Wholesaling is the next journey in my path to real estate wealth. The first thing for me to figure out is where I am going to specialize. I’ve narrowed to three points of contact.
- Divorce Settlements
- Direct Marketing
I think in my market trying to find houses that have any sort of equity to buy at 60-70% ARV is going to be very difficult. There may be a couple of pocket sub-markets that are around that will be good ok farm areas for direct marketing. The real place to look for deals are the people who have had or are holding a property for awhile. Thus; Probate and Divorce. Situational motivated sellers. The may not want to sell, but are being force
With that being said I am going to focus a column on the blog about the first steps that anyone serious about real estate investing should work on: Business planning. You might have notice the new tab at the top with files. It contains the business plan I wrote when I was working on tax deed investing in Seattle. A business pan is a road map of where you want to go and a guiding light when things look dark and dank. It helps you map out your thought process and make you really think about where you want to go with your business.
When you are writing a business plan it should include a couple of sections these are vital to the success of your business. They include:
- Executive Summary
- Company Description
- Organization and Management
- Market Analysis
- Services or Products
- Marketing and Sales
- Financial Projections
There are a ton of websites that claim to be able to help you write a business plan. But all they really do is focus your energy and creativity in narrowly defined definitions. Your plan needs to be personalized. The more you own what you put down on paper the more it is going to mean to you. Fortune 500 business spend big money on retreats for their executives just to craft a mission statement. What are you doing to plan your real estate business?