Good morning ya'll! I'm Christopher and instead of watching my Cardinals get their tail whipped last night I decided to work on my business plan following the format suggested in this forum.
I only have the first two sections done. What do you think about my mission statement? Are my goals achievable and my strategy sound?
Thanks :)
Mission Statement
My mission is to create a portfolio of cash flowing single & multi-family properties while conducting my business practices in a manner worthy of the Lord Jesus Christ.
There is no industry outside the kingdom of God. The Christian Church as a whole must reverse the course of separating itself from other industries. Instead, missionaries are needed in every field: healthcare, politics, and even Real Estate. I aim to be a missionary to the real estate world by conducting my practices ethically and striving to earnestly solve peoples problems in a mutually beneficial manner.
The Bible doesn't teach money is anymore evil than a carrot. But the goal isn't money; the goal is to be a light to the world, ministering to the needs of humanity. The more people I can help the more likely my financials goals will be achieved.
“You yourselves know that these hands ministered to my necessities and to those who were with me.” (Acts 20:34 ESV)
Most importantly, if I focus on the person and not the profit, I believe God will give me a sphere of influence, a platform, on which I can be a light to the nations.
“And Jesus came and said to them, ‘All authority in heaven and on earth has been given to me. Go therefore and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, teaching them to observe all that I have commanded you. And behold, I am with you always, to the end of the age.’” (Matthew 28:16-20 ESV)
Strategy
1. My target cash flow is $10,000/month after all expenses (including Capex/Repair/Property Management fund allocation) and debt service.
2. I will allocate 80% of net profit towards acquiring more properties. The other 20% will be allocated in an emergency fund.
3. Once my portfolio is generating $10,000/month net cash flow, I will pay off one property as soon as possible.
4. Once the first property is free and clear, I will pay off a second property as soon as possible.
5. Once two properties are free and clear I will take the cashflow above and beyond $10,000/month and split it equally into two funds. One will be used to grow the real estate portfolio and the other for paying off more properties. I will only purchase a new property for every two properties I pay off.
6. Once the original portfolio has been paid off I will pay off the additional properties.
7. Once the entire portfolio is free and clear I will reevaluate.
