Planning your investment strategy: worth it?

[James E.]

Hi BP-ers,

Question: 

What does everyone think about planning out an investing strategy (meaning a business plan, roadmap etc..)? 

Is planning out a general idea of what you're going to buy, when you're going to buy it, how much it should cash flow etc... an activity that you think is worth the time? 

If yes, how has it helped you? 

If no, why not?

Thanks and looking forward to seeing what everyone thinks about this.

-James

[Joseph Catalano]

Having a plan is essential to having a successful business no matter what type.  Having an idea of what you are going to buy is very important, we have as set criteria of what we look for when we are purchaseing a property.  We look for things such as, cash flow, maintenance, rehab, tennant issues and the like.  When you are going to buy is not a thing you can plan for the simple reason that you never know when a good deal will come along.  We are always looking for a good deal, we keep a fund just for such deals. 

You have to have a strategy.  If you do not have a roadmap you will get lost!!

I am a Criminal Defense Attorney by trade to I try plan out as much as I can because I hate to be cause off guard.