Goals & Business Plan approach

[Michael Svoboda]

Hi BP community

I've been using a phased approach to start my real estate goal and looking for your input, please.

The first step was to move out of state that had very steep property taxes, moving out allows us to allocate more dollars to purchase our first home. Next goal was to save enough dollars to invest. This is now off the list. If this is going to work and I need to have a plan in place in written form also my wife is willing to do this but she is adamant that she wants to see a plan too. That is my homework assignment!

I struggle if it's a good idea to find a home to flip and have more cash reserve or buy a single family home. I also know I have read and heard many times that it's better to do multifamily as well. 

I been doing some research on BP for a business plan examples and or templates but haven't found what I'm looking for-- yet. Can someone please offer some advice.  I am not sure if I am overthinking it on how detailed it needs to be or can/should be more general which allows for more flexibility.

As an FYI more context about me, I live in the Indy area (Brownsburg) and my wife and both have  W2 jobs so have reasonable reserves. I have not been to a meet n greet yet since I moved from Chicagoland only a few months ago. That is on the list in a few weeks, Hope that provides more about my background. 

I encourage input and guidance, Thank you. Michael