Business Plan

[CS1977 0]

Good idea, count me in.

[Adam King (MI) 1]

Jacin and all,

I don't think it's a bad idea but let me warn you about something. This is called being accountable and will make or break you. I think there should be levels of accomplishment for individual categories of people so there's no "feeling left out" when looking at the progress of more established investors.

 

Here's what I propose:

 

1. Like Jeff said, the end of every month can be a progress report

 

2. Here's the categories of people:

A. People who have not yet done a deal

B. People who have done at least one or two

C. People who have done at least 10

D. People who you done more than 10

E. People who have done 50 or more

 

So when you post your progress let everyone know what level you're at. This may seem a little painful if you haven't done much, I think it's for your best interest because it will let others know how to help you.

Regards,

Adam

[IBuyHousesInc 0]

First let me say hello to everyone here... Brand New to naked Investor...

 

as for the topic...Goal setting is a very powerful tool in the business of Real Estate Investing. I hope each of you have met the goals set for this year and I am sure most have exceeded them.

 

We are closing in on 130 deals this year and hope to break 200 transaction next year... it has been a great ride so far...

 

To all of you who dont know where to start or what to do, drop me an email and I would be more than happy to help...

 

 

Michael "Marketing is the key to Successful Investing"

[Adam King (MI) 1]

Michael,

Awesome! Welcome to the board and right, right, right you are.

Hope you stick around for some excitement!

Adam

PS GREAT SITE MICHAEL!!!!!

[Paul_Strauss 0]

I want to increase my holdings by $500K, and net $350K income, contribute $50K to charity, I want to spend two weeks out of every month travelling starting in October, spending some time in introspection and long-term planning, and have some FUN!!! this year with friends and family.

[Adam King (MI) 1]

Paul,

Very cool stuff. Man, you only want to vacation two weeks out of the month!?

Cool stuff,

Adam

[Gordon Holtner 0]

Here It goes

 

 

I am in Category A I am still actively working on getting a deal. I had two yeses this week but I messed them up. In instance 1. The seller to either rent out or sell his house I told him I wanted him to get the comps so I could work out a fair price for a CA. My mistake is that I should have gotten him to sign as soon as possible

the $99 000 he was asking was right for the area where he lived.

2. I called a Landlord in Ft Mcmurray to ask if they wanted to rent their home on a rent to own basis? I described my service, they liked it but I fumbled when they asked how I get paid. I told them actually how much I stood to make when somebody rents to own their house instead of saying that the tenant pays me. DOH! That popping sound was their eyes bugging out because it was in the neighborhood of Bev's checks.

 

 

Gordon Holtner

[Gordon Holtner 0]

It was supposed to be the end of the month?

[Adam King (MI) 1]

Here It goes

 

 

I am in Category A I am still actively working on getting a deal. I had two yeses this week but I messed them up. In instance 1. The seller to either rent out or sell his house I told him I wanted him to get the comps so I could work out a fair price for a CA. My mistake is that I should have gotten him to sign as soon as possible

the $99 000 he was asking was right for the area where he lived.

2. I called a Landlord in Ft Mcmurray to ask if they wanted to rent their home on a rent to own basis? I described my service, they liked it but I fumbled when they asked how I get paid. I told them actually how much I stood to make when somebody rents to own their house instead of saying that the tenant pays me. DOH! That popping sound was their eyes bugging out because it was in the neighborhood of Bev's checks.

 

Gordon,

You'll be fine from the sounds of your post. It looks like you're getting some motivated sellers and that will eventually turn into deals. Just a quick note: Don't ever worry about what the seller thinks when it comes time for you to explain how you get paid. Refer to MC's manual and tell them how it works. You don't know if they're motivated enough to not even baulk at it. And if they do you still have something to work with.

Regards,

Adam

[Craig 0]

Adam count me in. Yes I am still a "A" player. This damn snow is making my first deal hell. I should have a good idea by Wednesday afternoon when I meet with the client at the property. If the deal goes through they are looking at a Feb closing.

 

I just completed a accountability spreadsheet for myself. Its the engineering in me sorry dude. I will be able to gauge my marketing weekly with a total score of 5 within 5 sections of marketing, calling, hangers, signage and post it notes etc.

 

Each week is can see how close I am to my goal of Half my salary with 5 deals for the year. If I don't reach the goal I will probably see why right in front of me. If I begin to slide in my spreadsheet etc. I will see that to. So I guess yes I will be accountable to myself in the figures each week and total etc.

 

Craig

[Adam King (MI) 1]

Craig,

LOL Very cool stuff! I'm sure you'll kick some butt here shortly!

I love the spreadsheet idea too. Engineer or not, that's a great idea.

The month is coming to an end here and I'm sure we'll see some unique posts.

Regards,

Adam

[jtlab 0]

I am also a category A and my goal is 100k for my first year. I signed up my friend a 3 weeks ago, and now hes doing a straight tenant rental because frankly, that 2500 mortgage is killing him. His mortgage is way above the rental market rate for that area. So I tried to help but in the end , since I am looking out for his interest, I was more then happy to have him get a few tenants into the property( His original plan). Besides, it was a handyman. On the plus side I build a nice database of t/bs who are willing to pay a good option consideration and will rent a descent looking house in the 2800 range.

 

Moving on, a prospective homeowner finally got back to me about cancelling his RE contract and told me that they require a full commission pay off. Is that extreme or what? So I decided, using MC's advice, to put him on the back burner and move on. The homeowner is currently sending me a copy of the contract via snail mail.

 

I have 2 houses on the back burner as well, who if the buyers fall through, they will sign up with me. Does anyone know how long it typically takes for a buyer to find out their not qualified for financing. Another words how long is a property tied up typically before a buyer falls though?(If he falls through)

 

For now I seem to be generating a lot of calls through my signs, and I only had 11 of them up, then down to 7 and I got 3 calls in one day from just those 7. Now it seems they took most of my signs down. I have to get all my signs back up and put up some more as they seem to be working quite well.

 

That's it for now.. until the last day of January.

 

 

Jacin L

Edited December 13, 2005 by jtlab

[MichaelC 160]

For now I seem to be generating a lot of calls through my signs, and I only had 11 of them up, then down to 7 and I got 3 calls in one day from just those 7. Now it seems they took most of my signs down. I have to get all my signs back up and put up some more as they seem to be working quite well.

Jacin, that's the nature of the beast known as bandit signs. They are effective, but as you are finding out, they are short lived, too. Persistence is your friend. Keep after 'em, replace the ones that vanish, and you'll have a steady streams of calls as a result.

[filthyphil55 0]

Wow sounds like everyone who hasn't done a deal yet is persistant and doing the right things, for my self i am in the A game as well, haven't been able to get started yet, just starting out, doin alot of research and reading the forum, can't wait to read MC's manual, (from what i read it pretty much gets you started as far as information?)well i love what i read everyday from you guys and gals,very inspiring, keeps me going ,

[Gordon Holtner 0]

Hi Phil and Everyone here

 

Welcome to the naked investor it is always nice to see more investors or wannabe investors like myself here. I just had two more yeses today I am seeing if I can get them to work out. I keep getting people who say yes but they seem to be more educated than they are because i am fishing in Edmonton for some long distance CAs. The local rei group said that Edmonton Alberta is a great place to invest so I keep getting people who have heard of lease options and want a downpayment, it keeps driving me nuts. I am trying to work through this although of course in your market it will be different. I would think that 200 - 300 extra rent would be a turn on but it is nuts I guess I am having trouble being convincing? I know deep down that if I was in their situation I would love the extra rent am I being too good to be true?

 

Here is how my conversations usually go first I always let them know that I am a consultant that helps families find homes that the owner would rent to own or lease option for 1year to a family who would buy in 12 months

I then listen to their reaction then decide what to say based on that for example the last person i talked to wanted to know about rent credits I just explained that rent credits are added on top of their top price and are taken off the final price every time rent is paid on time. They just didn't seem convinced even though I am ready to help them. I guess maybe I just need to say next!!

 

Gordon Holtner