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:
I will be self employed in 18 months time on April 1st 2011.
Why:
-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 Colorado.
*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.
* Assumptions:
-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.
Clearly Defined Goals to be read 2x per day.
Goal:
I will be self employed in 18 months time on April 1st 2011.
Why:
-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 Colorado.
*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.
* Assumptions:
-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.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
