Four Investors Shared Their 2024 Goals With Us—Here’s How They Plan to Start the Year Strong

Four Investors Shared Their 2024 Goals With Us—Here’s How They Plan to Start the Year Strong

The turn of the calendar always has us thinking about what we want to do differently—or more of—next year. Sure, you’ll want to make lofty New Year’s resolutions for 2024, but goal-making is in order, too.  

We talked to four experienced investors at very different points in their journeys to get a sense of what they’re planning for the new year. Though your own goals will be unique and specific to you, seeing how peers think about their 2024 ambitions should help you craft your own.

Goal: Looking for Work/Life Balance in 2024

Indar Lange is a seasoned real estate investor and the largest residential home flipper in Hawaii. He currently owns more than 150 doors across the U.S.

BiggerPockets: What are your 2024 real estate goals?  

  1. Pay off debt.
  2. Sell our Connecticut rentals.
  3. Generate $84,000 per month in net passive income.
  4. Spend quality time with family, including picking up my son from school daily.
  5. Achieve a $1 million net profit annually from our flipping company.
  6. Prioritize family time and reward myself with a new truck.

BiggerPockets: Why have you chosen these as your specific goals?

Eliminating debt, selling properties in Connecticut, and achieving a substantial passive income reflect long-standing ambitions. Prioritizing family time underscores a commitment to a balanced and fulfilling personal life. The financial targets for the flipping company and personal rewards represent tangible milestones and acknowledgments of success.

BiggerPockets: How will you keep track of your progress?

I will maintain a disciplined approach by writing down my goals daily. Reverse-engineering the steps needed to achieve them will guide my daily actions. Consistent and purposeful action will be the key to monitoring progress.

BiggerPockets: How will you judge success?

Success will be measured by achieving the targeted $84,000 a month in net passive income. This financial milestone is a clear indicator of reaching a significant level of financial independence and stability.

Goal: Renovating Her STR and Finances in the New Year

Amelia McGee is a full-time real estate investor based in Des Moines, Iowa. She owns 36 doors in central and southern Iowa, which are a mixture of LTR, MTR, and a few STRs in B and C-class neighborhoods. She is also the co-founder of Women Invest in Real Estate (WIIRE), an online community for female real estate investors. 

BiggerPockets: What are your 2024 real estate goals? 

My first goal for 2024 is revamping my lake town short-term rental property. Over the past year, there has been about a 20% increase in other listings in the area, so it’s going to be important to keep my property updated so that it stays full amongst increasing competition. 

There are lots of small additions that can be implemented to increase the vibe of the cottage, most of which are cosmetic updates, such as painting the interior and exterior and replacing some furniture pieces. I’ve also debated adding a hot tub, as there are no other rentals in the area that offer that, so it would make the listing stand out significantly.

My second [goal] is to dig deep into my finances and create a solid, proactive tax strategy with my CPA. I grew so quickly (from 0 to 36 doors in three years) that I didn’t have the capacity to set up proper systems and processes in my business, including my bookkeeping and tax strategy. In 2024, I’m going to focus on using my real estate tax professional status, cost segregation studies on new purchases, and 1031 exchanges on any properties I sell to fully take advantage of the tax system

My final big [goal] in 2024 is to purchase two more short-term rental properties. I know there are many investors who are moving away from STRs as competition becomes more fierce and regulations continue to pop up. However, I have found that I enjoy the hospitality aspect of STRs and plan to purchase a few in strategic, small markets where there isn’t a lot of competition. I know this is risky, as there are fewer analytics in markets like this, but I feel confident in my ability to market my properties outside of the traditional strategies to gain bookings.

BiggerPockets: Why have you chosen these as your specific goals?

I am all about increasing the revenue on properties I already own or taking better advantage of tax strategies to save myself money. I love working smarter, not harder, so I really want to embrace that in 2024. I don’t have a huge ‘buying’ goal in 2024 because I feel like adding a few strategic STRs to my portfolio can bring in just as much cash flow as purchasing five LTRs. 

BiggerPockets: How will you judge success?

  • Goal 1: Increase in bookings and nightly rate in 2024.
  • Goal 2: Decreased tax bill in 2024
  • Goal 3: Closing on two STR properties by December 2024.

Goal: A Small-Town Focus

Amanda McGrew is a Wyoming-based real estate investor with 22 doors, including a condo in Los Angeles, a single-family home in Phoenix, and a 20-unit motel in Greybull, Wyoming. 

BiggerPockets: What are your 2024 real estate goals?  

  • Continue to focus on my motel renovation while knowing which tasks I can/should delegate.
  • Consider other commercial properties (laundromats, storage facilities, car washes, etc.).
  • Continue to look at properties in small towns across America, where I would love to spend time.

BiggerPockets: Why have you chosen these as your specific goals?

These goals are important to me because they are a reminder of why I am interested in real estate as a profession. I love the manual work, and I love making changes in small towns and bringing more functionality and progress to buildings that need it. And it makes me happy to make the local people of that community proud

BiggerPockets: How will you judge success?

I monitor my progress by the number of rooms I have completed at the motel and the feedback that I receive from people in town. Making people in Greybull and the surrounding areas proud has become an incredible honor to me. 

I already know I am successful. I took a leap of faith to buy a motel and move to a one-stoplight town where I didn’t know a single person. I now have several rooms rented, with expenses covered, and I have met some of the most incredibly kind and thoughtful people. I have made lifelong friends here, and I have no intention of leaving anytime soon. That is the kind of adventure that I am looking for in my life.

Goal: An Ambitious Plan Including Systematization, Growing Skills, and New Streams of Income

Danielle Crawford is a Canadian millennial real estate investor and full-time federal government worker, as well as a travel and fitness enthusiast. She currently owns seven doors, including one rent-to-own (lease option in the U.S.), a duplex, and a fourplex.  

BiggerPockets: What are your 2024 real estate goals? 

My [goals] for 2024 include:

  • Continuing to systematize my business. This involves automating rent collection, reevaluating our rental processes, and improving back-end financial management and bookkeeping.
  • Prioritizing liquid capital over acquiring more doors. In 2024 I’m looking to increase capital through wholesaling properties and completing one to two flips with my current team of contractors. 
  • Growing my skill set. Doubling down on negotiation and analysis to better identify and execute deals, as well as sales.  
  • Pay off debt. We sell our RTO (aka lease option) in September 2024 when the three-year term comes to completion with our current tenant-buyers. We will use those funds to recycle into other projects and pay down existing debt to further improve our liquidity. 
  • Establishing new streams of income. Specifically through referral revenue created by leveraging current relationships with our trades and service providers, as well as consulting. Helping other investors achieve their goals while sharing my own knowledge for a consulting fee.

BiggerPockets: Why have you chosen these as your specific goals?

Systemizing the business: This will improve efficiency and help buy back time. As a newbie investor and landlord, I did a lot myself, and now I’m looking at ways to automate my business where I can, create easy-to-follow templates so I can look to hire an assistant in the future, and better manage the financials and financial health of our current properties.

Prioritizing liquid capital and paying off debt: This is both a result of experience and a shifting market. After acquiring three properties (seven doors) in eight months and then managing and stabilizing those properties for a year, I realized that while owning multiple doors is great, you still need access to capital for maintenance, repairs, and unforeseen issues or increased costs. Also, as a 9-5 worker with a T4 (W-2 in the U.S.), I want capital to execute more deals personally instead of only scaling through partnerships. This allows me more flexibility and control in taking on new ventures and also better protects my current properties and partners by having capital for emergencies.

Growing my skill set. Business and real estate is a constantly evolving landscape. The best investors and entrepreneurs are constantly growing and investing in themselves. Negotiating better deals means better profits, stronger analysis results in the ability to identify opportunities and act on them faster, and improving my sales knowledge and skills is beneficial in raising capital and dealing with relationships, as well as improving my 9-5 job.

Growing my network. Your network is your net worth. I’ll be focused on continuing to grow my network so I can provide value, benefit from community, and connect with others, and through these relationships, create and discover new opportunities. 

Establishing new streams of income. These are not tied to property, which come with further expenses, management, and time. Leveraging existing relationships and the knowledge I already have creates win-win outcomes for my trades, service providers, and investors looking for support without the big price tag of a coaching program while helping me reach my own financial goals.

BiggerPockets: How will you keep track of your progress?

Spreadsheets and an accountability tracker, as well as a weekly accountability meeting with a fellow real estate investor/entrepreneur. These goals will have tangible outcomes, broken down into quarterly goals and weekly action items to ensure I’m progressing toward them.

BiggerPockets: What, if anything, might get in your way?

Time management and shiny object syndrome. Critical to success is the ability to do the boring work, especially when you’re in between the exciting stuff. This includes time blocking for analysis, making calls, following up on leads, and setting aside time to learn while also prioritizing aspects of life such as love, family, friendships, health, and hobbies. 

BiggerPockets: How will you judge success?

Certain goals will have tangible outcomes. Debt paid down or paid off, increased revenue from properties, business opportunities, and completed projects. Success will also be better managing my time and seeing consistency in my tracker. Am I executing 80% of the action items attached to my goals each week (on average)? Are relationships, opportunities, and how I spend my time in alignment with my values? Success may not always be the exact realization of a goal, but recognizing the progress along the way.

Also, taking the time to reflect throughout each month, quarter, and the year to ensure I am on track to achieve my goals and that they align with the bigger vision I have for my life.

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

We Asked Two Investors What Their 2024 Investing Resolutions Were—Here’s What They Said

We Asked Two Investors What Their 2024 Investing Resolutions Were—Here’s What They Said

It’s almost that time of year! As you make your list of resolutions for 2024—somewhere between “Peloton more” and “learn to make paella”—consider adding a few real estate-specific bullets to the list. 

Not sure what to include? No need to reinvent the wheel. We asked two investors with different strategies, target cities, and portfolio sizes what was on their resolution list for 2024. Let these inspire your own resolution-making!

The Investor

Claire Johnston is an investor and realtor in Minneapolis and currently owns three doors. One is a single-family; another is a duplex she is currently house hacking. Her real estate investments bring in about $4,000/month. 

The Resolutions

1. Build my real estate income to match my W-2 income.

2. Personally purchase a fourplex.

3. Start a real estate syndication.

Why and How?

BiggerPockets: Why these resolutions?

These goals support my overarching life goal of creating a business I enjoy working in every single day that supports me and my community. While my ultimate goal is financial freedom, I am less attached to this goal than I am to creating a meaningful and rewarding daily life for myself and those who work for/with me. Helping others, renovating historic homes, and providing safe homes for tenants are all parts of my business that I find incredibly rewarding.

BiggerPockets: How will you achieve them?

As a huge fan of New Year’s goals, I have found the secret to achieving them is making a plan at the beginning of the year outlining when you will work on them on a daily/weekly/monthly basis. A year is a long time, and it’s easy to lose sight of large goals through the ups and downs.

Creating a plan enables me to show up consistently. Even when it feels like I am accomplishing nothing or going backwards, I find that small efforts done consistently have a greater impact on helping me reach goals than when I make massive efforts but inconsistently.

I also find a self-imposed deadline incredibly motivating, and these deadlines help focus my work time. Every goal will have a few milestone deadlines that I will then track my progress against. 

For example, for my goal of starting a real estate syndication, my milestone deadlines could look like:

  • Q1: Finish researching syndications and start taking action.
  • Q2: Connect with a minimum of X accredited investors.
  • Q3: Pitch X number of deals to investors.
  • Q4: Get a property under contract.

BiggerPockets: How will you monitor your progress?

I like tracking key performance indicators (KPIs). Mine are focused on how much time and effort I am putting into a goal vs. an immediate outcome. Here are a few metrics I am using to track my progress:

Build my real estate income to match my W-2 income:

  • How many hours per week am I educating myself on real estate-related items?
  • How much time am I spending weekly on lead generation activities?

Personally purchase a fourplex in 2024:

  • How many deals in the Minneapolis market am I analyzing monthly?
  • How much am I saving monthly for a down payment/renovations?

Start a real estate syndication in 2024:

  • How many hours am I spending weekly researching syndications?
  • How many potential investors have I connected with monthly?

In reality, I have learned that life is complex, and you are not always in control of the outcome of your actions. Instead, for 2024, I am choosing to focus on the effort I put into my goals (see above KPIs!). If, at the end of the year, I can confidently say I put in the effort, I will be content with whatever outcome or progress they bring.

I’ve had years when I completely missed every goal on my list, only to wildly exceed my expectations the next year. Progress is not linear, and allowing myself to set big goals without the attachment to a specific outcome on a specific timeline has allowed me to be resilient in the face of unforeseen circumstances and maintain my commitment to achieving goals over the long term. 

The Investor

Sam Dolciné is an investor and podcast host (Black Real Estate Dialogue Podcast) who invests in the Dayton, Ohio, area. 

The Resolutions 

4. Get my bookkeeping organized. 

5. Get smarter about creative financing.

The Reasons Why and How

BiggerPockets: Why these resolutions?

Bookkeeping: It’s important to understand how your business is doing financially. You may find that you are overspending in certain areas or not spending enough in certain areas. For instance, a typical repair or maintenance item you may have could be done at a lower cost.

I’ll schedule time to review receipts, bank statements, and the accounting software. I may also hire a bookkeeper to do this on a monthly basis.

Creative financing: Off-market deals [from] distressed property owners (e.g., those who need to sell quickly due to a life circumstance) can be advantageous because you may be able to acquire them for less than market value. Creative financing, such as seller financing, can help avoid using the bank. I want to learn more about finding off-market deals and close on at least two using creative financing.

Join the community

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.