclusion

I love making goals but making goals is not what makes you more successful. Keeping track of those goals all year long and using them to be better and do more is what will make you more successful. I love putting my goals out in the public eye because it makes me accountable and keeps me checking on them! I know if I ignore them all I will look pretty silly at the end of the year! This article goes over how and why I create my goals in more detail.

Source: investfourmore.com

Do You Need to Go to College to Be a Real Estate Investor?

I am asked all the time whether I think it was worth it to go to college as a real estate investor and real estate broker. I got my degree in business with an emphasis in finance. I think the degree helped me and I am glad I went to college but I don’t think I had to go to college to do what I do. I have flipped over 200 houses, own 180k square feet of rentals, own a real estate brokerage, and I have written 9 books. I have done a lot of things and college helped with some of that, but I didn’t have to go to be successful.

What did I get out of college?

I went to the University of Colorado at Boulder. I started out as an engineer and then went into business school when I decided I did not like really high-level math. I was not the most dedicated student and one thing I would do differently if I was to start over again was pay more attention to my classes and take advantage of all the things that college and education can offer. I rarely talked to my professors or advisors to get advice. I figured I needed a degree to make a lot of money and that was my main goal. I wish I would have learned not just from the material taught in the classes but learned much more from the people who taught the classes and the insights they could personally give to me.

My favorite class in college was an entrepreneurial class where we ran a company. I was not a student who studied constantly and took advantage of everything college had to offer but I loved this class. I actually wanted to go to it! In the class, we ran an imaginary company that made widgets or something. We were put in groups and I took over the group making all of the decisions for the company. I loved analyzing the numbers and deciding what the best price points and manufacturing numbers should be. Our group was destroying the rest of the calls when in the end two groups sold all of their inventory and assets and magically leaped ahead of us in value. I tried to explain to the professor that it was impossible for the other companies to be worth so much money when it literally had only cash, no assets, no inventory, no buildings, but she didn’t understand it. I still loved the class!

Besides that one class, I learned about finance, stocks, bonds, loans, accounting, and mostly how to work for someone else. I knew I did not want to work for someone else so I was not thrilled about life after college.

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How did I get started in real estate?

My dad was an agent and he flipped houses once in a while. I could not find a job that paid me what I thought I was worth after college so I decided to go home for a bit and work for him while I figured things out.

I was helping him with manual labor mostly and I lived in an apartment building that my sister managed. I was able to get a deal on rent for being the onsite manager. I did not have a lot of expenses, I was making okay money, and I had a lot of freedom. I say my friends who went to college and most of them went into the corporate world. I saw them really not happy and not making any more money than I was. I decided that real estate was not such a bad career and I committed myself to it for the time being. I got my real estate license, and I sold houses as well as helped my dad on the flips.

Eventually, I bought the business from him and got to where I am today.

Did I need to go to college to do what I do?

Was college necessary for me to be an agent and an investor? No. I did not have to go to do what I do, but I may not be as far along if I had not gone to college. I ended up hiring my best friend from college to work for me in 2013 and he still works for me and has been very important to my business.

I also do not think I would be in real estate if I had not gone to college. I am not sure what I would have done but I wanted nothing to do with real estate in high school and that is why I went into engineering. I am not sure what I would have done but I most likely would have gotten a job of some sort working construction or who knows what. It is possible I would have worked for my parents as I did after college, but I am not so sure. I wanted to have freedom and get away from them. It is also possible I would start in another field and then work myself back to real estate but we will never know!

So while college was not necessary for me to get into real estate I think it helped me.

  • I met some great people who helped my business
  • I learned a lot about finance which helped me run a business
  • I learned about debt, and accounting, and investing which helped me as well
  • It gave me time to mature and figure a few things out in life

Should you go to college to be a real estate investor?

So far all I have done is talk about myself! What about others or you if you happen to be reading this article. Do you need to go to college if you want to be in real estate? First I think it depends on what kind of real estate you want to be in. I wrote another article about going to college if you want to be a real estate agent. I think that question also depends on the person and the situation.

If you want to be a real estate investor it really depends on you. Some people can go straight into investing and kill it while others may not be ready yet. Some might not need the extra education and connections while others won’t. To be honest, no one knows for sure what situation they will run into or what will happen if they do or do not go to college. A lot of life is about luck and how the person who runs into that luck, good or bad, handles it.

What are some tips when you make the decision?

If you decide to go to college remember that you can still learn or even invest in real estate while you are in school. You can learn how to find deals, find other investors in the area, and possibly work for them, or even buy a house as there are special loans for students.

If you go to college I would suggest finding affordable schools that will not keep you in debt for decades. I went to an instate school that had relatively cheap tuition and I worked hard to graduate in four years even after changing majors.

If you decide not to go to college that does not mean you can’t learn while you work! You can take classes in a community college or learn a trade. There are many different options to educate yourself even when you are not in college. There is always the option of going to college at a later time if you decide you need it.

Conclusion

Going to college or not is a huge decision and it should not be taken lightly! Many people just assume college is always the best choice but that isn’t always the case. Many people get into crazy debt with school and are never happy with the career that comes from it. Others skip school and wish they would have gone. This is not a decision I can make for anyone as the person who is making the decision is the only one who can choose.

Source: investfourmore.com