3rd ANNIVERSERY
This week is a unique week for me! It is unique because it marks my 3rd anniversary from being laid off. That means for the past 3 years I haven’t had a traditional job or paycheck. That means 3 years of being in business for myself!
I wish I could sit here and say that it has been smooth sailing and I haven’t missed that old job one bit. Although, I guess it would be a true statement that I haven’t missed the job, only the consistent paycheck. Going in business for one's self is hard and life has a way of knocking the snot out of you. I can truly say that I appreciate the value of the dollar and how much it really costs an employer to hire an employee. But I've always seen myself as a sort of farmer. I've been out planting my fields. I've not yet got the rewards of all my labor. Harvest time has not yet arrived.
Another odd thing has happened in the past month. I have had two companies ask me for an interview and a third company may even possibly be interested. I found this odd because, I was not even looking or searching for these opportunities. There has been several times over the past 3 years that I was searching for a job. I sat for very few interviews and had not one job offer. Had one of these companies approached me at that time I would have most likely jumped at the opportunity because it was always during a time when life had kicked me in the rear and left me flat on my face. But here I am, super excited about life, my business, and where I'm going and it is not hard times that are trying turn my head and change my direction. It is the opportunity to have my old life back.
So what was my old life like? It wasn't bad. I mean, we had rough times but it wasn't rough due to finances. I wasn’t accumulating wealth but there was also no major worries. It was rough times due to the rapid pace at which my family was growing. Let’s face it, 3 kids 3 and under was TOUGH! And I wasn't the one staying home as their primary care provider. Lindsay was! But there was little stress due to finances. I went to my job which I did enjoy, came home, forgot about the job and dealt with life's other problems. As long as I felt I was doing my very best at the job it really didn't affect me if my employer was or was not performing well. Sometimes I miss this peace.
So what is life like now? I absolutely LOVE what I'm doing! I feel almost like . . . a cowboy! I know that sounds crazy and your most likely laughing, but hear me out. I feel like I'm on a new frontier, blazing a new trail! I have an amazing family heritage and legacy with many entrepreneurs including my father, both my grandfathers, and at least one great-grandfather. But what I'm doing wasn't handed to me by my family. Don't get me wrong, my family has helped me TRAMENDOUSLY! But I'm breaking new ground and its fun! I have the satisfaction of building something, watching my efforts produce a real result, and experiencing rapid growth! But even though there are days when the sun is warm, the grass is green, and fresh air fills my lungs as I watch the cattle graze, there are also days when it feels like my fields are on fire and the whole herd has have been stolen. I hope my analogy make since! I am convinced, however, that I'm where I'm supposed to be. I'm on an adventure! And I can't help remembering that my Pawpaw Lawrence (my mom's dad) used to call me Daniel Boon. I think it was prophetic! I think I am a trail blazer! Hopefully in more than one way!
UPDATE!
WOW! There is a lot to update you on!
First, here is a quick update on the duplex we signed the contract on back in January. Remeber, my First Deal of the Year! The below video was taken earlyer this month (Early March). You can see the difference a little work can do! The property is now completed and rented.
Second, how am I doing following The Plan to achieve the Goals I set for this year?
Goals # 1 and 2 (Earn an additional $25,000.00)
I've made some progress in this area! We were able to find an investor to help us refinance the property on McDowell Ave! After the refinance and the work was complete, we had approximately $12,000 left over! We tithed $1200, used $4000 to pay off debt, had an oil furnace go out which cost us $2,000 to replace, saved $3000 for a rental remodel coming up, and used about $2800 to help pursue more investments, buy a new computer, and invest in some educational resources. All said and done, we only reduced the $25,000.00 by $4000. But, the rental remodel and oil furnace were projects which I'm happy to get done with cash and continuing education is always a must! So I have a smile on my face!
Additionally, we got a contract on the last "flip" house we had left. In 2010 we rehabbed 5 houses and sold 4 of them leaving us with one house to sell. That last house is now under contract! We got our full asking price, but we have to wait for closing. We are guaranteed to close this year, but it could be as late as December.
Updated Goal (Earn an additional $21,000.00)
Time Left - 9 months
Goals # 3 and 4 (Additional $2000/mo. in passive income including an apartment building)
I have to admit this is where the majority of my time and effort has been spent. To accomplish this goal I need to do 1 deal per month and each deal needs to net at least $100/mo. in cash flow for me. This is in addition to obtaining an apartment building. This has not been easy.
January Deal - 916 Jamison Ave. (Seen in the video above) - $100/mo. Cash Flow.
February Deal - Yikes I didn't get one.
March Deals - in March I had to make up for February and do two deals! Thankfully God blessed me and I've got them "in the bag".
Deal 1: 807 Gilmer Ave. - $120/mo. Cash Flow
Deal 2: 1627 Staunton Ave. - $130/mo. Cash Flow (Buying this house for 1/4 its value. After repair will have about 1/3 its value invested into the property! So cool!)
Also as part of these goals I need to add an apartment building to my portfolio! Here is my progress:
I have identified my local market (New River Valley and Roanoke) as well as Atlanta, Ga. as markets to begin my search and I have selected commercial realtors in each of these three markets. Atlanta excites me more because there is more distress in Atlanta and for that reason prices are much more depressed. Rents are also depressed but not to the same degree as the prices are. On average I have looked at at least one potential deal per week. I've been twice to Atlanta "deal hunting" and once in Roanoke. As a result of all my hunting, I have made one offer on a building in Roanoke which is now a dead deal and a second offer on a building in Atlanta, Ga. The offer on the building in Atlanta was recent, so I'll have to get back with you about what happens!
Updated Goal (Additional $1650/mo. in passive income including an apartment building)
Goal #5 (Asset Protection and Structuring)
No Progress
Goal #6 (Family before Business)
This is such a struggle. It's a struggle because I don't know how to measure my progress and I never feel like I've spent enough time and effort meeting this goal. I've worked many late nights and weekends that I would have loved to spend with family! But, building a business requires LOTS of time and effort! Lately I have really subscribed to a quality vs. quantity approach. I'm at home a lot, working. So in reality, my wife and kids physically see me more than most families see their dad/husband. But, the majority of it is not quality time because my focus during the business hours and even a lot after business hours is on the business. But when I'm not doing business, I try to give my wife and kids quality time.
One major success is seeing my two oldest, Isaac and James, accept Christ into their hearts in the last few weeks!
Goal #7 (The Point System)
Alright, time to be honest. I have totally not kept up with the point system. But, in my defense, there is a reason why. James broke his leg and could no longer earn points due to his temporary disability. It did not seem fair to me to allow the other children to earn the rewards and James not even have the ability to do so. Or, vice versa, to reward James just for the sake of rewarding him when he did not earn that reward though his effort.
But, last week James did have his cast removed. I guess it’s time to get back to it!
Goal #8 (Lose Weight – 20 lbs.)
I made some real progress in this area! I lost all the way down to 185 lbs.! This was within 10 lbs. of my goal! Unfortunately I think I have gained 2 lbs. back. So, I have 12 lbs. left to go! All my progress was in the month of February. My 2 lb. gain has been in March. I need to turn that around and start losing again!
Updated Goal (Lose Weight – 12 lbs.)
Goal #9 (Deeper Relationship with God)
All I can say is, to God be the glory for all the above success! I am in His hands! My peace comes from His provision!
Showing posts with label goal. Show all posts
Showing posts with label goal. Show all posts
Sunday, March 27, 2011
Sunday, January 2, 2011
New Year, New Blog, New Goals!
I have finally decided to join the world of bloggers, blogging about my life and my business. My purpose for this blog is to set goals for our new year, 2011, and track my progress as I work to achieve these goals. My hope is that through these posts, you will find some content inspiring and encouraging. Additionally, I hope that you, my readers, will help me stay on track with my goals and encourage me!
My intention is to make regular posts (at least one per week) to keep you up to date with my happenings and progress. Lindsay has committed to staying on top of me to ensure that I do just that. I know that I am not the greatest writer (Lindsay is excellent) but I will strive to do my best. I really wanted to do this last year, but never had enough motivation to get it started.
So, without further ado. . .
It is a new year, 2011 and like most everyone else I am developing my "New Year's Resolutions!" I never have liked to the word "resolution" because as soon as someone resolves to do something, all forces of nature seem to try to work against that resolution. Just like Paul said in Romans 7:15, "I do not understand what I do. For what I want to do, I do not do, but what I hate I do." So, instead of a resolution, I am setting goals. More or less I'm saying this is the direction I want to go. This is what I am going to measure my progress by! I have separated my goals into three different categories, Business, Personal, and Spiritual.
Business Goals
1. Our business has approximately $15,000 in unsecured debt. This debt is a combination of credit cards, unpaid real estate taxes, and other loans that we incurred to get our business off the ground. It was my goal in 2010 to completely eliminate these debts. Only, this time last year the figure was $20,000. In August 2010 were were fairly close to reaching that goal; however, the last half of 2010 were really tough months and we ended up once again carrying balances on our business credit cards to repair and re-rent properties.
2. After paying off the unsecured debt, I would like to begin building cash reserves for the business. By the end of the year I would like to have put $10,000 in the bank that I do not touch for investments! This money will be our emergency fund, a layer of security.
3. By the end of the year, I would like to have increased our cash flow by $2000/mo.
4. So far I have been most comfortable investing in residential real estate (mostly single family homes). Although I have looked at many apartment buildings and commercial real estate and even made offers, Lindsay and I have never added an apartment building or any commercial real estate to our portfolio. I would like for this to be the year we step out of our comfort zone and make that change. I would like for half of my goal of increasing my cash flow by $2000 to come from acquiring either an apartment building or commercial real estate.
5. Lindsay and I currently own or partially own three separate LLC's. Part of our asset protection and tax strategy plan require us to start a Nevada holding company (LLC) and either a C or S corporation. It is my goal to complete our structure by adding the Nevada holding company and a corporation this year.
Personal Goals
1. Build deeper relationships with my wife and children and constantly encourage, nurture, and point them towards a deeper relationship with God. I really do not know how to measure this goal, but it is very important to me.
2. In the last few months I have developed a system in our house that Lindsay and I refer to as the "point system." I developed this system because Lindsay was struggling to train our children to be more efficient and do things in a timely manner. I did not know how to support and lead her through that process when I had to work during the day. Also, I felt that in an effort to train our children, I was always threatening them and putting the fear in them of negative repercussion and corrective action. My theory was to train them through their desire to achieve something positive. So, I took the problem and stressful situations (mealtime, getting ready to go swimming, going out in public places, etc) in our lives and created a "plan". As long as they follow the "plan" they get a point. If they do not follow the plan, they do not get a point and there are defined boundaries when corrective action does take place. At the end of every week we tally up their points and they can exchange their points for ice cream, treats, a dollar, and other things. If they wish they can save up their points to get larger rewards such as new toys or a date with mom or dad. So far this system seems to work well for us but I was not very consistent through the month of December and we have lost a lot of momentum. My goal for this year is to be consistent with our new system, or more broadly, to be consistent leading my wife and training my kids.
3. I'm sure this is one of the most popular goals among people every new year. When Lindsay and I got married I weighed 175 lbs. I currently weigh 195 lbs. When I was younger I used to think that I will never get out of shape and get chunky. I mean, just work out and knock that fat off. Well, regardless of how I got to the state I am currently in, it is darn hard to go back. For one, I love food. It tastes good. For two, I'm out of shape. I do not enjoy working out. It does not feel good. My goal for this year is to loose those 20 extra pounds and get back to being that good looking husband I was when Lindsay and I got married.
Spiritual Goals
I don't know why I have put this last because it is really the most important. I truly desire to continue to develop a closer and deeper relationship with God. I want to continue going to greater heights of His grace! I want this year for everything I do to point towards Him. My business is really His business. My family is really His family. No matter what my goals are, ultimately, I want my business and family to be achieving His goals and further His kingdom. Again, this is something I don't know how to measure. But, this is the direction I am heading!
So, in this post I have put forward my goals for the next year. In my next posts I hope to tell the story of where I have come from, define where we are now, and build a plan to get where I am going!
My intention is to make regular posts (at least one per week) to keep you up to date with my happenings and progress. Lindsay has committed to staying on top of me to ensure that I do just that. I know that I am not the greatest writer (Lindsay is excellent) but I will strive to do my best. I really wanted to do this last year, but never had enough motivation to get it started.
So, without further ado. . .
It is a new year, 2011 and like most everyone else I am developing my "New Year's Resolutions!" I never have liked to the word "resolution" because as soon as someone resolves to do something, all forces of nature seem to try to work against that resolution. Just like Paul said in Romans 7:15, "I do not understand what I do. For what I want to do, I do not do, but what I hate I do." So, instead of a resolution, I am setting goals. More or less I'm saying this is the direction I want to go. This is what I am going to measure my progress by! I have separated my goals into three different categories, Business, Personal, and Spiritual.
Business Goals
1. Our business has approximately $15,000 in unsecured debt. This debt is a combination of credit cards, unpaid real estate taxes, and other loans that we incurred to get our business off the ground. It was my goal in 2010 to completely eliminate these debts. Only, this time last year the figure was $20,000. In August 2010 were were fairly close to reaching that goal; however, the last half of 2010 were really tough months and we ended up once again carrying balances on our business credit cards to repair and re-rent properties.
2. After paying off the unsecured debt, I would like to begin building cash reserves for the business. By the end of the year I would like to have put $10,000 in the bank that I do not touch for investments! This money will be our emergency fund, a layer of security.
3. By the end of the year, I would like to have increased our cash flow by $2000/mo.
4. So far I have been most comfortable investing in residential real estate (mostly single family homes). Although I have looked at many apartment buildings and commercial real estate and even made offers, Lindsay and I have never added an apartment building or any commercial real estate to our portfolio. I would like for this to be the year we step out of our comfort zone and make that change. I would like for half of my goal of increasing my cash flow by $2000 to come from acquiring either an apartment building or commercial real estate.
5. Lindsay and I currently own or partially own three separate LLC's. Part of our asset protection and tax strategy plan require us to start a Nevada holding company (LLC) and either a C or S corporation. It is my goal to complete our structure by adding the Nevada holding company and a corporation this year.
Personal Goals
1. Build deeper relationships with my wife and children and constantly encourage, nurture, and point them towards a deeper relationship with God. I really do not know how to measure this goal, but it is very important to me.
2. In the last few months I have developed a system in our house that Lindsay and I refer to as the "point system." I developed this system because Lindsay was struggling to train our children to be more efficient and do things in a timely manner. I did not know how to support and lead her through that process when I had to work during the day. Also, I felt that in an effort to train our children, I was always threatening them and putting the fear in them of negative repercussion and corrective action. My theory was to train them through their desire to achieve something positive. So, I took the problem and stressful situations (mealtime, getting ready to go swimming, going out in public places, etc) in our lives and created a "plan". As long as they follow the "plan" they get a point. If they do not follow the plan, they do not get a point and there are defined boundaries when corrective action does take place. At the end of every week we tally up their points and they can exchange their points for ice cream, treats, a dollar, and other things. If they wish they can save up their points to get larger rewards such as new toys or a date with mom or dad. So far this system seems to work well for us but I was not very consistent through the month of December and we have lost a lot of momentum. My goal for this year is to be consistent with our new system, or more broadly, to be consistent leading my wife and training my kids.
3. I'm sure this is one of the most popular goals among people every new year. When Lindsay and I got married I weighed 175 lbs. I currently weigh 195 lbs. When I was younger I used to think that I will never get out of shape and get chunky. I mean, just work out and knock that fat off. Well, regardless of how I got to the state I am currently in, it is darn hard to go back. For one, I love food. It tastes good. For two, I'm out of shape. I do not enjoy working out. It does not feel good. My goal for this year is to loose those 20 extra pounds and get back to being that good looking husband I was when Lindsay and I got married.
Spiritual Goals
I don't know why I have put this last because it is really the most important. I truly desire to continue to develop a closer and deeper relationship with God. I want to continue going to greater heights of His grace! I want this year for everything I do to point towards Him. My business is really His business. My family is really His family. No matter what my goals are, ultimately, I want my business and family to be achieving His goals and further His kingdom. Again, this is something I don't know how to measure. But, this is the direction I am heading!
So, in this post I have put forward my goals for the next year. In my next posts I hope to tell the story of where I have come from, define where we are now, and build a plan to get where I am going!
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