I Want To Start With A Business Plan
Can anyone tell me where to find a sample of a REI business plan? I haven't bought any "courses" yet because I don't know if any of them offer that.
Thanks for any help on this!
Belinda
The Business Plan.
Locate a source for the information YouI want. Defaults, Divorces, bankrupts,
For Sale By Owners. Expired Listings, Abandoned properties etc. etc.
Then figure out how to get to the source of information and/or start driving around looking.
Stop at the property try to locate the owner and start talking. See what they want and if you can work out a transaction. You are the Negotiator. If you have never done it before practice on your wife. Now theres a challenge. If not married, try girl friend, significant other? Ok try the damned Cat.
Now go do it. The Best Lucius
LOL. The cat runs away! Thank you for the info, tho!
Belinda
I think a lot of people underestimate the wealth of information that is available on the internet. Try Googling "buisness plan, Real Estate" or other combinations and see what comes up. It is the easiest research you will ever have to do.
... I am doing that now, and will hopefully be able to close on a place with this plan, barring no more oversights
I also agree to tailor your buisness plan to exactly what you want to do, be specific. Then start looking around for those places you want, be creative in how you look; leave calling cards, knock on the door, research the title to get some leverage on the negotiation, network amongst friends and club members, etc.
Be sure to include your exit plan, or how you intend to MAKE the money from the property. I wrote a buisness plan toward pre-foreclosures with the intention of either lease optioning them or just holding them until I obtain X% in returns and selling. After I had researched, sufficiently, exactly what I wanted to do I included exactly what I needed to do; a step by step 'method'.
Starting this way really keeps your head on the game, and doesn't leave room for judgement errors or oversight. Within one week of executing my plan I had found two pre-forclosures. The first one, unfortunately, was caught in a nasty divrce settlement (I attempted to bid on it the minute it came on the market but unfortunately they had already made a deal with some else behind my back:(). The second property was very interested in my proposal, but once again I was out bidded.
Angered by this I looked over my plan and realized that I had not included "generate comps" on my action list... A big mistake, but not one that can't be fixed
I hope that helps. Buisness plans that are written and tried by a newbie over a tried and true plan will most likely be more "creative" than those employeed by the thousands who purchase their plan, and this may give you the edge.
Practice makes perfect... Scratch that; Perfect practice makes perfect.
Thank you, Japher! I did the google search before I posted my question... there were "hundreds" of links. I had no idea where to begin, but I agree that making it "original" to our circumstances is important! Thank you, again, for your response and information, it is very helpful!
Belinda