No one cares about your income goals and lifestyle more than you!
As real estate investors, we’ve done things like:
- Delay taking jobs that seemed to pay higher in the short-term however would have stifled our long-term growth.
- Neglected personal vacation travel for 2-3 years
- Passed on going to events with family in other states.
We did these things because we did not want to take attention and money away from growing investments and other major goals.
What may seem like aggressive delays of gratification, translate to purchasing power and buying freedom.
The same $700 -$1,000 that could be used to go on that weekend getaway with our friends could purchase and install a new hot water heater for a rental home.
We love our friends and family. We just realize that delaying personal gratification can translate into business and personal growth.
The dollars are the same, it’s simply a matter of where you want to place the value.
Our strategy is paying off. We are seeing our portfolio and income grow and opportunities for exposure increase.
The same will happen for you. If you stay diligent and get really clear on your plan.
Want Cash Flow? Here are 7 Real Estate Investing Business Plan Steps to Help You Get Started:
Step 1: OVERALL GOAL
Figure out your “why” and write it down – this is the best place to start.
The next step is to quantify that goal.
Step 2: MONTHLY INCOME
Consider your expenses and potential unexpected costs and set a realistic monthly income goal by which you can measure your success.
Step 3: DEFINING SUCCESS
How will success be defined and measured in your terms? Aside from income goals, what do you consider an achievement?
Step 4: SWOT ANALYSIS
Although this can be a difficult concept, as are most tasks that require self-evaluation, the payoff can be huge for your business.
Step 5: COMPETITIVE EDGE
This is the fun part! Find an aspect of what you can offer that is innovative, better, or different from your competitors and develop that concept. Then take serious initiative in marketing that edge.
Step 6: STRATEGY
There are three key components to consider under the umbrella of strategy: finance, acquisition, and implementation. Your plan for financing the investment, how you intend to find the actual property you will eventually purchase, and your plan of action for making your real estate dreams a reality are all important to keep in mind when strategizing.
Step 7: RENOVATION PLAN
Do your research on construction and labor costs and take advantage of insight and recommendations you may receive from experienced investors in your area.
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