To build a successful full time or part time business of investing in real estate, it is essential you look forward to your intended outcome and answer this key question: “Why is this business in existence?”
The planning process is critical whether you intend to purchase one property or 100 and whether you are going to manage them yourself or have a property manager do it for you. Whether you’re beginner investor or a veteran, creating and reviewing your plan is a once-per-year essential activity that considers all aspects of the support you need. It is a foundational exercise that is NOT OPTIONAL.
This exercise will clarify your plans and eliminate chaos so you can take your business to the next level (whatever the next level is for you). It is a process; however, no business has ever been truly successful over the long term without a plan. Be honest with yourself as you work through it as only then will it bring clarity to areas that require attention and further thought.
If strategic thinking and planning doesn’t happen to be your strong point, don’t worry as this process will guide you through. It requires you to STOP doing what you’re doing and begin right now to proactively plan the next steps for your business. Each question is specifically designed to identify what task you need to complete, what you need to learn, where to seek assistance, or perhaps what jobs and tasks would be best for you to delegate.
“It is better to know some of the questions than all of the answers.” - James Thurber
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~ Real Estate Investment Network