Its time to start practicing what I preach. I have had goals, but never clearly defined with definitive time tables. I will fix that today.
Clearly Defined Goals to be read 2x per day.
Goal:Â
I will be self employed in 18 months time on
Why:Â
-Devote my time to my fiancé, my dog, and my future family
-To dictate my time
-Pursue financial freedom
-Prove myself to myself
-Continue my streak of completing 100% of what I truly set my mind to.
How:
-I will accumulate $50,000 in liquid savings (bank accounts, pm’s, and cash)
*Money will be obtained through the purchase and sale of single family residence, duplex, and smaller multiplex buildings in the Arapahoe county area of
*Extensive use of probate, and reo real estate will be used.
* Properties will be bought and wholesaled or bought and rehabbed for sale at near FMV
-I will have $1500/mo passive income.
           * I will use SFR and smaller multiplexes to obtain the desired positive cashflow.
* In order to obtain $1500/mo in such a short time, I will have 5 units cashflowing for a positive cashflow of $300 per unit.Â
* Assumptions:Â
 -With an average market rent of $1100 for a 3/2
-$40,000 mortgage avg per unit
- $400/yr insurance
-$800/yr taxes
-$2500/yr maintenance
-8% Property management fee. Or 1056/yr
- 8% vacancy or 1 month per year
- I will have $10,000 invested per unit.
*I will be investigated Mobile home deals and incorporating if the numbers work.
- To obtain the $100,000 cash needed (50k rentals, 50k reserves) I will do 10 deals average averaging 15k per deal. Taxes must be accounted for as the rehabs and wholesale deals will be considered income.
- I use my own home as a rental and find a new home.
- I will also be saving 15% of my take home pay and utilize past savings as I reach these goals.
- I will be flexible and open minded, but stick to my plan.
-I will only make changes to my plan after careful consideration to be in the best interest for achieving my goals.
- I will read these goals and action steps 2x per day.
- I will utilize my mastermind group for ideas and support
-I will share my progress the outside world via my blog, and the fastlane as a tool to keep myself on track.
-I will look to inspire others, therefore inspiring myself.
- I will remember service the needs of others which will in turn service my needs.
Hey, way to go, you! Congrats on making your goals more specific and setting time lines.
One small suggestion: Re-write them in present tense. As in, “I AM” instead of “I WILL”. It’s a powerful subconscious re-trianing thing. Trust me.
Also, consider buying a goals journal, and re-writing your goals FROM MEMORY every day inside, right before you go to sleep.
Thanks for daring to post!
…jp
JP,
Very good point. I consciously put I will for that very reason as a statement of fact, but I like your idea. Changing it tonight. I printed out my goals, and read them several times a day with feeling. (Think and grow rich idea). I’ll have to try writing them each day. Thanks for the input.
Hey Mr. Miller, this is good (no GREAT) stuff!
Are you still meeting with your mastermind group on a monthly basis?
Yep…1 hour every week. They are what helped me get off my tail and start networking more. I decided it was finally time to set definite goals. I know it will help.
Jason, that’s great!