Business Plan Done
I decided to take a break from my real estate course last night. I wasn't planning on doing anything real estate related, but I felt guilty not working on it so I broke down and wrote my simple 2 page business plan. While writing the plan, I ended up learning more about NOI, ROI, Cap Rate, CoC, etc, so I took some notes and I have a better understanding of the financial part of real estate. I'm sure I'll have to go back and review at some point, but right now, I'm feeling pretty solid on it. The business plan is here, so if you want to download it and edit it to meet your needs, you're welcome to.
I spoke to my niece yesterday and she's agreed to be my eyes on the ground if any calls come in from the direct mail campaign I'm about to do. She will meet with the home owners and take pictures to send me. I can see what repairs need to be made and make a more accurate offer.
My wife sent the postcards overnight and they should reach me today. If USPS is close to being right, my stamps should also be here when I get off work. Cross your fingers.
Completed Tasks Weds and Thurs:
Completed Law of Contracts Unit 11 and final quiz.
Completed Texas Promulgated Contract Forms v.2 Units 1-4.
Listened to Podcasts -
BP Podcast 153: From $600k in Debt to 108 Single Family Rentals with Linda McKissack
BP Podcast 135: Raising Money to Buy 1,000 Apartment Units with Brian Adams
BP Podcast 134: Creative Finance and Gaining a Millionaire Mindset with Pro BMX Rider Terry Adams
Spoke to my niece about being my eyes in Houston.
Wrote my business plan.
Comments (4)
Nice plan. I do have a question. Are you planning to rely on photos for home searching? You will have to get there yourself unless your niece has some experience in inspection or investing for that matter. I am sure you have a plan for that, do share! Good luck.
Dmitriy Fomichenko, almost 9 years ago
Thanks for the business plan. I've seen others and they were pages and pages. Yours is short and sweet.
Shanequa J., almost 9 years ago
I like that business plan outline. I have been trying to write a more official one. One that is more in depth than "Use wholesale to fund flips, use flips to fund buy and hold rentals".
Jason Layman, about 9 years ago
My business plan is to keep me on path. I won't need one that's super detailed for something like a bank loan. I've written 20+ page business plans before with marketing surveys, data comps and salary medians, etc...Those were written for potential investors and small business loans. If you are just writing it for yourself, then you don't need anything super detailed. Just something to go bak to one in a while to see if you are on path or adjust to meet your new and current needs.
Simon Shih, about 9 years ago