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The turn of the calendar always has us thinking about what we want to do differently—or more of—next year. Sure, you’ll want to make lofty New Year’s resolutions for 2024, but goal-making is in order, too.  

We talked to four experienced investors at very different points in their journeys to get a sense of what they’re planning for the new year. Though your own goals will be unique and specific to you, seeing how peers think about their 2024 ambitions should help you craft your own.

Goal: Looking for Work/Life Balance in 2024

Indar Lange is a seasoned real estate investor and the largest residential home flipper in Hawaii. He currently owns more than 150 doors across the U.S.

BiggerPockets: What are your 2024 real estate goals?  

1. Pay off debt.
2. Sell our Connecticut rentals.
3. Generate $84,000 per month in net passive income.
4. Spend quality time with family, including picking up my son from school daily.
5. Achieve a $1 million net profit annually from our flipping company.
6. Prioritize family time and reward myself with a new truck.

BiggerPockets: Why have you chosen these as your specific goals?

Eliminating debt, selling properties in Connecticut, and achieving a substantial passive income reflect long-standing ambitions. Prioritizing family time underscores a commitment to a balanced and fulfilling personal life. The financial targets for the flipping company and personal rewards represent tangible milestones and acknowledgments of success.

BiggerPockets: How will you keep track of your progress?

I will maintain a disciplined approach by writing down my goals daily. Reverse-engineering the steps needed to achieve them will guide my daily actions. Consistent and purposeful action will be the key to monitoring progress.

BiggerPockets: How will you judge success?

Success will be measured by achieving the targeted $84,000 a month in net passive income. This financial milestone is a clear indicator of reaching a significant level of financial independence and stability.

Goal: Renovating Her STR and Finances in the New Year

Amelia McGee is a full-time real estate investor based in Des Moines, Iowa. She owns 36 doors in central and southern Iowa, which are a mixture of LTR, MTR, and a few STRs in B and C-class neighborhoods. She is also the co-founder of Women Invest in Real Estate (WIIRE), an online community for female real estate investors. 

BiggerPockets: What are your 2024 real estate goals? 

My first goal for 2024 is revamping my lake town short-term rental property. Over the past year, there has been about a 20% increase in other listings in the area, so it’s going to be important to keep my property updated so that it stays full amongst increasing competition. 

There are lots of small additions that can be implemented to increase the vibe of the cottage, most of which are cosmetic updates, such as painting the interior and exterior and replacing some furniture pieces. I’ve also debated adding a hot tub, as there are no other rentals in the area that offer that, so it would make the listing stand out significantly.

My second [goal] is to dig deep into my finances and create a solid, proactive tax strategy with my CPA. I grew so quickly (from 0 to 36 doors in three years) that I didn’t have the capacity to set up proper systems and processes in my business, including my bookkeeping and tax strategy. In 2024, I’m going to focus on using my real estate tax professional status, cost segregation studies on new purchases, and 1031 exchanges on any properties I sell to fully take advantage of the tax system. 

My final big [goal] in 2024 is to purchase two more short-term rental properties. I know there are many investors who are moving away from STRs as competition becomes more fierce and regulations continue to pop up. However, I have found that I enjoy the hospitality aspect of STRs and plan to purchase a few in strategic, small markets where there isn’t a lot of competition. I know this is risky, as there are fewer analytics in markets like this, but I feel confident in my ability to market my properties outside of the traditional strategies to gain bookings.

BiggerPockets: Why have you chosen these as your specific goals?

I am all about increasing the revenue on properties I already own or taking better advantage of tax strategies to save myself money. I love working smarter, not harder, so I really want to embrace that in 2024. I don’t have a huge ‘buying’ goal in 2024 because I feel like adding a few strategic STRs to my portfolio can bring in just as much cash flow as purchasing five LTRs. 

BiggerPockets: How will you judge success?

• Goal 1: Increase in bookings and nightly rate in 2024.
• Goal 2: Decreased tax bill in 2024
• Goal 3: Closing on two STR properties by December 2024.

Goal: A Small-Town Focus

Amanda McGrew is a Wyoming-based real estate investor with 22 doors, including a condo in Los Angeles, a single-family home in Phoenix, and a 20-unit motel in Greybull, Wyoming. 

BiggerPockets: What are your 2024 real estate goals?  

• Continue to focus on my motel renovation while knowing which tasks I can/should delegate.
• Consider other commercial properties (laundromats, storage facilities, car washes, etc.).
• Continue to look at properties in small towns across America, where I would love to spend time.

BiggerPockets: Why have you chosen these as your specific goals?

These goals are important to me because they are a reminder of why I am interested in real estate as a profession. I love the manual work, and I love making changes in small towns and bringing more functionality and progress to buildings that need it. And it makes me happy to make the local people of that community proud. 

BiggerPockets: How will you judge success?

I monitor my progress by the number of rooms I have completed at the motel and the feedback that I receive from people in town. Making people in Greybull and the surrounding areas proud has become an incredible honor to me. 

I already know I am successful. I took a leap of faith to buy a motel and move to a one-stoplight town where I didn’t know a single person. I now have several rooms rented, with expenses covered, and I have met some of the most incredibly kind and thoughtful people. I have made lifelong friends here, and I have no intention of leaving anytime soon. That is the kind of adventure that I am looking for in my life.

Goal: An Ambitious Plan Including Systematization, Growing Skills, and New Streams of Income

Danielle Crawford is a Canadian millennial real estate investor and full-time federal government worker, as well as a travel and fitness enthusiast. She currently owns seven doors, including one rent-to-own (lease option in the U.S.), a duplex, and a fourplex.  

BiggerPockets: What are your 2024 real estate goals? 

My [goals] for 2024 include:

• Continuing to systematize my business. This involves automating rent collection, reevaluating our rental processes, and improving back-end financial management and bookkeeping.
• Prioritizing liquid capital over acquiring more doors. In 2024 I’m looking to increase capital through wholesaling properties and completing one to two flips with my current team of contractors. 
• Growing my skill set. Doubling down on negotiation and analysis to better identify and execute deals, as well as sales.  
• Pay off debt. We sell our RTO (aka lease option) in September 2024 when the three-year term comes to completion with our current tenant-buyers. We will use those funds to recycle into other projects and pay down existing debt to further improve our liquidity. 
• Establishing new streams of income. Specifically through referral revenue created by leveraging current relationships with our trades and service providers, as well as consulting. Helping other investors achieve their goals while sharing my own knowledge for a consulting fee.

BiggerPockets: Why have you chosen these as your specific goals?

Systemizing the business: This will improve efficiency and help buy back time. As a newbie investor and landlord, I did a lot myself, and now I’m looking at ways to automate my business where I can, create easy-to-follow templates so I can look to hire an assistant in the future, and better manage the financials and financial health of our current properties.

Prioritizing liquid capital and paying off debt: This is both a result of experience and a shifting market. After acquiring three properties (seven doors) in eight months and then managing and stabilizing those properties for a year, I realized that while owning multiple doors is great, you still need access to capital for maintenance, repairs, and unforeseen issues or increased costs. Also, as a 9-5 worker with a T4 (W-2 in the U.S.), I want capital to execute more deals personally instead of only scaling through partnerships. This allows me more flexibility and control in taking on new ventures and also better protects my current properties and partners by having capital for emergencies.

Growing my skill set. Business and real estate is a constantly evolving landscape. The best investors and entrepreneurs are constantly growing and investing in themselves. Negotiating better deals means better profits, stronger analysis results in the ability to identify opportunities and act on them faster, and improving my sales knowledge and skills is beneficial in raising capital and dealing with relationships, as well as improving my 9-5 job.

Growing my network. Your network is your net worth. I’ll be focused on continuing to grow my network so I can provide value, benefit from community, and connect with others, and through these relationships, create and discover new opportunities. 

Establishing new streams of income. These are not tied to property, which come with further expenses, management, and time. Leveraging existing relationships and the knowledge I already have creates win-win outcomes for my trades, service providers, and investors looking for support without the big price tag of a coaching program while helping me reach my own financial goals.

BiggerPockets: How will you keep track of your progress?

Spreadsheets and an accountability tracker, as well as a weekly accountability meeting with a fellow real estate investor/entrepreneur. These goals will have tangible outcomes, broken down into quarterly goals and weekly action items to ensure I’m progressing toward them.

BiggerPockets: What, if anything, might get in your way?

Time management and shiny object syndrome. Critical to success is the ability to do the boring work, especially when you’re in between the exciting stuff. This includes time blocking for analysis, making calls, following up on leads, and setting aside time to learn while also prioritizing aspects of life such as love, family, friendships, health, and hobbies. 

BiggerPockets: How will you judge success?

Certain goals will have tangible outcomes. Debt paid down or paid off, increased revenue from properties, business opportunities, and completed projects. Success will also be better managing my time and seeing consistency in my tracker. Am I executing 80% of the action items attached to my goals each week (on average)? Are relationships, opportunities, and how I spend my time in alignment with my values? Success may not always be the exact realization of a goal, but recognizing the progress along the way.

Also, taking the time to reflect throughout each month, quarter, and the year to ensure I am on track to achieve my goals and that they align with the bigger vision I have for my life.

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.