Developing a good strategic plan is very important if you are serious about reaching your real estate investment goals. In this episode, Bill zeros in on the importance of compiling the previous year ‘s data to help create your 2018 Strategic Real Estate Investing Plan.
This is the time of the year when we look back at what we accomplished this year and look ahead at what we want to accomplish in the year ahead, with the idea of developing a Strategic Plan for 2018.
As we approach year-end, I am very excited about completing my 2018 Strategic Plan. If you are just starting out in real estate investing, this could also be a great time for you to start putting your first strategic plan together. Or, if you are already investing, to review your 2017 plan and look ahead to what you need to do to reach your investing goals. In this episode and next week, I will explore the importance of careful preparation and planning for your 2018 Plan and what is required.
Developing a good strategic plan is very important if you are serious about reaching your real estate investment goals. Just buying a house here and there is not a plan. Or even saying I will buy one house a year. Your Strategic Plan puts your goals into perspective, helps define HOW you will achieve those goals and keeps you on track to achieve your goals.
If you are just starting out, then, you won’t reflect back on your real estate business but, instead, look back at your personal situation.
If you have not yet invested but feel you are ready to buy in 2018, instead of looking back at your real estate a and business, look at what you have done to prepare.
Next week, I will look at the details of writing your plan. And, you’ll want to set aside some time to do just that. If you and your spouse are working on this together, I would recommend, like we used to do in the corporate world, that you schedule a Planning Retreat Weekend. Get away, just the two of you or, if you have business partners, as a team trip. Set up whiteboards, those large sheets of paper that you can peel and stick on a wall, and start mapping out your plan.
I would recommend that you get some good books that will help you plan such as the ABCs of Real Estate Investing by Ken McElroy, The Unofficial Guide to Real Estate Investing by Martin Stone, BiggerPockets The Ultimate Beginner’s Guide to Real Estate Investing (free), The Millionare Real Estate Investor by Gary Keller, Multifamily Millions by David Lindahl or The Complete Guide to Buying and Selling Apartment Buildings by Steve Burges, listen to our episodes #006 – “How to Get Started in Real Estate Investing” and #010 on “Setting Your Real Estate Investing Goals.” Both are good primers before you write your plan.
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