On-Air 2021 Goal-Setting and Accountability Plans with 3 Rookie Investors | Rookie Podcast 45

TL;DR

Three rookie investors share 2021 real estate goals and strategies.

Transcript

this is real estate rookie show number 45. my name is ashley care and i am here with my wonderful co-host tony robinson and i've been trying to hide during the whole interview because i i'm wearing this shirt that he got me for christmas i told you i wanted to say thank you in person very much so it says we'll trade real estate advice for tacos and... Read More

Key Insights

• Beth Henson achieved 6 units in 2020 and aims to expand to 20 units in 2021, with a focus on short-term rentals and flipping houses.
• Jackson Seedott is working on acquiring his first property by Q1 2021 and has strengthened his finances by tripling his side business revenue during COVID-19.
• Jordan Crockett successfully purchased a duplex within 90 days of a webinar and plans to expand his rental portfolio and explore wholesaling in 2021.
• The importance of setting specific, measurable, attainable, relevant, and time-based (SMART) goals was emphasized for effective real estate investment.
• Networking and building a strong team of lenders, contractors, and property managers are crucial for scaling real estate investments.
• Consistent daily actions, such as analyzing deals and making offers, are key to achieving long-term real estate investment goals.
• Each investor shared their unique strategies and challenges, highlighting the diverse paths one can take in real estate investing.
• The podcast episode encouraged sharing goals publicly for accountability and using resources like the BiggerPockets community for support.

Questions & Answers

Q: What were Beth Henson's real estate achievements in 2020?

Beth Henson acquired 6 units in 2020 and has 3 more units under contract, ready to close in early 2021. She is also involved in house flipping and has set a significant revenue goal for her flipping business in the upcoming year.

Q: How did Jackson Seedott prepare for his first real estate investment?

Jackson Seedott focused on strengthening his personal finances by tripling his side business revenue during COVID-19. He is actively analyzing deals, calling agents, and aims to get his first property under contract by Q1 2021, demonstrating a disciplined approach to entering the real estate market.

Q: What strategy did Jordan Crockett use to acquire his first rental property?

Jordan Crockett attended a 'How to Get Your First Rental in 90 Days' webinar, which motivated him to purchase a duplex within that timeframe. He house hacks one side of the duplex and plans to expand his rental portfolio and explore wholesaling in 2021.

Q: What are the key components of setting effective real estate investment goals?

Effective real estate investment goals should be SMART: Specific, Measurable, Attainable, Relevant, and Time-based. This framework helps investors set clear objectives, track progress, and ensure that their goals align with long-term aspirations. Consistent daily actions are crucial for achieving these goals.

Q: Why is networking important for real estate investors?

Networking is vital for real estate investors as it helps build a strong team of lenders, contractors, and property managers, which is essential for scaling investments. Establishing these relationships provides support, access to resources, and opportunities for collaboration, facilitating smoother and more successful investment endeavors.

Q: How can new investors overcome the fear of starting in real estate?

New investors can overcome fear by educating themselves, setting achievable goals, and taking consistent daily actions. Building a supportive network and leveraging resources like the BiggerPockets community can provide guidance and encouragement. Additionally, focusing on learning from each experience and viewing setbacks as steps toward success can help mitigate fear.

Q: What role does accountability play in achieving real estate goals?

Accountability is crucial for achieving real estate goals as it encourages investors to stay committed and take consistent action. Publicly sharing goals, such as in the BiggerPockets community, provides external motivation and support, helping investors track progress and make necessary adjustments to stay on course.

Q: What insights can be gained from the diverse strategies of the rookie investors?

The diverse strategies of the rookie investors highlight that there are multiple paths to success in real estate investing. Each investor's unique approach demonstrates the importance of aligning strategies with personal goals, strengths, and circumstances. This diversity showcases the flexibility and adaptability required in real estate, encouraging new investors to tailor their own journeys.

Summary & Key Takeaways

• Beth Henson, Jackson Seedott, and Jordan Crockett, three rookie real estate investors, discuss their 2020 achievements and 2021 goals. Beth aims to expand her portfolio to 20 units and explore short-term rentals. Jackson plans to acquire his first property and has enhanced his financial position by growing his side business. Jordan successfully purchased a duplex and seeks to expand his rental holdings and start wholesaling.

• The investors emphasize the importance of setting SMART goals and taking consistent daily actions to achieve them. They highlight networking and building a strong team as critical components for scaling their real estate endeavors. Each investor shares unique strategies and challenges, providing insights into the diverse paths of real estate investing.

• The podcast encourages sharing goals publicly for accountability and utilizing resources like the BiggerPockets community for support. The episode provides inspiration and guidance for new investors aiming to maximize their efforts in the coming year, with plans for future check-ins to track progress.