**The Official Goal Thread**

[Bluemoon06]

What I do is I set up a trust and put the deed in the trust.  I own part of the trust and tenant owns part.  I pay the PITI they pay me $200 to $300 more than that note.  Since the tenant is actually the owner he pays for all the maintenance.  I take a fee to start the trust.  I make sure that fee is enough to show they have a commitment to the deal and I pocket it all.  I pay the lawyer fee to set up the trust $500 and at the end of the term they get their own financing (which I help them get) they pay off my mortgage and the rest is for me.  I always have them agree to buy the property for $15 to $30k more than my mortgage balance that is what I call convert.

[jsstinson]

So clarify this for me:

Whose name is on the title? The trust? And you and the 'tenant/owner' are both listed as beneficiaries of the trust? You just have specific rules about which beneficiary gets the monthly cash flow?

All this time, you are carrying a mortgage with someone else and through the trust proceeds, they are paying your mortgage?

How do you handle it if they decide not to pay? If you are both listed on the trust, how do you take back possession of the property if they are partial owners through the trust?

I want to get some more details on this because it seems interesting enough.

~joshua

[bluechipdc]

Real Estate      
Sell 231 10th St. and all lots.3/11/07
Sell 1020 F St. 5/1/07
Get all 6 Florida Ave. Units under contract.5/1/07
Allocate and spend minimum of 5 Hours per week hunting for Home Runs.Ongoing
Send at least 10 letters per week to Home Run Candidates that are not Listed. Ongoing
Resend letters to those Home Run Candidates Every 3 Weeks.Ongoing
Focus on DC and Arlington For Home Runs.Ongoing
Advertise Weekly to drum up lease option/subject to candidates.,Starting 06/01/2007
Do a minimum of 4 successful lease option transactions in 2007.,9/1/07
Do a minimum of 5 HomeRuns in 2007 earning a minimum of $50K per HR.,Ongoing
Do a minimum of 3 contract assignments to rehabbers.,Ongoing
Purchase at least 1 20 unit building in 2007.,11/30/07
Start a minimum of 2 commercial projects to be completed in 2008.,6/1/07
Set up an Outside office and establish a normal work routine.,6/1/07
Build Credit Lines from $357K to $750K.,12/31/07
Earn a minimum of $250K.,10/31/07

REDUCE STRESS, Increase Happiness, Encourage everyone here to achieve their goals.

Let's hold eachother all accountable to reach our goals.

[omgxitsxshawn]

.note im 20 now.

20-21
-get my carpet cleaning business launched and save some cash, build credit, and  gain knowledge of the business world.

21-22
-flip at least 3 single family houses for "quick money"
-invest that money into a muilti family (4 unit) for monthly positive cash flow.


22-25
-as i gain experienve, learn to manage my time so i can buy and sell more houses each year than the year before.
-continue to invest that money into more multi fams.

25-30
-continue investing in multi. mabey even some 100+ units.
-saving 70% of my "after all expense cash" into a retirement fund with high interest.
-using the rest for personal interests
-have a monthly positive income of 20k a month by 29.
-get a property manager
-buy my mom a house
-pay back family members who have helped me on my adventure

30-101
-retire
-enjoy my hard work
-relax and smoke the best all day with my homies
-flip some houses if i get bored
-continue getting more apartments to increase my monthly income.
-get married and have kids and dogs

30-35
-continue my music career
-start a record label
-buy a club or two.
-buy a 3 story venue, 1 & 2 story is just one big one. with a stage and merch stand. and balcony.... 3rd story is recording studio  with conection to downstairs to record live and or studio.
-own a musical instrument store.


35+
-build recreational structures to help better the current community im residing in.


i love my goal plan... please let me know if this is realistic.
if not i will revise.
 

[omgxitsxshawn]

OH i MUSt add

21-22
-move somewhere else
-im currently in east texas

[Dave T]

Here is the goal statement I established in 2002.  It worked for me then and every year since.  This goal statement will still be valid five or ten years from now. 

My annual goal is to increase my net worth by 5% over the previous year.

Since I am primarily a landlord, investing in rental property, objectives that will help me achieve this goal are:

• Reduce debt.
• Increase Cash Flow.

Some actions that I might consider in reaching my objectives are:

• Make extra principal reduction payments each month,
• Use 1031 exchange to improve the quality of my portfolio when an exchange will increase my equity position,
• Acquire more rental property,
• Refinance current debt to lower debt service,
• Increase rents, and,
• Take proactive steps to reduce vacancy rate.

As I look at where I am today, and what I can do immediately to accomplish my objectives, success may in part depend upon my ability to acquire property below market and to finance it quickly. The buyer likely secures the best acquisition opportunities when he has the ability to quickly bring cash to the deal. To gain this ability, I plan to secure a working line of credit then renew it annually.

During the coming year, I will increase rents as leases come up for renewal, and, attention to tenant relation’s activities will hopefully reduce my turnover.  Excess cash flow will be applied to principal reduction.