I’m sorry I didn’t get to this sooner. Lately, I’ve been “Go, Go, Go!” on all of our projects. My enthusiasm sort of took control of my body. But, naturally, I came back to the original problem, which is, “Where are we headed, anyway?”

In addition, my broker (yes, I still have my license to use on our own properties) called and practically BEGGED me to help her in her leasing department at her propery management company, if even just temporarily. I winced. I don’t want to AT ALL. But, I think of her as a friend. And, this is her business now. She purchased it, lock, stock, and barrel. I don’t want to see her fail. And, I know her last leasing agent came down with the crazies, went ballistic, and was asked to leave for good reason. Today will be my second day (maybe my last?) on the job. Just as you’d expect, I’m not liking it.

There are two massive problems with me doing leasing…. 1.) I don’t want to be doing customer service ANYTHING. And, 2.) I really don’t have the time. Oh, wait, there’s also 3.) It doesn’t pay enough.

But, back to my goal-setting rhythm! I’m trying to keep my mind from wandering. You know how when you really think something’s going to be hard, your brain will wander to other things? You start thinking about paying the bills or washing the dog. Oh, hell, it’s doing it again!

I’ll tell you what was most difficult about this S.M.A.R.T. goals thing–the first step! I had to figure out what the biggest picture was! The first thing that came to mind was to be debt-free. Well, that’s a great goal, but it’s not the biggest picture. I want to earn a GREAT living from REI. I don’t just want a little “passive income” trickle. I don’t just want to earn 10% per year on my investment capital. I want to earn something like $10K to $20K a month right now with minimal investment. That goal will probably increase as I go along. But, here’s the problem with that goal–I’m not in the financial position to go after more properties yet. So, perhaps, my first step is getting myself ready to go after $10K to $20K per month doing flips.

Here we go:

S - Specific, as in defining Who, What, When, Where, Why, and Which
Who: Obviously, me. I will require Michael to be hands on for… What: Polishing up House 2 to prepare it for sale with new paint, carpet (Home Depot will install on April 15th), minor repairs, cleaning, and lawn/garden care. Also, House 17 will be finished to the point that we can do a standard walkthrough appraisal for a refi, which includes finishing the wood floors, kitchen cabinets, master shower, trim, and interior/exterior paint. When: From now through June 1st. I figure it could take that long to find a buyer for House 2. But, it is possible we could even close on that sale and the House 17 refi by that point. Where: Duh. Why: To clear up our debts to an acceptable level and put us in a more comfortable financial position. Although, we’ll still have a little personal debt left. Which: House 2 and House 17.

M - Measurable, as in defining How your goals will be measured, completed, and verified
Once the $38,000 downpayment and additional remodeling costs we’ve taken on personally for House 17 (about $6,000 or so) have been paid back in full, our goal for financial health will be completed. The specific amounts are being tracked in Quickbooks. We’ll then be ready to look at more investments.

A - Attainable, as in limiting your goals to results that are attainable by you
I don’t see why we wouldn’t be able to have House 2 on the market by April 16th–unless, the Home Depot carpet guys screw up again. We’re taping and masking off all the rest of the trim tonight to prepare to paint the interior tomorrow. Then, we’ll have some fixes to make around the house, some cabinets to empty, and some lawnwork to do. But, this week and weekend should allow enough time. Michael and I seem to agree that once we get back to work on House 17 on April 16th, we’ll be able to knock it out within 3-4 weeks. So, that’ll put us at mid-May for completion. But, I could work on the refi starting around the first of May. Most refi’s take about 30 days to close and at least a couple of weeks before they send the appraiser. So, eight weeks is attainable, barring unforseen circumstances.

R - Realistic
Yes, I think so. If I’d said we’d have all this done within four weeks, I would have been my previously more optimistic self. And, then, it might not have been realistic.

T - Timely, as in defining a set time limit for you to make your goals happen
Done and done!

I liked this exercise. My brain didn’t want to settle down and actually do it at first. But, I think this was an EXCELLENT way to see past the trees to the forrest. I needed to take this moment to focus on a clearly defined path in order to know how to move forward. I’d like to do this again after the eight weeks are complete and set my new goal, which is making $10K to $20K a month in profits!

April 9th, 2008
Categories: House 17, House 2, S.M.A.R.T. Goals . Author: Trisha

3 Comments

Comments RSS TrackBack Identifier URI

Leave a comment