How to determine business plan

Question

Jason V. · Answer

I never had a business plan for real estate investing.  I also have an IT business that I grew to over a million in revenue within 3 years. I didn't have a business plan for that either. Getting at it and creating a track record gives you the credibility you need.

Lately, I've been doing commercial loans on my investments. I do put together an analysis on the property. I use RealData for that. It's all I need. As long as it's a good deal, you should be able to find the parties you need to get it done.

Daniel Fitzroy · Answer

I think it's important to have a business plan. i havent started my investing yet so take my opinion with a grain of salt but the more I think about it the more complicated it seems. really what im trying to do is just buy multi family properties at some kind of discount. add value by renovations or by purchasing in a down market. then fix it up to my companies standards and get them rented out one unit at a time. some of the things ive been thinking about include financing. how will i finance deals after the first 4 or so when the banks stop lending traditionally. also how much do I need in resurves to cover everything from fees to extra holding costs to a major cap expenditure. i want my business to have a plan so i will succeed no matter what. so i think its important to think about those types of concerns regardless of what type of investing you're doing and factor those in to your plan. im excited to save money for the first deal im only at 3k so far. Goodluck to you! i found a generic free audio book that helped me figure out how to start making a busininess plan and keeping it simple is my goal. it can be legthy and detailed but i intend for it to be so simple.