Without a business plan - you have no "business" in RE.

[David Breitzmann]

There are so many wonderful seasoned veterans on this site. The invaluable information that they provide should be carefully digested as it comes from the ultimate litmus test - experience.

Those of us who are still to roll out a business plan have the theoretical components in place but require focus. The business plan then, necessarily, guides all of the investments in which one becomes involved.

It sounds simple but take a look at the questions, especially in the "Deal Analysis" forum. Many are along the lines of:

[i]What is the most I should pay for property XYZ?
There is fee XYZ, can I avoid payment?
Do I need an accountant, lawyer, broker?
What % can I take down the offer depending on DOM?

And my favorite...

I have no money (ususally I stop reading)

It's not that one cannot make money in RE. Acting as a birddog (depending on state laws) can be quite beneficial in getting experience. However, if one has not planned ahead for business expenses the overall perception that investors are speculators becomes legitimately cemented.

Without a $500 conference held in Vegas business plan one cannot possibly be engaging in a business venture. So, to all of the above questions the response can remain static:

Do you disagree?
"What does your business plan say?"