I need help with my Real Estate Investor Business plan. Does anyone know any websites where I can look at complete Real Estate Investor’s Business Plan to help me and give me a couple of ideas to complete mine? Thanks
How good is that?
I have it, nothing special about it. It is good to hand it to a banker or to someone, but it is not a plan to follow to make money. Basically it just states you buy houses at 70% of their value for rehab.
it is not a plan to follow to make money.
No business plan is a plan to “make money.” A business plan is a summary of what you (or your company does), why you need the money that you do, and how you intend to pay it back. In other words, a business plan is a summary for the bank/lender/investors/shareholders/etc to inform them that you’re not an idiot, you do have a plan, and you can pay them back.
In that respect, Cook’s plan works wonders.
If someone is looking for a plan on how to be successful as a real estate investor, then the first thing that I’d suggest to make sure that you understand the basics of running a business. Once that’s under control, you need to decide what type of investing that you want to do. From there, you can develop a plan that will bring you untold success.
Raj
Why are you doing this? Is this a requirement of passing a college course? Was this requirement levied by a lender?
Here’s a tip to the newbies - stop doing “Real Estate Investor Business Plans” and start doing real estate investments! This is just another stall tactic in the analysis paralysis series…get out from behind your computers, go look at some actual real estate (lots of it), do the math, and make some offers.
My two cents.
Keith
Keith,
While I agree that many newbies will do anything to keep from actually doing a deal, I disagree that a person starting a new business should not do a business plan. In my opinion, a basic business plan is a valuable tool to ensure that you have a viable plan to get from where you are now to where you want to be. I have seen many newbies that simply flail around because they don’t have a plan (or a clue) of what they are trying to do. Creating a simple business plan takes care of that problem.
For a REI business, I’m not talking about 3 volume set that will break the bookshelf, but I think a 3 to 5 page business plan that details what you are going to do is very valuable. This should take one afternoon to complete. Then, as you said, they’ve got to actually do something!
Mike
Mike,
In some points here you are absolutely correct…in a lot of cases, this is just another in a long litany of paper drills…many don’t want to be real estate investors, they want to ‘play’ real estate investor’ so they need an office, a desk, a big computer, high speed internet access to look for all of the websites that they can push a button and get free information, spreadsheets and dtatbases out the wazoo, a business plan, a marketing plan, etc., etc., etc…
What most of them need is to sit down and figure out what they really want to do in real estate (and often, in life) and write it down on a piece of paper with their favorite color of crayon. Then, they need to take a pad of paper and a stubby pencil and find some property that suits the goals that they wrote with the crayon…
My point is stop ‘playing’ REI and start doing!
Two more cents…(this is starting to add up – maybe I don’t need REI after all!)
Keith
I bought this one - http://www.sampleplan.com/realestateinvesting.htm
It’s a little long, but overall pretty good if your strategy is rehabbing properties.
What most of them need is to sit down and figure out what they really want to do in real estate (and often, in life) and write it down on a piece of paper with their favorite color of crayon. Then, they need to take a pad of paper and a stubby pencil and find some property that suits the goals that they wrote with the crayon...
Keith,
So do you think new investors need the 64 color crayola set or the 128 color set for the business plan? One more thing to buy, I guess. Do you think I’m missing out on some deals because I typed mine?
Seriously, I agree with everything you said in that last post.
Mike
Thanks Gabe. I have that one.
So, let’s get this straight. You’ve done at least 25 deals that made you enough money to become a lender and open up a brokerage. Yet, you’re not able to use your past knowledge/experience of what you did to be able to put into a business plan to say how you do it?
And you’re wanting this business plan because if you have one you’ll get $20 million in money, yet instead of hiring a professional business planner writer for a couple hundred or less, you post on a public forum asking for free samples?
Yeah, that makes sense.
Raj
I stopped reading on this one last night because it gave me an “ice cream headache”…
Keith