-Ringlehan’s
REI Business Plan-
Objective:
§ To build a
business that Alicia and I can run from home that:
1. Keeps us
from have a job we are not HAPPY
with (schedules/9-5+ hr days/people/work stress).
2. Be able to
pay to have our own BABIES.
3. Allows us to
spend as much time with our FAMILY
as possible.
4. Provides us
with the FINANCIAL FREEDOM so we can TRAVEL the WORLD,
explore HOBBIES (photography, WW, surfing,
psychology, girls sports, activities, coaching), take FAMILY VACATIONS (w/o
have to budget everything, stay at nice places, stay extended time, do any/all
Activities).
5. Allows us to
PROVIDE our children with every
ADVANTAGE we did not have ($ for college, stress free time w/ us, more time w/
us).
6. Grows into
something we can RETIRE early,
happily, and securely on.
7. Becomes a family LEGACY that we can pass down to them.
8. Would keep
us from having to stay in the AF.
9. Be an
example for our CHILDREN that you do
not need a job to be successful
10. Allows us to
LIVE where ever we want (Family,
Hawaii, Beach, Country)
Goals:
§ Have a
Passive Income of (8.5k/month) that allows us BOTH to be able to live comfortably without having a JOB.
§ Flip 5 or
more houses a year.
§ Buy our
first investment property before the first of the year.
Strategies:
1. Learn as
much about the Okaloosa County RE market to become confident in making
profitable investment purchasing choices.
2. Capitalize
on growing/stable Military presence to provide quality rental properties.
3. Research
ways to Fund Purchases (Hard Money/CC’s/Conventional/Private/Homepath)
4. Start a
direct mailing campaign that can give us the best chance to buy homes at the
lowest prices for potential flips/rentals.
5. Save $10K as
a down payment to be able to purchase an REO/HUD/Homepath home.
Tactics:
·
Strategy #1:
RE Market Knowledge
o
By 8/16 - Talk to at least 2 Realtors in each city of interest
(Crestview, Fort Walton, Niceville, Destin) about each market:
§ SFR:
·
Inventory
·
# of Sales and Hot Neighborhoods
·
Price ranges
·
# of Foreclosures
·
Rental Prices/ Inventory/ Best Renting home types
§ Duplexes/
Townhomes:
·
Inventory
·
# of Sales and Hot Neighborhoods
·
Price ranges
·
# of Foreclosures
·
Rental Prices/ Inventory/ Best Renting home types
§ Realtors:
·
Do/Have they worked with investors?
·
Issues with putting in Low Offers?
·
Give them type of Properties we are looking for.
·
Ask for resources for RE market research
§ Analyze:
·
Find and Analyze 2 deals every day off of the MLS for Practice
·
Strategy #2
– Provide Military focused rental homes
o
Stay current on Military News and Affairs
§ Read Hurlbert
and Eglin Papers
§ Information
on 7th SFG/ New Contract Awards/ Growing Units
§ Find
information on times of year orders drop and people are PCSing.
§ Look for For
Sale By Owner Listings in Base Papers
§ Research
what most Military Families are renting
·
Price
·
Type
·
Size
·
Location/ Length of stay
·
Strategy #3
– Funding
o
Build a Presentation of an example of a flip to present to lender.
o
Have all paperwork together to apply for loan.
o
Meet with:
§ 2 –
Community Banks
§ 2 – Small
Credit Unions
§ 2 – Regional
Banks
§ 2- Hard
Money Lenders
·
Strategy #4
– Marketing/ Direct Mailing Campaign
o
After Strategy #1 is completed:
§ Order
Business Cards
§ Choose best
starting location and find a company to do a Direct Mailing Campaign to find
motivated sellers (pre-foreclosure)
§ Add a line
(flip phone) and voicemail to receive calls from
§ Put a script
in place to follow for incoming calls
§ Practice
script
§ Have 3 plans
understood on how to help sellers in multiple situations.
·
Strategy #5
- Save $10K as a down payment to purchase an REO/HUD/Homepath
o
Go over Budget with Alicia and make a plan to save money for Down
Payment:
§ Find ways to
decrease bills
§ Build/sell
restored furniture
§ Start FB
page for my furniture
§ Garage Sale
Please excuse the formatting, I had to copy and paste from Word.
