Here are some steps useful to create a well thought out plan.
- AMOUNT – how much money do you have to invest?
- OBJECTIVE – why invest it? Cash flow, build a nest egg, retire with more money, leave something for children?
- UNDERSTAND – why do you want the OBJECTIVE mentioned? Is it consistent with who you are?
- TIMEFRAME – when should it happen? Is that realistic?
- CRITERIA – what about the investment is important to you?
- INVESTMENT TYPES – houses, condos, multifamily, land – which is best for you?
- QUALITY – Class of neighborhood, and Class of property – A, B, C, D – what do you want to own and manage?
- HOW – method to find and acquire the market, team, and properties.
- WHERE – what market area will you work in?
- TEAM – who will help you?
- DO IT – move forward!
- MANAGE – stabilize the properties and manage efficiently.
- STRUCTURES – what type of entity will you use to hold.
- REASONS TO SELL – under what conditions should you sell?
Take them step by step.
