Happy New Year 2018!
Don’t let 2018 pass you by. Set specific and actionable goals to make it the best year yet. As Dave Ramsey says “A goal without a plan is just a dream.”
Here at collegerentals101.com we recognize that we perform much better and are happier when we have specific goals. And we have several goals set for 2018. We have a duplex to finish and we would like to increase our cashflow by $1200 a month. We also would like to post blog articles regularly this year—at least every 2 weeks.
Here is another goal we feel might be a bit out there but are motivated to work on. We have never bought a rental property that was owner financed, but we have read about it a lot. In 2017 we contacted a handful of owners, but there were no takers. We resolve to make it happen in 2018 and here is how we plan to do it.
Specific Goal: Find an owner willing to be the bank for us
1. Make a list of possible candidate properties. (30 properties at a minimum)
2. Research to find the owners.
3. Make contact with the owner. We would prefer to make contact in person but we will also send letters or make phone calls when we can.
4. Negotiate a great deal for both parties. Nothing beats when everyone comes out a winner.
We have read about investors using other people’s money to buy properties and grow their wealth. We don’t really understand exactly how this works. What we don’t understand scares us. When we are scared, we don’t act. Knowing that our fear is limiting our potential is annoying. So, we want to wrap our heads around this concept this year and learn how to structure a (very tiny) investment company to dispel our fear of the unknown.
Specific Goal: Research and make a plan for a company structure that would use someone else’s money to invest in a rental property
1. Research company structures
2. Lay out a prototype business plan for a hypothetical property to have to show potential investors exactly how they would be paid
3. Go to a lawyer and set up such a company so we are ready to act
Let us know your specific goals for 2018 and please feel free to contact us if we can help you to achieve your goals.
God Bless You and Have a Healthy and Prosperous 2018!