All Forum Posts by: Joseph Scorese

Planning and Setting Objectives for your Business Plan

1. Make them Specific. Objectives should be defined of what the individual is expected to deliver. Keep simple statements of required end results written as action statements – what the individual is planning to do.

2. Agree Measures of achievement.Results need to be measurable so that, at the end of the time period set for the objective.

3. Make them Achievable, but Challenging.Constant failure to achieve objectives is depressing and demotivating, it is therefore important that they remain realistic at all times.

4. Agree Objectives Jointly. Objectives, which can be proposed by both the role holder and the reviewer, should be discussed and agreed jointly wherever possible as it is important that the role holder feels though they can own the objective and be committed to it.

5. Review Progress Regularly. Main objectives should not just be agreed at the beginning of the year and reviewed each quarter. Sub-objectives should be set to help the holder succeed when necessary. They should be part of an ongoing process whereby the reviewer and role holder review progress and decide future steps jointly. Objectives need to be flexible.

6. Agree on a Timescale.Always set a target date for the completion of the objective. A target deadline gives the role holder something to aim for and can help them to plan their work. It can also help the reviewer to ensure that what is agreed becomes an action, rather than just an intention.

7. Make sure the objectives are within the Role Holder’s control.The role holder must be able to be in control of the outcome

8. Support the Objectives with Action Plans and Accountability. The role holder knows what they have to achieve, by when and how they are going to be measured; but do they know how they are going to go about achieving their objectives? Action planning can help.

9. Clearly Worded. Use clear easy language, it has to be understood by both reviewer and role holder. When writing objectives beware of using the words listed below, even though they may look attractive and ‘managerial’

Please reach out to me @mattroberts...

Welcome

@BethGermann!

@Jose Gandulla

I agree

@Steve Babiak

Welcome @ronbenson. Great way to network and stay in touch. I currently coordinate some real estate educational networking events and would like to extend an invite to you.

Best Regards,

Joe Scorese

10 Tips to Consider Before Buying Your First Investment Property

Taking the initial plunge into investing can be a nerve-racking move. What should you buy? Who can you trust? And most harrowing of all: What if you end up losing money?

1. Are You Ready to Invest?

2. Do You Have a Plan?

3. What Kind of Property Should You Start With?

4. What is the Neighborhood Like?

5. What are the Local Vacancy Rates?

6. Do You Know All Your Investment Expenses?

7. How Will You Finance Your Property?

8. Should You Self-Manage or Hire a Professional Manager?

9. Can You Be Your Own Bookkeeper?

10. Do You Have an Exit Strategy?

Always keep in mind that your investment property is used for one thing; making you money.

Your property is not only an investment unit, its’ part of your business. Always conduct your business wisely and with strong business ethics. You will make all the necessary repairs for your tenant to live safely and comfortably in the home. You want your property to be appealing to renters, but you don’t have to go overboard. While it’s important to add your personal touch, you must also make smart financial decisions in order for your business to survive.

Our guest speaker this month is Vincent E. Cottrell III of Trend Consulting Group speaking on Modern Day Project Management Tips

Vincent Cottrell has many years of management experience working in the real estate planning and construction industries throughout the Tri-State Area. He has worked with real estate developers, non-profits, institutional organizations, and well as many design build projects. Managing projects ranging from mid rise commercial, large scale development, residential and MDU new build / restoration projects, tenant fit outs, as well as many more.

http://www.trendconsultinggroup.com

We meet every 4st Wednesday of the month at 2424 Studios, 2424 E. York Street, Philadelphia, PA

The meetings are intended to improve dialogue between government agencies, local residents, businesses and neighborhood developers. As well as provide opportunity to network and connect with one another helping all types of area business professionals meet other professionals to exchange information to assist in growing their businesses. Of course, bring any deals or information you would like to share with the group!

Website & Contact information ishttp://eepurl.com/WyfcL

Diversified Investors Group - University City Subgroup

Monday, September 21, 2015 6:30 PM to 8:30 PM

Harvest Seasonal Grill - Philadelphia 200 S 40th St, Philadelphia, PA

Speaker:

Lee M. Shlamowitz, Esq.

LMS Legal LLC | www.PhillyBizLaw.com

P: (267) 908-5058 | F: (267) 388-3780

Land Title Building

100 South Broad Street

Suite 920

Philadelphia, PA 19110

Discussion will Cover:

Real Estate - Commercial and Residential

• Lease agreements | commercial/residential
• Landlord/tenant
• Deeds
• Title transfers
• Property disputes/nuisance
• Real estate investment entities
• Municipal compliance

Is Grays Ferry the next hot neighborhood?

Date: Saturday, September 12, 2015

Time: 9:00 AM to 12:00 PM

Location: Kermit’s Bake Shoppe 2204 Washington Avenue, Philadelphia, PA

Is Grays Ferry the next hot neighborhood?

Grays Ferry is one of those neighborhoods with hazy borders, loosely defined by Grays Ferry Avenue on the north, Vare Avenue on the south, as far east as 25th Street, and running west to the Schuylkill River. Aside from a great location, the area isn’t defined by much else. It’s a border neighborhood without trendy restaurants, artisan boutiques and an influx of hipsters or pioneering millennial homebuyers. But the recent development — and, let’s be honest, gentrification of Point Breeze has us wondering how long before some of that finds its way into Grays Ferry.

Rehab vs. new

As far as development in Grays Ferry goes, we will compare Rehab vs. New Construction – Who is buying what and where is the market…

*****No Real Estate Agents Please, Being Sponsored by a Licensed Real Estate Agent****

Sponsored By:

Joseph V. Scorese

Diversified Investors Group - South Philadelphia Subgroup
Monday, September 28, 2015
6:00 PM to 8:30 PM
Famous Dave's, 1936 South Christopher Columbus Boulevard, Philadelphia, PA
www.digonline.org

Speaker - Joseph Neilson: The Real Estate Professor
Joe Neilson is taking the real estate market by storm. He is a real estate investor who started at the age of 61 who has bought, renovated and rented over 65 properties in the last 7 years! After purchasing house after house and producing remarkable cash flow for each property over the last 7 years.

Joe shares his experiences from failure to success and how he did it! He demonstrates a proven system of "Buying & Rent Foreclosures" to build wealth. After 7 years of investing his net worth is 3 Million and has a net profit of $22,000 a month!
Bio - I'm the Real Estate Professor, Baby!
Joe Neilson is an author, educational speaker, entrepreneur and landlord based outside of Philadelphia, Pennsylvania. In 2005, Joe was 61 years old, without a job or pension. Joe needed steady monthly income! He had poured his heart, sweat and blood into the corporate world and refused to go back to climbing the 30 year corporate ladder. He didn't have time for that!

So Joe started investing in rental houses and it was the best decision Joe ever made. 10 years later Joe has 75 houses and 27 garages earning $24,000 a month in profit and has 4 million in equity that he operates under Delco Home Rentals, Inc. located in Boothwyn, Pennsylvania. After purchasing the houses and producing remarkable cash flow Joe shares his experiences to success along with his mistakes, failures and how he did it! Joe demonstrates a proven system in his book "Buy& Rent Foreclosures" to build cash flow and wealth. Now with Joe's new book "The 7 Essential Habits of Wealthy Real Estate Investors", the companion book, Joe digs digging deeper into the general concepts by giving step-by-step instructions...gritty, no-nonsense essays from the real estate trenches.

Tenant Choice and Management
Tips for Renters
Owning rental property is a great investment. You want your property to be a profitable investment and a steady cash flow for you, not a constant money pit or headache. Making good choices along the entire process from choosing which property to purchase, how you manage that property, and the people you have as your tenants all can determine your success in the Greater Philadelphia property management arena. Here are some of the items that will be discussed.
• Length of the lease: Depending on your landlord’s preferences and the state in which you live, the length of the lease may be yearly, monthly or weekly.
• Security deposits: In most of the states, a limit is set on the amount which a landlord can charge as a security deposit.
• Responsibility of landlord: Your landlord is responsible for repairs and any other such issues.
• Fee: When you are negotiating on the deal, make sure that the management firm’s or estate agent’s fee is collected from your landlord and not from you.
• Scrutinize the property: Try to find a property that is in good condition, preferably one which is newer and has a good air conditioning and heating system and a nice bathroom and kitchen.

#josephvscorese #phillymanaged