If you’re going to venture into the world of real estate investing, you have to have a plan. Otherwise, you are just grasping at straws in the dark. There is really no one plan that is either right or wrong. As they say, there is more than one way to skin a catfish. But you have to have some plan, regardless of what it is. In this article, we’ll point out a few things that you’ll have to take into consideration and keep in mind when making your plan. Hopefully, this will keep you from floundering in a maze of confusion and failure.
The first thing you have to do with your plan is decide what it is that you want to accomplish and in what time frame, whether it be 30 days, 6 months or a year. It doesn’t matter what the time frame is. Just pick one. Otherwise, you will be drifting aimlessly for months and possibly years without getting anywhere. So even if you make your plan as simple as to sell your first home in 30 days, fine. Make it and stick to it.
After you have decided on what you want to accomplish and the timeline you want to accomplish it in, the next step is to actually begin putting that plan into action. Let’s say, for argument sake, that your plan is to buy a home for the purpose of fixing it up and reselling it at a later date, preferably within 6 months. The first thing you need to do is go out looking for a fixer upper. It’s not going to come to you. You have to go out and find it. This means looking for homes that people are selling cheap that need work. That of course has to be part of your plan. How much work, in both time and dollars, are you going to put into this fixer upper? You have to have this firmly written down before you begin, otherwise you’ll end up spending heaven knows what on the worst piece of property standing on this planet.
The important thing about making a plan before you even do anything is that it allows you to spend your time constructively. By having everything laid out as to how you want to proceed, you don’t have to sit and think about what you’re going to do next. Everything is laid out in step by step fashion, or at least it should be. Every minute that you spend thinking “What do I do next?” is another minute wasted. And time is money, any way you want to slice it. The reason that most people fail in real estate is because they don’t have a plan.
At the very least, your monthly plan should include how much you want to make in total. This figure should be based on how many deals you plan to close each month, which in turn should be based on how many leads you expect to get each month. One thing affects the other. Without leads, you can’t close deals and without deals there is no monthly income.
So if you’re thinking of getting into real estate investing, have a plan.
Your bank account will be glad that you did.
Stop Dreaming and Start Doing. If you want to get started in real estate investing and develop your own plan for real estate investing success, visit http://www.realestateinvesting-guides.com
Rick Hernandez is a successful real estate investor who has purchased millions of dollars of investment real estate. He is the President of the Real Estate Investors of San Antonio (a professional real estate investment organization) and author of the popular 29 Days To Real Estate Profits Real Estate Investing course and the Real Estate Investment Tips Newsletter.
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