Don’t Fall for the “More Doors” Trap | 2023 Goal Setting

TL;DR

David and Rob discuss their 2023 real estate and personal goals.

Transcript

this is the BiggerPockets podcast show 696. that's not talked about often but it's important to note picking your goals is sometimes even harder than hitting them I remember the first time that I when I was new in Gold buttons the first time I heard someone say well what do you want your life to look like better than it is now yeah what does that l... Read More

Key Insights

• Setting goals can be challenging, but defining what you want is crucial for success. It's more important to focus on what you want rather than what you don't want.
• David and Rob share their different approaches to goal setting, with David being more systematic and Rob being more creative.
• Both hosts emphasize the importance of being flexible with goals, allowing them to pivot as new opportunities arise.
• David's vision is to create an ecosystem for real estate investors, providing everything they need in one place, from agents to education.
• Rob aims to focus more on creative real estate investments like glamping and tiny homes, which bring him more fulfillment.
• The hosts discuss the importance of hiring the right people to help achieve business goals, highlighting the challenges of finding suitable candidates.
• David shares his strategy of setting goals for each business endeavor and regularly reviewing them to ensure progress.
• Personal goals are as important as business goals, with both hosts emphasizing the need for work-life balance and personal growth.

Questions & Answers

Q: What is David's vision for his real estate ecosystem?

David's vision is to create a comprehensive ecosystem for real estate investors, offering everything they need in one place. This includes access to agents, loan officers, insurance, contractors, and educational resources. The goal is to streamline the investment process for clients and provide a seamless experience.

Q: How does Rob plan to achieve his goal of expanding his real estate portfolio in 2023?

Rob plans to focus on acquiring unique properties like glamping sites and tiny homes rather than traditional single-family homes. He aims to raise $100 million over five years to fund these projects, emphasizing creativity and fulfilling investments that align with his personal interests.

Q: What challenges did David face in 2022 regarding his real estate investments?

David faced challenges with scaling his short-term rental portfolio, particularly with finding the right personnel to manage the properties. Despite buying multiple properties, he encountered delays and financial losses due to a lack of dedicated management, emphasizing the importance of hiring the right team.

Q: How do David and Rob's approaches to goal setting differ?

David uses a systematic approach to goal setting, breaking down each business endeavor into specific, manageable targets. He regularly reviews his goals to ensure progress. In contrast, Rob takes a more creative approach, focusing on what brings him joy and fulfillment, allowing for flexibility and adaptation.

Q: What role does personal growth play in achieving business success according to the hosts?

Both hosts highlight that personal growth is crucial for business success. They emphasize the need for self-awareness, understanding personal strengths and weaknesses, and aligning personal goals with business objectives. Personal development helps in making informed decisions and overcoming challenges in business.

Q: What are some of the personal goals set by David and Rob for 2023?

David's personal goals include working out regularly, practicing Brazilian Jiu-Jitsu, and building a recording studio in a warm location. Rob's personal goals focus on traveling more, especially internationally, to enhance his personal experiences and happiness, despite the challenges of traveling with young children.

Q: Why do David and Rob emphasize the importance of hiring the right people?

Hiring the right people is crucial for scaling and achieving business goals. Both hosts faced challenges in finding suitable candidates who align with their vision and can contribute effectively. The right team members can significantly impact the efficiency and success of business operations.

Q: How do the hosts plan to maintain BiggerPockets as the top real estate podcast?

David and Rob plan to maintain BiggerPockets as the top real estate podcast by continuously improving content quality, engaging with the audience, and adapting to changing market trends. They stress the importance of audience feedback and reviews in maintaining their position and delivering valuable insights.

Summary & Key Takeaways

• David and Rob discuss their different methods for setting and achieving goals for 2023. David uses a systematic approach, breaking down each business into specific targets, while Rob takes a more creative and flexible approach, focusing on what brings him joy and fulfillment.

• The episode highlights the importance of having a clear vision and being able to pivot as necessary. Both hosts emphasize the need for setting goals that are challenging yet achievable, allowing room for growth and adaptation.

• Personal goals are also a key focus, with David and Rob discussing their desires to travel more, improve work-life balance, and continue personal development. They stress the importance of aligning personal goals with business objectives to achieve overall success.