Emily’s working on her Big Financial Goal of being a property owner and host of a short-term furnished rental (STR). Her goal timeline is 8 years. There’s lots of Financial Action to take in that time and some smaller goals to achieve too.

Emily’s Mini Goals include:

  • Paying off her consumer debt
  • Saving $50,000 for a down payment of a home
  • Expanding her Financial Literacy around STRs in Denver
  • Building Her Financial A-Team

When we look at Emily’s short and long-term goal, her top priority is to pay off her consumer debt. And we know her Financial A-Team will evolve with her on her journey.

Her Financial A-Team to support her in paying off her debt include:

  • An Accredited Financial Counselor.
    • AFCs work 1:1 with clients on goal clarity, budgeting, debt strategies, increasing her credit score.
  • A Mortgage Broker/Loan Officer.
    • While Emily may be 8 years from her goal of home ownership, meeting with a lender early as an informational interview can give Emily some valuable insights into what lenders will look for to give homebuyers the most favorable terms. They may offer advice on which debt to accelerate paying off and which debt to keep making usual payments to keep more cash on hand.
  • Financial Friends.
    • Emily is turning to her Financial Friends for accountability and to celebrate her milestone achievements along the way. Remember -Financial Friends don’t have to be her best friends – just those with whom she can openly and honestly talk about her money goals.
  • Mentors.
    • Emily is seeking out a mentor who is already a Real Estate Investor to tagalong to some property change-overs and ask them what they wished they knew before having a STR.
  • Diverse Thinkers.
    • By opening up her Financial A-Team to people who have divergent experiences than her, Emily may explore how people have invested in real estate without purchasing and managing their own unit. She may learn about REITs and Syndications.
  • Mentor.
    • Emily may also take a job as a host or property manager under a more experienced Property Manager to gain experience before diving in fully.

Once Emily has a solid plan for paying off her debt, she is going to continue expanding her Financial Literacy around STRs in Denver. She has found a Facebook group and attended some in-person events to learn more about STRs.

As Emily pays off her debt and gets closer to her downpayment goals, her Financial A-Team will evolve. She will begin to interview and hire more specialists who will help with her home purchase including:

  • A Mortgage Broker/Loan Officer/Lender.
    • She will interview a few before officially hiring one. Her Lender may also be a connector introducing her to a Realtor and Insurance Agent.
  • A Realtor.
    • She will interview a few realtors before hiring one. She will ask them questions like how they have supported clients similar to her with similar goals. Emily will either want a realtor that has a strategic approach to evaluating different neighborhoods or if Emily knows which area she would like, she will focus her Realtor search on one that is experienced in that area.
  • Financial Friends
    • These friends who support Emily’s goals could go with her on exploratory visits in different neighbors.
  • Mentor.
    • Her mentor relationship may evolve to where her mentor may share their experience on how they selected a neighborhood and property or provide a list of the furnishing that they have in their rentals so Emily can start budgeting and shopping for items.
  • An Insurance Agent/Broker.
    • Insurance is certainly a cost that is important to Real Estate Investor and having an agent that experienced in STRs to ensure Emily is properly covered.
  • Her Accredited Financial Counselor.
    • Emily may continue to work with her AFC to create a budget for this business.
  • A Business Coach.
    • Emily make seek guidance from a business coach if this is her first business.
  • A Certified Public Accountant
    • a CPA may help Emily get set up as an LLC, explain and manage her tax responsibility.

As Emily’s Big Financial Goals expand and evolve, so will her Financial A-Team.

Enjoy your financial journey and don’t get overwhelmed by feeling that you have to do it all on your own.

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