My Next Steps

Hello again,

I completed the 30 Day Challenge (Analyze 30 Multifamily properties in 30 days) and posted the results https://www.biggerpockets.com/forums/432/topics/231021-30-day-challenge-small-multifamily-property-analysis

It helped me tremendously in narrowing down the methods I want to use in screening potential properties.Comparing Seller Performa data (income and expense) provided in the listing verses using a conservative 55% for expense.I have developed more speed and can make better evaluations.I have several properties I will be requesting more detail information on since they meet my basic requirements.

Some fellow BP members have suggested I was wasting my time doing the 30 Day Challenge (stuck in analysis paralysis).That I should spend the time on the ground finding properties, sending letters and making offers.The comments are always welcome and well-intended. But, I have a limited amount of cash to invest right now, limited time to devote to REI, and consider it as part of my education.My goal is to own 4 units by 09/2016.I am looking for GREAT deals not a good or average one.I still need a couple of key team members BEFORE I commit to a property.So, there is no rush to jump into the fire without a plan.

I have identified a few BP members that I will make contact with in the near future in my pursuit of team members.I keep missing local REI club meetings due to my work schedule, but, I will keep trying.I think it will be important for me to be able to network at those meetings.

I have a draft business plan that still needs some fine tuning.It is very important to have a plan before starting any endeavor.Mine is very basis and will be expanded as I develop my REI experience.I will post it once I finish.

My education continues.I am nearly finished reading Brandon Turner’s “No and Low Money Down” book.It is very helpful to my investing plans.My wife bought me another book “Start Small, Profit Big in REAL ESTATE” by Jay P. DeCima (aka Fixer Jay).I read this one at work on breaks.This is a buy ugly, fix n flip, or hold book.

My next steps are as follows:

1.Start requesting detailed information from the listing broker on properties I have identified as having potential.

2.Start searching for those key team members; Realtor (Multifamily Investor friendly), General Contractor, Portfolio/Private/Hard Money Lenders, and Investor Partners.

3.Finish my Business Plan.

4.Keep my education going by reading books and watching Podcasts.