Updated over 6 years ago on . Most recent reply
Business Plan
Hi! To those who have purchased their early properties. Did you start with a written business plan or dive right into purchasing a property?
I am the cautious person in my relationship, and that I want to write a solid plan before we start researching properties to purchase and calling people. I do not think it would take long to draft, but I am have trouble expressing to my husband (and partner in this venture) the importance of hashing one out, as he does not completely grok that purchasing real estate could and should be managed as a business.
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Hey @Nzinga Hart - I think a business plan is good, but it doesn't need to be a formal 20 page biz plan that you would take to a bank. A one page piece of paper would probably do the trick. For example - this was more or less my plan, which I turned into an eBook for my old blog.
7 Years to 7 Figure Wealth
And I definitely think treating your business like a business is the ONLY way to go. Almost every single guest we interview on the BiggerPockets Podcast says that over and over and over. It's one of the key things I notice with most successful real estate investors.
Hope that helps!