Business Plan

[Philip Williams]

Developing a business plan presentation with my dad today! I'm pretty excited!!!

[Craig Wilcox]

@Aubyn Rashford, 

Real estate is filled with opportunities at all levels so you don't need an "official" business plan document to get started but it sure could help for financing.

If you are just starting out, check out the free guides right here on BP.    

I am no expert but I suggest that you write down the following:

1. What do you want to achieve with the business? (goals, lifestyle result, etc.)
2. Why do you want the business? (mission, vision, values, etc.)
3. Your personal inventory (the time, talent, and treasure you have available). 
4. Who's on your team (Finance, Broker, Accountant, Attorney, Inspector, Contractor,etc.)
5. Investment type you will target (residential 1-4, multi 5+, commercial) 
6. Investment strategy you will focus on (wholesale, flip, hold, BRRRR, turnkey, etc.)
7. Purchase criteria to use for all purchases (Cap Rate, ROI, COC, ARV, LTV, sqft, beds, baths, amenities, etc.)

Then start looking for deals that fit your strategy and criteria, use the calculators to analyze, and do your due diligence.  Make sure to get the opinion of those on your team before moving forward but take action when warranted.  You can always go back and refine and/or add details to your plan.

If you are looking to make a formal business plan, PA has a nice Entrepreneur's Guide but it is not specific for Real Estate. 

Finally, if you are not the type of person that is good at answering those questions (more of an action taker than a planner), find a partner that is good at the planning and work together.  You will go much farther, much faster, together.

I hope that helps, Craig