I am going to put my short term plan here in this forum. I have spent the last few days listing my goals, short term, mid term and long term. I have also listed what I have to do to accomplish them. I am educated enough to start, but I have some things to do. I am hoping to accomplish all of this in 2-4 weeks. This depends on how much I am home. I have been away a lot of late. 4 weeks is the maximum it should take me. I have wasted too much time. Now that I have put things on paper, I feel I finally have some direction.
Short term goals. I am hoping to do at least one deal by the end of this year. This is a very modest goal, but the first deal is the hardest, and once I do one, it will certainly help my confidence. I can sit here and tell myself I can do it, and hear others say it, but until I actually do a deal, I don’t know if I can. To accomplish this, this is what I need to do.
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Get into my market and learn values, beginning with looking at 100 properties. I have already seen 20, and will look at more. This should be done in the next 2 weeks. I haven’t been home more than one day a week for the last 2 months, or I would have already completed this. I don’t expect to be an expert before I start marketing, but I want a little bit of knowledge of my market. I need to drive neighborhoods as much as possible, to not only learn values, but spot vacant houses. I also want to research how long properties are on the market.
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Visit my Tax assessors office and recorders office. I know I can research online, but I want to learn how to research properly, and I think going there will be a great benefit to me. Long term, I plan to get someone to work the courthouse for me, but for now, I want to learn how to find out info.
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Go to my local REIA meeting the first Tuesday of November. Aside from networking, I want to get references to some professionals.
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Meet with, or get references for some of the following: a real estate attorney, mortgage broker, realtor, title company, appraiser, building inspector, and an accountant. Mainly, I want to make sure my paperwork is state specific, and know which title companies are investor friendly.
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Begin the process of improving my credit. There are not a lot of bad things on it, but there are no payments of any kind on it, because I have not had any income for over half of the last 7 years. I am ordering copies of my report, and will go from there. Until then, I will look for deals to wholesale, or do sub 2 deals. I will improve my credit, but I will do deals that don’t require credit while I am reparing it.
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A marketing plan:
A. Get business cards made ASAP. Get magnetic car signs. Order bandit signs, and determine where to place them. One place that I will place them is near the unemployment office.
B. Run ads in 2 newspapers, a biweekly paper that runs in most of the cities near me, and the Detroit papers. I have to find out costs before I determine exactly what I will do here.
C. Postcards or letters to potential sub 2 sellers. I know what targets I want to mail to, I just have to research it better, and also research the cost. Basically, I have some money to work with, I have to make a marketing budget. I also have to determine which areas I will concentrate my efforts on. This will be the thing that will be the hardest for me.
I am hoping to have all of the above done within 2-4 weeks, although the mailing may be a bit longer. I have the advantage of time, and not having to pay bills. The key for me short term is to get my name in my market, and get motivated sellers to call me. Other things will follow. I know once I can improve my credit, I will have more opportunities. For now, I will concentrate on sub 2 deals, and some wholesaling. I do have some money to spend on marketing. I just want to spend it wisely. Mailings will cost some, but the rest is relatively inexpensive.
Any input is appreciated. If I left anything out, I would like to know. Thanks to any experienced investors who take time to help newer investors. Without you, this site would be nothing.
I realize this is a long post, but I didn’t know how to make it shorter.
Regards, Tony.