As we kick off 2022, now is a good time to talk about my goals for the year. While I don’t always like the pressure of thousands of people knowing my goals, it’s helpful to share them with other investors. To understand how I formulated this year’s goals, I will also review my investing rules and the goals I made for 2021.
- Listen to the podcast “#68: 2022 Goal Setting with Jenny” on the Colorado Springs Real Estate Investing Podcast
- Watch the YouTube video (at the bottom.)
- Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.
My Rules for Investing
I like to go over my investing rules first because these rules drive my decisions. When my husband and I are trying to decide on something, we check if it fits our rules. If it doesn’t, then we know it’s probably not a good idea to proceed.
Rule 1: I Don’t Want to Own an Empire: I have no interest in huge goals like 100 doors; I just want enough plus a little more to support my family on rental income when the time comes.
Rule 2: Don’t Overextend Myself Personally: When I first started investing, my husband and I did all of the grunt work ourselves. We would spend all day at our W2 jobs, then drive to our properties after work and on the weekends to clean or rip up carpets. We weren’t able to disengage, which left us exhausted.
Rule 3: Don’t Overextend Myself Financially: I don’t overleverage by taking on too much debt and putting myself in a risky position. I don’t want to lose what I’ve earned.
Rule 4: Ensure Adequate Cash Reserves for Everything: I always have six months of reserves for personal emergencies and six months of reserves for all of my rental properties. If everything were to go down the toilet at once, I know I would have six months’ worth of leeway. I sleep better at night knowing my family would be ok.
Evaluating My 2021 Goals
My main real estate goal last year was to pay off one property’s mortgage. This seems like a small goal looking at it now, and it’s one that I not only achieved but exceeded. I paid off two mortgages and am still riding the emotional high that comes from owning two rental properties free and clear. In addition, I took advantage of low interest rates to refinance two other properties as well as add two more to my portfolio.
My agent and team goals last year were to publish 52 podcast episodes and quadruple the number of closed transactions in Colorado Springs. I hit the podcast goal by sticking to a consistent schedule and having a few extra recordings here and there.
When I made my transaction goal, it was before Leah joined the team. Together, we 10xed that goal and had more than 10x the sales volume. This was an amazing achievement and one I know will be difficult to replicate in the future.
Making Goals for 2022
Real Estate Goals
My real estate goals this year feel lofty compared to last year’s goal: I want to purchase four additional units. I feel comfortable right now with my current cash and equity positions, and I think we’ll keep seeing rising inflation. I want my money to work harder than just sitting around, so I plan on taking advantage of the benefits that real estate offers to investors.
Keeping in mind rule number one, increasing my portfolio by 40% is getting close to my definition of an empire. Part of the reason I keep adding properties is that I simply find real estate to be a lot of fun. I have an itch to buy properties and try out strategies I see clients doing. This is a rule I’ll keep assessing as the year goes on.
One thing that may surprise people is that I’ve never had a well-defined real estate goal. Because real estate is so dynamic, it’s difficult to lock into something knowing that the world will change. Being able to pivot based on external factors is important.
Agent and Team Goals
My agent and team goals for 2022 are to publish another 52 episodes and increase southern Colorado closed transactions by 30%. It’s hard to continuously 10x a goal, but 30% is both ambitious and achievable.
While Colorado Springs is a huge focus, Leah and I started working in Pueblo in 2021. We see Pueblo as a big part of EA’s growth over 2022. We want to do this market justice by incorporating more Pueblo-focused content into the podcast. As more people learn about this area, I’m confident they’ll be interested in investing there. I plan to do one episode every two months and have a goal of closing 15 transactions there. My stretch goal is to hire a dedicated agent for the Pueblo market
Connect with Me
I’m very excited for another busy but productive year. Be on the lookout for more Pueblo content, but in the meantime, please feel free to reach out to me with any questions. I’d be happy to give you an overview and help you find the right property to match your goals.
2022 Goal Setting with Jenny
Podcast (colorado-springs-real-estate-investing-podcast): Play in new window | Download (Duration: 17:27 — 20.0MB)
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