Set & ACHIEVE Your 2024 Land Flipping Goals
Set & ACHIEVE Your 2024 Land Flipping Goals
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May 15, 2024In this episode of "The Real Estate Investing Podcast", host Daniel Apke discusses setting and managing 2024 goals, emphasizing short-term goals for listeners looking to transition OUT of their current 9-5 jobs or improve their situations.
Daniel stresses the importance of creating clear goals to avoid aimless actions.
Successful land investors and investors in general, define clear visions that are attainable and not out of reach. Sometimes on a month by month basis.
Often times, when you are forming clear goals, it is recommended to work BACKWARDS.
For example, if you want to make $500,000 a year, you must be able to quantify how many deals will be needed in order to reach a financial target.
Listen or watch the full episode below ⬇️ for an in-depth breakdown on HOW to reach your 2024 land flipping goals!
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View Transcript here
Dan: Welcome to the real estate investing podcast, where we help you unlock your potential freedom through land investing, real estate investing, and entrepreneurship. Hey, everyone, welcome back to the real estate investing podcast. Today's topic. We're discussing how to set and manage your 2024 goals. As always guys, I'm your host, Daniel Apke.
Today, I'm joined alone by myself. And since we're entering the new years, I think it's appropriate to talk about your 2024 goals, how to set them, how to manage them and what has worked for me and my companies over the years and analyzing the past versus analyzing the future and how to come up and determine your 2024 goals.
But for the sake of this, uh, because the big thing I talk about a lot, if you guys follow us as you know, your mission and where you actually want to go and you know, that can get five, 10, 20 years down the road, even for the sake of this, we're going to focus on 2024 goals. More short, short term goals, you know, 12 month goals and working backwards from there simply because I know a lot of our listeners are looking to get out of their job or whatever their situation is.
They have more short term. You guys have more short term goals and I want to focus on that because I think it's more relevant to you guys. Um, and it's just one simple goal. You guys have one simple goal in mind a lot of times. So we're gonna talk about short term setting your 2024 goals and let's start with talking about how.
How do you set goals and why do you set goals? Um, the, the simple answer for why you set goals is just so you're not leading blind. I see way, way too many land investors kind of just sending out mail, seeing what comes back, sending texts, coming in and out, dabbling in and out. And they have a goal in mind of retiring their parents, quitting their job, traveling, going on more vacations, whatever it is.
They have that or their wife staying home from work to take care of the kids, whatever it is. I see those a lot without actually breaking down into actionable goals. And although that's the big, the big picture is quit my job. We need to be able to break this down somehow. So the first step is identifying where you want to go.
That's the first step in setting any goal. Identify where you guys want to go in 2024 what is your guys 2024 mission. Quit your job. Make 100, 000 extra money. Make a quarter million dollars. Uh, so you can leave your job. Just, uh, travel more, retire, retire your parents. There's so many, you know, having thousands of people come through the community.
I hear so many different stories. And what they want and it's so cool and it's so unique, but you have to have that in your forefront. What are you actually trying to accomplish? Some of you might just be make money, uh, because this is your first real entrepreneurship experience and you want to make money and get out of your job, which is great.
That's why I started, uh, my businesses at first was to get out of my job, but I needed to make money to do that. So identify where you want to go is step one and make sure that's very, very clear. Um, that the more clear that is, the easier it is to get there. It creates more of a solid vision for where you're going.
So you want to make that very, very clear. And then from there, it's simple, right? It becomes an equation in the land and the land industry. It's an equation you work backwards. So I can tell you exactly what you need to do. If you want to make a quarter million dollars next year or. Say you're trying to grow a social media channel.
And I know this is off the topic of real estate in general, but it's easy to break down. I think for, for you guys, for you guys, but if you're trying to build a social media brand and you want 10, 000 new followers, and you've been posting semi consistently and you know how many followers you're getting per thousand views, let's say.
So if you're getting five views per every or five followers from every thousand. Views, you know how many you need to make to get 10,000. So you just gotta pump out more content until you hit that number essentially and work backwards. Obviously it gets a more, more detailed than that, but that's kind of what we're looking at doing here.
So first step, identify where you want to go, and then you just have to reverse engineer. So how do you make a hundred thousand say you say, to quit your job, how much for the first thing you to quit your job? So say that's your goal. 'cause I know that's a lot of it. How much money do you need to make to quit your job?
85,000. A hundred thousand. 150,000. 50,000. Whatever that is is you got to make that very clear. If you make a hundred thousand dollars, you will be able to quit your job. Let's just say that. So you need to break it down into annual first. That's the annual goal. Make a hundred thousand dollars a year. Then I can quit my job.
And then what you do is you can break it down more and more. So to make a hundred thousand dollars in land, let's just say over the course of a year, how, how many deals is that? So let's say you average or the community average is about 25, 000 per deal. So to make a hundred thousand dollars, You're going to need, you know, four to five deals after expenses and stuff.
Or if your deal funding, let's just say five or let's go six and hopefully make much more than that and get bigger deals even. But let's just say you need six deals to break that, to get a hundred thousand dollars to be able to leave your job. So now you have that quantified and it's comes to the question is how do you get six deals?
So if it's me, I would send a certain amount of mailers every month to get those six deals. Some you can text, um, there's different things you can do, but then you want to figure out how many mailers or text. per deal or per lead. You can even look at a lead basis. We'll get you to that a hundred thousand dollars.
So you ever broken down six deals, a hundred thousand dollars so far. And so you need one deal per every two months, right? So essentially, if you get, um, two deals a quarter, That would be eight deals. So let's aim for one, one to two deals every single quarter, um, which is every three months. So after you have that, you got to figure out, like I said, how do you get those six deals?
And let's say for the sake of this, we're getting a deal on average of every two thousand or so mailers. Some have a higher rate. If you're going after smaller properties, you're going to get more. Deals per, uh, deals per mailer and different things you can get into from there and text per mailer. But you got to figure out how to get a one to two deals every quarter, every three months.
So if you're trying to do that, you send out, you know, two thousand, even if you send out two to 3, 000 mailers a month, that's going to average you a one deal per month, right? If you're texting, it's going to be a little bit different formula. And part of this. Uh, part of your first quarter, if you guys are brand new to land investing, it's going to be about experimenting, what's working, what's not working, how many texts do you need to get out and so on and so forth.
But you need to break it into quarterly and then monthly objectives. So let's say you need to send out 1500, 1500 pieces of mail to get two deals every quarter, right? Um, every quarter or so, give or take. So then, you know, how you're breaking it down into marketable. Uh, action, you know, 1, 500 mailers to get a deal or every to every single month and then you can even break it down, you know, monthly and then even weekly.
So every other week, you're going to send a thousand or so mailers, right? And you just keep breaking it down and breaking it down. And if you follow that. You should be able to reach your goals, but the key is to have that vision, how much you need to make and then how many deals is that going to be on average and then figure out how to get six deals.
That's the thing. Once you know that number of how many deals you need, you got to work backwards. How do you get six deals? And the good thing about this. Is we're talking about acquisitions here to get the deals under contract and they'll be able to sell them. And it's very adjustable. You can always put that ticker up.
You know, if you're two quarters in, if you're halfway through the year, you need to, you know, put more gas in it. And you can put that number up to get there and vice versa, but you want to keep a strong pulse. On the business. So, you know, when to ramp it up, you need to be tracking these numbers and tracking your, your income and mailers sent out and all of that stuff.
You don't want to overanalyze it, but every one to two months, you want to be looking back at what happened leads coming in, making sure nothing fell through the pipe pipeline or anything like that. And when you break it down like this, when you realize you only need to send 1500 mailers, a month to make 100, 000 or so.
Assuming all other aspects are good in your business. You're negotiating, you're calling back leads on time. Uh, you're being really aggressive on the phones. You're sending out well priced mail. And then the thing that what comes into play is sometimes you'll get better results and sometimes you'll get worse results.
And when you get better results, that's, that's all good. But it's when you get the results, you're not expecting what you do. And there are a few options, but you, you. You're going to need to audit your business when it does come to that and figure out what is going wrong. The biggest thing in our community that I see when, when this happens is people are just extremely underpricing.
Typically that is it actually just extremely underpricing and not being aggressive on the phones, not getting back with their leads on time. It's a sales game. There are people making 500, 000 a year off sending two to 3, 000 mailers a month, which is a very, you know, not that aggressive amount of mailing.
Um, but yeah, so if the plan doesn't go accordingly, you have to have the data, you have to have the numbers in your system and be able to analyze them to see how you can adjust. But the key is after a couple months, you know, once you're in March, April, looking back saying, am I on path to make that 100, 000?
100, 000. And if not, what do I need to do to adjust it? Let's audit the business and that's work backwards. Again, maybe since I'm behind, I need to up that from 1500 to 2, 500 mailers or keep it at 15 consistently and hope some things hit and then send some texts as well. Maybe. Um, and that's the thing. So your goal is still the same.
You still need six deals. You're not going to change your goal by looking back. And seeing what's not working. I don't mean change your goal from six to four deals, right? I mean, that's adapt us, figure it out early and adapt really. Cause making a hundred thousand dollars can be one deal for you guys. So I just did the average number.
Of six deals to get a hundred thousand dollars if you're using deal funding yourself, but there are people coming in the community to make getting one deal for, you know, well over six figure profits. And we had Shelby on a few, a few months ago, a couple months ago, and she was talking about how, how she had a massive deal.
And that happens over and over again. You'll hear those stories. But for the sake of this, we want to keep it as the average. I'm not going to tell you to aim for one deal to make a hundred thousand, although that could very well be your business model unless you wanted to, you know, send higher volume or higher volume mail only to a bigger dollar amount and bigger size properties to attack that business model.
But I want, I want to stay consistent here with what we're seeing in the community. So we're going to keep it there. Um, but yeah, so it's, it's really simple guys. When you break it down, it's a recipe. It's just like losing weight. If you want to lose 40, 50 pounds a year, um, you're not going to try to lose 40.
If you want to lose 40 or 50 pounds, you're not going to try to lose it within the next month. You need to break it down into weeks and even weeks and even a quarter and then annually as well. And then maybe four or five months you can lose that 40, 50 pounds. That's a lot of weight to lose, but break it down accordingly and just work backwards.
So you have your. Your goal. And, and this is land focused, but, uh, like I said, bringing this back to other things besides land can be really helpful. So like I said, wait, wait, losing 50 pounds, working backwards from there. You know, you want to lose 50 pounds. You're not going to do it overnight. You need to break it down to actual steps.
How many calories a day? How many calories a month? How many cheat days do you have? How many days at the gym? What's your exercise schedule look like? What's your eating schedule look like? Just break. It's no business is no different, especially something so proven like land investing. It's no different than losing weight.
It's a formula. It's no different than getting more social media followers. It's business. And when you do break it down and you figure out what's moving the needle and what's ticking, uh, and making your business grow. It is a recipe and you just have to execute and analyze what that recipe is and then execute on that.
And like I said, the key is to really stay on top of it and analyze and make adjustments if you, if you need to. And like I, within three, four months, look back, audit, audit your business, audit what's going on. If you're doing great and you're killing and you already made a hundred thousand dollars in your first three, four months.
Keep going. Don't stop. Keep your foot on the pedal, get that and exceed your goals. There's a lot of people coming in the community and looking to make 30, 000, 40, 000 their first year because I personally came from e commerce and making 000 in a dropshipping store, e commerce store. Sometimes your first year is very successful, right?
The margins are lower. This is land, though. That's why I moved to land. We're making 30, 000 plus on, on a deal, every single deal, let alone a month. So. You know, if you guys just put your goals as get one deal per month, which I think is super, super achievable work backwards from getting one deal a month, you'll make a quarter million dollars or more off getting one deal per month.
That's 12 deals. And you break it down into one deal per month. How many mailers do you need to send out to make a quarter million dollars? Right? The send two to 3000 a month, be super aggressive on the phone, do some followup texts and break it down into a science. Once you have your goals and your recipe essentially, and that's what I really want you guys to get out of this is figure out what your recipe is to hit your 2024 goals in the land business or your real estate business.
And once you have that down, Once you have the recipe down, get it down in a monthly and even bi weekly type of thing so you can track it and then and then always look back and analyze on what you guys are doing right. And another thing I want you guys to look at is if you guys have been in the space for a while.
Look at your past performance because your past performance can be a great indicator of your future performance. And I'm not talking about if you made 50, 000, you're going to make 50, 000 next year. I'm not talking about that at all. So for my other businesses that I've had in the past, I know how much ad spend I need to get to get a lead in a deal, right?
And you can look at that type of information in your businesses as well. And you guys need a big enough sample size. So don't do this if you're just started, but you need a big enough sample size and look at your past performance. How much mail, how many texts, how much time is it taking to get a deal?
How much time is it taking to close a deal? Uh, what's your average profit? Things like that you can really build in and looking at your past performance can be one of the best indicators of the future. And the second thing I want to talk about is. Is if you guys are an accountability group, if you're in our LIO community or you have other land investors or whoever you're working with, um, you, you want to hold yourself accountable, your goal is let everyone know your goals.
Uh, and then throughout the year, work with your work, with your team and your group. Tell to look at how those goals are going, whether it's an Excel sheet or something simple, you know, to making sure you're sending your thousand mailers every two weeks or your 2000 mailers every two weeks. And you're getting that deal once a month.
And you guys can work as groups to really figure out what's working for each other, help each other out and get you to the goal. Cause everyone wants everyone to hit their goals, right? And those accountability groups and all these other communities, that's the key. And so you have your accountability group.
I'd highly recommend getting in one if you're not. And then you need some sort of mentorship as well. Someone who is where you want to be. And that's the key. Don't find a mentor who's talking about business coaching and they're not actually, they've never actually owned a decent business that you don't want.
There's people who teach all this stuff and they're, they're not actually where you want to be. So find a business coach or. Uh, even if it's in land investing, the specific, that would be best. If you guys are trying to get that, find a land investor who is getting these deals, who it's somewhere you want to be and you admire them and what they've done and how quickly they've achieved success.
And they've done it for a while, whatever that is, find a mentor in the land investing space. To help get you there because when these bottlenecks come and these hiccups come, maybe three months go by and you don't have one deal, but I'll tell you right now, if your goal is to hit 100, 000 by the end of the year and you come in three, four months with no deals and hardly any leads, you'll still be able to hit those.
There's no doubt in my mind and finding a mentor. Uh, to hop on calls with boost you up, understand that what you need to do to get there and just break it down with you is super, super beneficial. So accountability groups to kind of work side by side with the others, build out your goals, build out your recipes with these guys, share your recipes and then work together to achieve them.
And then on the second hand, that's your accountability group and it creates a really strong mentorship kind of on top, that's, uh, you're meeting once every other week or something like that. That's, Not necessarily holding you accountable, but working through the business, working through the bottlenecks, working through things that are coming up in years to keep you moving and keep the machine well oiled.
I don't have too much to add, but yeah, comment what you guys think on this. I'm really curious. Comment what your guys land goals are, what your real estate goals are in 2024. Excited to hear about your guys goal and our calls and everything. But as always guys, Thank you for joining. Please like and subscribe.
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