Annual Review / Planning

[Nick G]

What do you guys do each year to check your progress and make plans for the next year?

[propertybuyingNZ]

a big fat Goal Setting Doc and heaps of spread sheets,
so much to cover, mine usually ends up being 3-4 A4 pages long, especially nowadays as I am adding the "why" part as well (as per orion)

[Perry]

I need forgiveness: I do almost nothing in any formal sense. Mull over a few things that I should/could/must get done - both future and still-on-the-list.

I hear that procrastination can be elevated to an art form, so I'm working on that.

On a recant o'seas excursion, I became eligible for and obtained an upgrade for the flight home. Sort-of spoilt me, that. Now I'm wondering if less frequent trips in a more salubrious class of seat would be better. A friend of mine says he goes cattle class and comes home business, as he really needs the comfort and rest, by then.

Others say they'd rather spend the money on other things, while away, than on a fancy seat, going and/or coming back.

[Nick G]

I think we're heading into a volatile year geopolitically.

However my plan is at this stage 10 trades and then one new buy and hold investment OR a PPOR. That may be ambitious because I will be quite careful. If I can make it work it will add $20-30K cashflow (either rental or not paying rent).

[propertybuyingNZ]

How realistic 10 trades a year? And how much time it is? Even tutors guys rarely do that many.
And would you hit one area only? Welly? Or all over nz?

[Nick G]

If I can get my RC in place following the current renovation I should be able to fund two at a time. It's probably ambitious because something always happens with property! Lets see what life brings :-)

[Don't believe the Hype]

How realistic 10 trades a year? And how much time it is? Even tutors guys rarely do that many.
And would you hit one area only? Welly? Or all over nz?

10 is doable depending on how much work you do for each. The real challenge is sourcing good quality stock... Chasing X no. In a given period can sometimes encourage the trader to lower their criteria/expectations to ensure they can start the next project.

why not set a $ profit target... That way you may deliver the result is 6 trades vs. 10.

[Nick G]

10 is doable depending on how much work you do for each. The real challenge is sourcing good quality stock... Chasing X no. In a given period can sometimes encourage the trader to lower their criteria/expectations to ensure they can start the next project.

why not set a $ profit target... That way you may deliver the result is 6 trades vs. 10.

Good point. I want 3 lambos and a hoverboard or the year is a complete wash.

[Frezzinghot]

I have given up on trading, I am in Auckland and it is just too risky atm and vendors are still thinking top dollar. Maybe when the penny drops I will go back.

FH

[Don't believe the Hype]

Good point. I want 3 lambos and a hoverboard or the year is a complete wash.

You need to go pay Gary and his mate mr sugar... If you believe it can happen it will...

You just gotta believe (and pay)

[Boom]

Good point. I want 3 lambos and a hoverboard or the year is a complete wash.

Need to be in the tutoring business mate. Just tell all the students to buy buy buy and borrow from their parents! (Keep a record of their buys and parents address so we can get some bargins) ;-)

[Perry]

Back on topic, folks!

.......

[Nick G]

Yeah fair play.

Anyone else already hatching plans for next year? Or just trying to make it through to Christmas first lol

[orion]

What do you guys do each year to check your progress and make plans for the next year?

I have mine all on a spreadsheet which is updated daily, so always know exactly what's happening and by how much going forward each month etc.
Used to do extensive goal setting up until about 10 years ago but since then very little. I do more like an intention of what I would like rather than actual writing down goals and planning. Next year me and my partner have the intention of making $1,000,000 from doing renos. Would most likely need to do about 30 - 35 of them which is double the amount we've done this year. It's only something to be aware of while we're doing it, so will be a bit more focused than usual but still have plenty of free time which is more important than the money.
Another option would be to mentor 50 people at $20,000 like some others do, but that would be way too much of a time commitment for me
I'm happy to keep contributing on my own Facebook group which has about 3,000 members now mostly from NZ and do that for free
Nick is a great contributor to it and always has lots of good info to share.

This year although I had no plans at all at the start of the year, we've purchased over 20 properties, renovated about 15 of them and the overall net profit from what we've bought this year will be about $650k - $750k once all sold (3 to go which will take us into late Jan/early February).

[investorak]

Wow thats some great results. With this cashflow that you make what are you doing with it?

Buying holds and if so where?

I have been hesitant to get into property trading cause of the market but more because of stress, do you or did you find it stressful in the beginning of your property trading journey?