10 Steps to Building a REI Business Plan http://financialnirvanamama…
10 Steps to Building a REI Business Plan
What is Your Mission?
What BENEFITS do you provide?
What is Your PURPOSE?
Mission Statement Shortcut
I want to
Where do you see yourself heading?
DARE to DREAM BIG
Develop a Mental Picture
5 years from now, my company will
If you have a vision board match your vision with your vision board
What do you plan to ACHIEVE in Investing in Real Estate?
Goal Shortcut: Be specific with what you want to achieve
More money and more time does not cut it
To create My Retirement Fund
Have more options in life... Like a new career change
What is your TIMELINES for each GOAL
ADDING Timeframes will help you PRIORITIZE Goals
What STRATEGY Will you focus on?
Buy and Hold Starters Single Family Homes
Rent to Owns Single Family Homes
Multi-Family (4 units or less)
Buy/Rent Strip Malls
Buy and Manage Hotels
Buy/Rent Apartment complex (more than 4 units)
Pick ONE and FOCUS on that strategy at least a couple of years
Be good FIRST at ONE STRATEGY before moving into another one
What Rules do you follow Looking at DEALs?
Example of Rules
Investment is no more than 30mn from my home
No Condo Fees
Needs to Cashflow
Starter Homes Only
No Underground/Aboveground Tanks
More than 2 Bedrooms
More than 1 Bathroom
No Baseboards heaters
WHERE do you want to invest in?
HOW will you find deals?
When starting, invest close to home: You know that AREA best and save gas/time
Who is on your TEAM?
Who are the business partners?
Who will SUPPORT you to find and make your DEALS REALITY?
What INVESTMENT CAPITAL do your have?
HOW Do you plan to finance?
Move in for a year to have a small downpayment
First Time Home buyers > RRSPs
Cash in your SECURITIES
HOW will you get money out of the properties?
Do You plan to Hold it until the mortgage is paid off? CAN'T rely on just selling it
Protect Your money by having MORE Than ONE Exit Strategy
Convert to Multi Family?
Convert to Fully Furnished?
Rent to Own?