Business plans

[Thorney Gibson]

So how many of you actually made a business plan when you first started out into real estate? Do you have one now?

[Mark Anderson]

In addition to a business plan, you should create a "bank book". Their is a good amount of overlap between the two but the bank book will be more focused on your financial situation so it would included tax returns, credit report, financial statement, etc.

The purpose of it is to put yourself in a favorable light when meeting with banks or other lenders. If you walk in to your meeting with that all put together in a nice format, it will definitely put you in a more positive light in the eyes of the lender.

If you have it, include pictures of any houses you've done, some examples of your marketing, testimonials, etc.