{"id":10141,"date":"2023-12-03T18:57:39","date_gmt":"2023-12-03T18:57:39","guid":{"rendered":"https:\/\/imsfund.com\/?p=10141"},"modified":"2023-12-03T18:57:39","modified_gmt":"2023-12-03T18:57:39","slug":"we-asked-two-investors-what-their-2024-investing-resolutions-were-heres-what-they-said","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/12\/03\/we-asked-two-investors-what-their-2024-investing-resolutions-were-heres-what-they-said\/","title":{"rendered":"We Asked Two Investors What Their 2024 Investing Resolutions Were\u2014Here&#8217;s What They Said"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<p class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/p>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">It\u2019s almost that time of year! As you make your list of resolutions for 2024\u2014somewhere between \u201cPeloton more\u201d and \u201clearn to make paella\u201d\u2014consider adding a few real estate-specific bullets to the list.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Not sure what to include? No need to reinvent the wheel. We asked two investors with different strategies, target cities, and portfolio sizes what was on their resolution list for 2024. Let these inspire your own resolution-making!<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Investor<\/span><\/h2>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.instagram.com\/minncenturymod\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Claire Johnston<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is an investor and realtor in\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/minneapolis-tamed-inflation-by-changing-zoning-laws\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Minneapolis\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">and currently owns three doors. One is a single-family; another is a duplex she is currently\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/real-estate-investing\/house-hacking-strategy\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">house hacking<\/span><\/a><span data-preserver-spaces=\"true\">. Her real estate investments bring in about $4,000\/month.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Resolutions<\/span><\/h2>\n<p><em><span data-preserver-spaces=\"true\">1. Build my real estate income to match my W-2 income.<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">2. Personally purchase a fourplex.<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">3. Start a real estate\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/ultimate-guide-to-real-estate-syndication\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">syndication<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">.<\/span><\/em><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why and How?<\/span><\/h2>\n<p><strong><span data-preserver-spaces=\"true\">BiggerPockets:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Why these resolutions?<\/span><\/p>\n<p><em><span data-preserver-spaces=\"true\">These goals support my overarching life goal of creating a business I enjoy working in every single day that supports me and my community. While my ultimate goal is financial freedom, I am less attached to this goal than I am to creating a meaningful and rewarding daily life for myself and those who work for\/with me. Helping others, renovating historic homes, and providing safe homes for tenants are all parts of my business that I find incredibly rewarding.<\/span><\/em><\/p>\n<p><strong><span data-preserver-spaces=\"true\">BiggerPockets:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">How will you achieve them?<\/span><\/p>\n<p><em><span data-preserver-spaces=\"true\">As a huge fan of New Year\u2019s goals, I have found the secret to achieving them is making a plan at the beginning of the year outlining when you will work on them on a daily\/weekly\/monthly basis. A year is a long time, and it\u2019s easy to lose sight of large goals through the ups and downs.<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">Creating a plan enables me to show up consistently. Even when it feels like I am accomplishing nothing or going backwards, I find that small efforts done consistently have a greater impact on helping me reach goals than when I make massive efforts but inconsistently.<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">I also find a self-imposed deadline incredibly motivating, and these deadlines help focus my work time. Every goal will have a few milestone deadlines that I will then track my progress against.\u00a0<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">For example, for my goal of starting a real estate syndication, my milestone deadlines could look like:<\/span><\/em><\/p>\n<ul>\n<li><strong><em><span data-preserver-spaces=\"true\">Q1:<\/span><\/em><\/strong><em><span data-preserver-spaces=\"true\">\u00a0Finish researching syndications and start taking action.<\/span><\/em><\/li>\n<li><strong><em><span data-preserver-spaces=\"true\">Q2:\u00a0<\/span><\/em><\/strong><em><span data-preserver-spaces=\"true\">Connect with a minimum of X accredited investors.<\/span><\/em><\/li>\n<li><strong><em><span data-preserver-spaces=\"true\">Q3:\u00a0<\/span><\/em><\/strong><em><span data-preserver-spaces=\"true\">Pitch X number of deals to investors.<\/span><\/em><\/li>\n<li><strong><em><span data-preserver-spaces=\"true\">Q4:\u00a0<\/span><\/em><\/strong><em><span data-preserver-spaces=\"true\">Get a property under contract.<\/span><\/em><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">BiggerPockets:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">How will you monitor your progress?<\/span><\/p>\n<p><em><span data-preserver-spaces=\"true\">I like tracking key performance indicators (KPIs). Mine are focused on how much time and effort I am putting into a goal vs. an immediate outcome. Here are a few metrics I am using to track my progress:<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">Build my real estate income to match my W-2 income:<\/span><\/em><\/p>\n<ul>\n<li><em><span data-preserver-spaces=\"true\">How many hours per week am I educating myself on real estate-related items?<\/span><\/em><\/li>\n<li><em><span data-preserver-spaces=\"true\">How much time am I spending weekly on lead generation activities?<\/span><\/em><\/li>\n<\/ul>\n<p><em><span data-preserver-spaces=\"true\">Personally purchase a fourplex in 2024:<\/span><\/em><\/p>\n<ul>\n<li><em><span data-preserver-spaces=\"true\">How many deals in the Minneapolis market am I analyzing monthly?<\/span><\/em><\/li>\n<li><em><span data-preserver-spaces=\"true\">How much am I saving monthly for a down payment\/renovations?<\/span><\/em><\/li>\n<\/ul>\n<p><em><span data-preserver-spaces=\"true\">Start a real estate syndication in 2024:<\/span><\/em><\/p>\n<ul>\n<li><em><span data-preserver-spaces=\"true\">How many hours am I spending weekly researching syndications?<\/span><\/em><\/li>\n<li><em><span data-preserver-spaces=\"true\">How many potential investors have I connected with monthly?<\/span><\/em><\/li>\n<\/ul>\n<p><em><span data-preserver-spaces=\"true\">In reality, I have learned that life is complex, and you are not always in control of the outcome of your actions. Instead, for 2024, I am choosing to focus on the effort I put into my goals (see above KPIs!). If, at the end of the year, I can confidently say I put in the effort, I will be content with whatever outcome or progress they bring.<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">I\u2019ve had years when I completely missed every goal on my list, only to wildly exceed my expectations the next year. Progress is not linear, and allowing myself to set big goals without the attachment to a specific outcome on a specific timeline has allowed me to be resilient in the face of unforeseen circumstances and maintain my commitment to achieving goals over the long term.\u00a0<\/span><\/em><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Investor<\/span><\/h2>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.instagram.com\/blackrealestatedialogue\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Sam Dolcin\u00e9<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is an investor and podcast host (<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.blackrealestatedialogue.com\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Black Real Estate Dialogue Podcast<\/span><\/a><span data-preserver-spaces=\"true\">) who invests in the Dayton, Ohio, area.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Resolutions\u00a0<\/span><\/h2>\n<p><em><span data-preserver-spaces=\"true\">4. Get my bookkeeping organized.\u00a0<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">5. Get smarter about\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/creative-financing\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">creative financing<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">.<\/span><\/em><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Reasons Why and How<\/span><\/h2>\n<p><strong><span data-preserver-spaces=\"true\">BiggerPockets:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Why these resolutions?<\/span><\/p>\n<p><em><span data-preserver-spaces=\"true\">Bookkeeping: It\u2019s important to understand how your business is doing financially. You may find that you are overspending in certain areas or not spending enough in certain areas. For instance, a typical repair or maintenance item you may have could be done at a lower cost.<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">I\u2019ll schedule time to review receipts, bank statements, and the accounting software. I may also hire a bookkeeper to do this on a monthly basis.<\/span><\/em><\/p>\n<p><em><span data-preserver-spaces=\"true\">Creative financing: Off-market deals [from] distressed property owners (e.g., those who need to sell quickly due to a life circumstance) can be advantageous because you may be able to acquire them for less than market value. Creative financing, such as\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/seller-financing\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">seller financing<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">, can help avoid using the bank. I want to learn more about finding off-market deals and close on at least two using creative financing.<\/span><\/em><\/p>\n<div id=\"visibility-group-block_64dd56548a48e\" class=\"visibility-group  hidden\">\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Funding<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Quickly find and compare investor-friendly lenders who specialize in your unique investing strategy. It\u2019s fast, free, and easier than ever!<\/p>\n<p><\/main>\n<\/div>\n<div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Lender-Match.png\" alt=\"find a lender with lender match\" title=\"We Asked Two Investors What Their 2024 Investing Resolutions Were\u2014Here's What They Said 2\"\/>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group__inner-container\">\n<div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n<p><\/main>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><script async src=\"\/\/www.instagram.com\/embed.js\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/we-asked-two-investors-what-their-2024-investing-resolutions-were\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article It\u2019s almost that time of year! As you make your list of resolutions for 2024\u2014somewhere between \u201cPeloton more\u201d and \u201clearn to make paella\u201d\u2014consider adding a few real estate-specific bullets to the list.\u00a0 Not sure what to include? No need to reinvent the wheel. We asked two investors with different strategies, target cities, [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":10142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/12\/new-year-resolutions-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-10141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=10141"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10141\/revisions"}],"predecessor-version":[{"id":10143,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10141\/revisions\/10143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/10142"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=10141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=10141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=10141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}