Real Estate Investors Business Planning

When you begin your own business in Real Estate it is important to know where you are headed with that business and where you want it to take you. It makes sense to have a business plan. That would include short term planning (maybe a few months out), and long term (three to five years out). Once you have determined your financial goals it is important that you create a weekly master plan. Every day you will have a list in front of you in which you’ll need to accomplish certain key items each day. You want to have top three items on your list as priority items that will need to be taken care of. It is important to set aside time each day to accomplish those things. Here are some examples to help you better organize your time: Read and Study- Average 2 hours per week. Telephone time- 2 hours per week. Viewing and evaluating properties- average 4 hours per week Offers, Research, due diligence- average 2 hours per week. Class time- 1-2 hours per week.

Before you can begin your business planning you want to determine what kind of properties you are going to work with, and what kind of techniques you will be using.

Decide whether you will be working with, Single Family Homes- Lease or Lease Purchase, Rehab properties-Paint and Carpet or Major Rehab, Multi-Unit residential-Small ore Large, Financially Distressed Properties-Foreclosures and Pre-foreclosures, Business/Commercial Properties. Determine what kind of techniques will best fit your personality. Those of you that are good at building report with people should always consider working with sellers. Maybe those of you who aren’t might consider working RE0 properties, or all cash offer. There is a technique to suit every personality. Always determine what you are best at, and let others do what they are good at.

Time Usage Requires management. You want to use a daily planner or even a palm pilot (takes a lot less paper usage). This will be your planning system. Check in with your calendar, and mark dates in which you would like to accomplish those goals. Maybe even mark a date on your calendar in which you would like to acquire that first property by. This is an accelerated program, if you want accelerated results, do not do the minimum, devote extra time.

by Editor