Plan for First Property

[Kyle Kenyon]

I've drafted a simple plan for 2018. My goal is to purchase my first property by the end of 2018. Just thought I'd share with everybody!

Step 1: Education (January 1 - April 31)

- Read as many books as possible and develop a sound understanding of how real estate investing works.

- Listen to podcast 

- Practice analyzing properties

- Review all options (Strategies, financing, market, etc.)

* The main goal of my education is to develop a sound conceptual picture of real estate investing and the market. I know the best way to learn is to take action but to quote Abraham Lincoln - "Give me six hours to chop down a tree, and I'll spend the first 4 sharpening my axe".

Step 2: Business Plan (May 1 - July 31)

- Create a detailed business plan

- Goals, Strategy, Time Frame, Market, Criteria, Flexibility, Marketing plan, Finance, Exit Strategies, Current Financials, etc.

- Put together a team (CPA, Attorney, Real Estate agent, etc.)

- Have a detailed idea of the type of deals I will be looking for

Step 3: Search for Deals (August 1 - October 31)

- Work closely with a real estate agent to find potential deals

- Analyze as many deals as possible

- Implement Marketing Plan

Step 4: Start Making offers (November 1 - December)

* This step goes hand in hand with step 3.

- Start to make offers on potential deals

- Negotiate deals

Step 5: Purchase a property!

I know this plan is short, simple, and missing a ton of details. It's meant to just be an overview of how I'm going to purchase a property by the end of 2018. Please feel free to make any suggestions!