Taking Action

Well, after detailing The Action Plan and The Fine Details it's time to start actually doing the things necessary to get the first deal done. In this process, I will need to develop a team of professionals to whom I can rely on since I will be working full-time while I do this. The way that I see it, the basic team includes a Real Estate Agent, a General Contractor, and a Financer. I've already determined my Real Estate Agent, a husband and wife team who are incredible, and I'm working on developing relationships with several General Contractors. Thanks to this excellent website, I've found a Hard Money lender that I've decided to work with, and I'm hoping that I can understand the terms of the contract and what I will need to do in order to secure the financing. 

The hard part now is finding the deals. I'm using the MLS system primarily as I feel that my targeted market is relatively unexplored at this time and I've discovered a number of deals that seem to be solid. I'm running comps on a bunch of properties as they come into my inbox, and I'm beginning to get a feel of whether or not a property is a good deal right at looking at the price. At this point, I need to put into written form a business plan as well as a template for a property proposal. That way, I can systemize the way I look for deals and present them to my Financer. In order to be truly successful with The Action Plan, I need to get as many effective and efficient systems in place as possible so that I can smoothly look for deals, purchase them, get them rehabbed, and get them sold with my role simply being the deal finder and manager of the projects.

I will eventually post in the success story forums and other parts of this site to detail the first flip that I complete and the lessons that I learn.