Business Plan

[Philip Williams]

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

[Aaron Wyssmann]

Awesome buddy…go get 'em!

[Craig Wilcox]

Hi @Philip Williams,

I just saw this post now.  Did you get that business plan put together?  Don't wait until it is perfect, go start using it and make updates later as necessary.

[Aubyn Rashford]

@Craig Wilcox any suggestion on where to get a business plan done?

[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 

[Aubyn Rashford]

Sounds great, I have a 10am appointment with a real estate gent tomorrow ,am putting my team together ,,,Thank for your advice Craig .

[Craig Wilcox]

@Aubyn Rashford, way to take action!  

Analyze everything you see. The more numbers you crunch, the more quicker you will be making an offer when it makes sense.  Share your strategy and criteria with your agent so everyone is on the same page.  

[Aubyn Rashford]

@Craig Wilcox So I met with my real estate agent for 1 hour we went over stuff ,now he’s going link me up with some team members, and he’s going to take me to the action in a few months where we’ll get the houses dirt cheap ,

What is your insight on wholesaling ?

[Craig Wilcox]

@Aubyn Rashford, wholesaling is a great way to start, there are a lot of investors looking for deals.  However, if you are going to use an agent to get the houses under contract, you better make sure that you have an investor to close or you will be wasting their time.  Work on a buyers list by asking investors for their buying criteria.

[Craig Wilcox]

Originally posted by @Aubyn Rashford:

Sounds great, I have a 10am appointment with a real estate gent tomorrow ,am putting my team together ,,,Thank for your advice Craig .

Hey Aubyn,

It’s been a while since this post so how is it going? I hope you’re crushing it! Never, never, never give up!

Craig