There are so many wonderful seasoned veterans on this site. The invaluable information that they provide should be carefully digested as it comes from the ultimate litmus test - experience.
Those of us who are still to roll out a business plan have the theoretical components in place but require focus. The business plan then, necessarily, guides all of the investments in which one becomes involved.
It sounds simple but take a look at the questions, especially in the "Deal Analysis" forum. Many are along the lines of:
[i]What is the most I should pay for property XYZ?
There is fee XYZ, can I avoid payment?
Do I need an accountant, lawyer, broker?
What % can I take down the offer depending on DOM?
And my favorite...
I have no money (ususally I stop reading)
It's not that one cannot make money in RE. Acting as a birddog (depending on state laws) can be quite beneficial in getting experience. However, if one has not planned ahead for business expenses the overall perception that investors are speculators becomes legitimately cemented.
Without a $500 conference held in Vegas business plan one cannot possibly be engaging in a business venture. So, to all of the above questions the response can remain static:
Do you disagree?
"What does your business plan say?"
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing