In this episode, Bill shares an update on his personal goal to acquire 1,000 units by the year 2020. He also outlines his real estate activities in the last few months and lessons learned.
For those of you who have listened for a while, you know my goal has been and continues to be “to purchase/acquire 1000 units (or doors) by the end of the year 2020.” Through this podcast I share exactly what I am doing (the good, the bad and the ugly) to achieve that goal. My intention is to help you gain from my successes and to hopefully avoid the mistakes I make.
But before I get started, I have a couple of quick announcements:
We now have a:
Facebook Group where fellow investors can gather/meet to
We also have a new YouTube channel now where we have:
Finally, as this is episode #076, we are rapidly approaching our first 100 episodes. We thing the 100th episode will occur in May. We want to do something special for episode #100 and have decided to have our 2017 Old Dawg Howl Awards.
Now, for those of you who have listened for a while, you know that each of our guests close out the show with their best old hound dog howl. Well, we have listened to all the howls since the first show and are narrowing down our top 10. Over the next month or so, we are going to post the Top 10 howls on our website, where you can listen and vote.
Then, the top three will receive the coveted Golden Howl Awards!
So watch out for this red carpet event!
So, here is the goal: in order to achieve my goal of 1000 units by 2020, I will need to double my cumulative total number of units each year. So, whether I actually acquire the target acquisition goal number or not, I still have to make up for deficiencies in the next year or two for this to happen.
In 2014, I started with three properties, totally 4 units– 2 single family homes and a duplex. The duplex and single family properties were in Memphis. I also bought a single family home in Atlanta.
In 2015, I was supposed to buy 8 units (doubling the number of target units I was supposed to have at the end of 2014) but I only bought a duplex (2 units) in Indianapolis. (We were moving from Port-au-Prince, Haiti to Southern California, finalizing adoptions and a bunch of other stuff so it was a tough year to search and acquire properties) So, at the end of 2015, I was 6 shy of goal.
In 2016, I purchased a 22-unit apartment. My goal was to double the 4units from 2014 plus the 8 units in 2015. 8 plus 4 is 12, double that and you have 24 was my target goal for the end of 2016. However, I was 2 units shy of my goal of 24, plus the 6 units I was shy in 2014, had me at 8 under goal by the end of 2015.
Currently, I have 28 units, consisting of 2 single family homes, 2 duplexes and a 22-unit. I am technically, 8 units behind my goal which, at the end of 2016, should have been 36 cumulative units total.
My written goal for 2017 is to acquire 72 units, which will give me a cumulative goal of 108 units by year-end. But I am targeting 100 plus, so I will surpass my goal and make up for prior year deficiencies, plus be 20 units over my goal going into 2018.
I have all of this on an Excel spreadsheet that you can download here: 1000X2020_WORKSHEET. The spreadsheet also allows you to set your own goals and to see what you need to acquire each year to make your goals. It also shows the dollar goals at $100 per unit as well.
The end of 2016 was rough:
IF YOU LIKED THIS PODCAST, we would love if you would go to iTunes, Stitcher, GooglePlay, or iHEARTRadio and Subscribe, Rate & Review our podcast. This will greatly help in sharing this podcast with others seeking to learn real estate investing as a means to achieve a successful retirement.
Check out our other podcasts at olddawgsreinetwork.com.
Get a free copy of our 3-Minute Rental Property Analyzer at olddawgsreinetwork.com.
Episode Sponsor: Meno Studio – email@example.com