The $100M Mission is my goal to own $100 million dollars worth of real estate by 2030. I made a goal in 2013 to buy 100 rental properties by the year 2023. I did not reach that goal but I did buy a lot of properties and that goal helped me achieve much more than if I had not made the goal. The goal was exciting and easy to measure. I was also able to build many smaller goals and a schedule for buying properties based on the big goal.
My Plan to Purchase 100 Rental Properties by 2023
The $100M Mission
2023 is long gone and I also stopped working with that goal prior to the end date because I completely changed my business model. I stopped buying houses and moved on to commercial properties and multifamily. While the goal was awesome and helped me tremendously it ran its course and I did not do a good job of replacing that goal. I think I have finally found a big goal that is very exciting and will be a huge boost to my business. I want to own 100 million dollars worth of real estate.
Why are goals important?
Every year I write about my goals for the current year and how I did with my goals in the previous year. Goals give you a road map for what you want to do and where you want to be. Without goals, you float through life waiting for things to happen to you instead of making things happen for you. Goals help you focus on what is important in life and remind you what you are working so hard for. I won’t go into too much detail on goals and their benefits but I will tell you they have been a huge help to me.
The goals I set helped me throughout the year and I have tried to create some big goals that excite me, but none of those goals have worked as well as the 100 property goal. Not only did that 100 property goal excite me, but it also motivated others who followed my blog and YouTube. It helped put me on the map. In fact, on my car channel (Mark’s House of Cars) someone recently saw Investfourmore on my Countach window and said:
“Are you the guy who had the goal to buy 100 rentals? I used to read your blog!”
This happened a few days before Justin, who is an agent in my office and helps with my online businesses, told me I needed a big goal people could follow along with. When Justin told me this I immediately had a goal in mind. Sometimes it can take me days, weeks, or months to come up with an idea like this. It took me 10 seconds to come up with this one.
Why $100 million worth of real estate?
I post a check I wrote to myself on social media a few times a year. I wrote the check many years ago for $10,000,000 and made it out to myself. I wrote this check back when I had basically nothing to my name. I had read about this idea in some self-help books and I had also heard Jim Carrey did the same thing. Writing a check to yourself for the future is a huge motivator and is another way to give your brain and subconscious a road map for where you want to go.
I think I had dated that check for 2018, which was 10 years from when I first wrote it. A few years ago I got to $10,000,000 net worth on paper, mostly through my real estate investments. I did not quite get there by 2018 but again the goal is not to achieve the goal but to more thanks to the goal. When I post that online, many people comment and say: “the next goal is $100 million”
In the past when people told me I needed to make a goal to get to $100 million it seemed to big. It took me a long time to get to $10,000,000 and think how much longer it would take to get to $100,000,000! There is an old saying: “The first million is the hardest.”
That saying has a lot of truth to it as learning how to make money, invest money, and save money is tough. We are not taught much in school about it. When you figure out how to get the first million, it does get easier to build and grow from there. I was limiting myself by thinking that $100 million was too big of a goal.
Everything lined up that my goal would involve $100 million when Justin said I need a big goal. I just had to figure out the best way to implement that goal into my life. I could make a goal to have $100 million in net worth but that would take some time and did not feel right. I am not saying I can’t do it, but I wanted a different goal now. I may still make that goal at some point in the future. For now, a goal to buy $100 million worth of real estate and businesses seemed perfect. I could have made it just for real estate but I have bought or created a few businesses in the last couple of years that I absolutely love.
Why real estate and businesses?
I love to add value to properties and businesses so reaching $100 million does not mean I need to buy $100 million worth of assets. For example, I bought a commercial building in 2018 for $2.1 million which is worth around $6 million today. Some of that increase was from appreciation but most of that increase was from getting a great deal and adding value through new leases, repairs, and management. This was an extreme example as most of my properties do not see that large of an increase in value in such a short period of time but it shows the power of real estate.
I have about $22,000,000 in real estate and businesses now and it has taken me 15 years to build that since I bought my first rental property in 2010. I am definitely not on pace to get to $100 million any time soon. I have not increased that number much in the last year or two either as I have not bought many rentals and those are by far the number one way I increase my holdings. I do house flips as well, but the goal of a flip is to sell it quickly for income not hold long term. The businesses have helped increase the number some but not by a huge margin. The businesses are important as they tend to produce more cash flow.
I was able to take over a laundromat for basically the cost of repairing machines and buying some new-to-me machines. I have increased revenue and that laundromat is most likely worth $250,000 after a year. Again, this won’t get me to $100 million very fast but it shows the power of adding value to businesses as well.
Will this goal force me to change?
I will have to change many things to reach this goal. I will also need a detailed plan showing exactly how I will get to this number, which is broken down into short goals like I did with my 100 properties goal. I am sure this goal could change or evolve with time and there is a chance I do not achieve it. That is okay as the point of a goal is to use it to help you do more than you would without it. If you make goals too easy to accomplish then they aren’t pushing you like they should. You also need goals that you think you can achieve. If you don’t believe in them they won’t do you much good.
I will break down what I want to do each year to reach $100 million in real estate and businesses by the year 2030. The one thing that is predictable about investing in real estate is that it is not predictable. I can’t know what properties I will be able to buy, what will happen with the economy, what will happen with interest rates, and many other variables. The good thing about that is I may get way ahead of schedule. I also could get way behind schedule. If I get behind, the chaotic nature of real estate means I can catch up and all is not lost!
Not only will I have a detailed plan for each year, but I have a dashboard that shows what I have and my progress toward that goal. I will update this dashboard often for myself and others to keep track of my progress.
Why do I like this goal so much?
The most important thing about this goal is that it excites me. Making a bunch of goals that you do not care about won’t do much good. But having a goal or goals that are exciting and keep you interested is the best kind of goal. I have made some goals in the past, like this. One of those was to buy 1 million square feet of real estate. However, that goal caused me to buy a few large and crappy properties that did not help me. The goal to have $100 million in property and businesses is much more exciting to me and should be much more beneficial as well.
What does $100 million in real estate and businesses mean?
I will need help to achieve this goal as I do not have millions of dollars of cash lying around my house. I don’t have it in bank accounts or investment accounts either. Most of my net worth is tied up in real estate. I have worked with partners in the past and I have used many types of leverage when buying property.
I want to make one thing very clear with this goal. I want $100 million in real estate and businesses in my name, not under management. Many investors will advertise their holdings that are “under management”. Under management means they control the investment or manage it for others, it is not theirs or at least not all of it is theirs. An investor could own 1% of a 100 million dollar project and say I have $100 million under management! They could also own 10% or .001% of it and say that same thing.
If I own 10% of a $10,000,000 project, I will count that as $1,000,000 towards my goal to own $100 million worth of real estate.
Conclusion
I will have the detailed plan posted soon. If you are not subscribed to my blog, now would be a great time to join and you will be notified when that article is posted. I will also get the dashboard created and posted and let everyone know about that when it is ready as well. This will be fun!