Understanding the importance of goals and the techniques involved in setting achievable goals can pave the way for success. Real estate investor Richard O’Neill would know! In less than five years, he has built a 40-unit, $3 million residential portfolio with only $25,000, and he did it by setting goals, tracking his progress, and making things work.
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He is now running a construction management business for investor clients while continuing to build his portfolio and expand into larger projects. In this episode, Richard shares with us what gave him the confidence to take the leap in buying his first property, how he sets constant reminders for his goals, and stays on track to achieve them, as well as some of the other goals he is setting for the future. Tune in today to find out more!
Key Points From This Episode:
- Richard introduces himself and his business, and how he got into real estate in 2016.
- What gave Richard the confidence to take the leap into real estate – he credits his wife.
- Being surrounded by entrepreneurs growing up was a huge advantage for Richard.
- How Richard sets goals, creates constant reminders, and stays on track to achieve them.
- An example of a previous gaol that Richard set, and how it inspired bigger better goals.
- Richard talks about changing his business plan to take advantage of an opportunity and prepare for a future downturn.
- Other goals Richard is setting include 175 units in five years and shifting into construction.
- The hardest part of Richard’s real estate journey has been staying focused on deals.
- Richard has recently improved his business by joining groups like the Entrepreneur’s Organization accelerator program.
- Hiring help has also been instrumental to Richard’s success, namely his bookkeeper.
- Richard attributes his success to his passion for possibility and making things work.
- Richard likes to give back through coaching, hoping to coach high school lacrosse again.
[bctt tweet=”A five-year goal is a pretty long-term goal. If you hit it, that’s phenomenal. If it’s not, things change within those five years, COVID especially. We bring up COVID, what better time to shift into something else that maybe is going to help you get to the goals in a different way than you thought before? — Richard O’Neill” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Richard O’Neill
Richard O’Neill is from West Chester, PA, and started his real estate investment company, Fleming Property Management, in 2016. He played division 1 lacrosse at Saint Joseph’s University in Philadelphia before transferring to the College of Charleston and finishing at Penn State University. Rich has built a 40 unit, $3 million portfolio of single-family and small multifamily rentals in the suburbs of Philadelphia with only $25,000 of his own cash. He used partnerships, private money, and hard money to build the portfolio to what it is today. Given the currently tough acquisition environment, he is starting a construction management company to use his experience to help other investors create wealth through investment real estate, with a goal to add $50 million in net added value by 2030.
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