Mentor 11: Learning Outline

[Henry Clark]

Develop a process map for learning REI.

Your reading posts, watching podcasts, books, seminars, etc. But in no particular order, just randomly. Then you have to keep all of that info in your head. Since you did this randomly, you don't know if you missed a key part of REI investing.

Below is an outline:  Put it on an excel spreadsheet.  Expand on the Titles and Subtitles.  Keep improving it.  Adding info.  When you finally start doing deal analysis, use this to make a checklist for each deal you do.

Finance:

Cash

Assets to collateralize.

Loan

Downpayment 0%, SBA 10%, 25% collateral, 40% collateral, VA, FHA,

Source of funds: SBA, Credit union, Bank, VA/FHA, Farm Credit, Credit Union, Hard Money.

Deal Size

Realtors

Lawyers

Surveys

Title company or Title insurance

Utilities:

Electric

Plumbing

Sewer

Storm Ponds

Storm Drains

Water

Fire Hydrants

Fire suppression

Fire extinguishers

Parking

Driveways

Zoning

Setbacks

HOA

Covenants

Roof

Gutters

Siding

Doors/Windows

HVAC

Plumbing

Flooring

Foundation

Sidewalks

Driveway

Landscaping

Legal entity

Individual

LLC

Corporation

S Corp

Partnership

Insurance

Property Taxes

Once you have this added to your spreadsheet, move around as needed. Stop and think of all the "types" of questions you ever had. Make sure there is a category or subcategory for that. Add to this.

You have to do the work, otherwise you need to be a Financial Investor.

Start small and Make Your Big Mistakes Early.

Keep your end goal in mind. What does your dream look like today, versus when you sell in 15 years for $2mm? Plus, the fun. REI comes in all shapes and sizes.