Outline

[Christopher Hunter]

I am a beginning Real Estate Investor. My strategy will be buy and hold for long term cash flow. I want to make $5,000 a month in passive income. What would I need to do to accomplish this goal? Can someone help me create an outline to help me on my way?

[Rick H.]

The challenge of creating a comprehensive business plan, including goals and an action plan, is that your interests will change as your knowledge, skills and experience improve.

Another factor is that most of us have one plan in mind but discover other areas we want to try and exploit. For instance, I always thought I would be a rental guy but have turned out to be more of a paper (note investor) guy.

My college accounting professor, Ed, got me interested in real estate in the mid-1970's. I hated accounting but liked his lifestyle (lots of apartment units). I also studied and minored in financed but never thought I'd use the knowledge. I was wrong as I became private money lender primarily (although I do own rentals, too).

I would invite you to use this time to get exposed to a number of different ways to make money in real estate. Understand the difference between the business of real estate and investing, that buying for short terms profits is speculation, not investing since it requires you to go to work. And recognize that passive investment income means that you make money whether you show up to work or not and does not require you to have to sell a property (slaughter the cow) in order for you to eat.

Hope you find lots to feast on!