Business Plans

I don't know how fast this board typically moves, but it's odd to me that no one has replied to this.

I am not the most qualified to answer your question however, I will give you my opinion. We have started a corporation which requires a good business plan in our state and if you want your business to succeed. Shy of that, it would seem like a good practice to have one to show a greater amount of professionalism when conducting business with other professionals, for instance, banks or larger investors. The first question we were asked when we attended our first investment club meeting was "what is your Business Plan?". Having a plan not only shows others you know what you are doing, it helps keep you on track for both short and long term goals. Hope this helps.

I think the main reason Dean doesn't talk about business plans is b/c he never says that you HAVE to HAVE business to be a Real Estate Investor! You can do this without a business and without money is his main strategies!!

Just another opinion. Setting up a business may not be mandatory, however it does offer additional tax exemptions and asset protection while keeping your personal assets separate from your business assets.
In Deans last gift to us, "Finding Funding Right Now" on the 8th page under, Funding Resource #3 Government Funding and Grants, the 2nd sentence says, Quote "Real estate investing is a business".

If so, it is covered in all of Dean's books as well as on this website. Try searching LLC (Limited Liability Company) or Investment's LLC in the search area on the left of the website and see what comes up. Good Luck.

Sandra

I believe Dean's books indirectly help you put together a business plan. A business plan is a paln of action and steps in a business. Thus, if you review Dean's book "Profit from Real Estate Right Now" it discusses a plan such as decide what legal entity you want to do busienss as, assemble a good team to help you, determine what you want to do such as assign deals, find partners, buy and hold, or flip properties, then find the deals and work the plan. I hope this helps. Good luck with REI. Believe and Achieve! - Joe

/\/\/\/\

To help develop your business plan try your local colleges, especially thier MBA programs. Go and ask who you need to talk to about developing a business plan. My accountant recommended this to me awhile back. The MBA programs can develop this at a low cost that helps you and helps a student develope thier skill sets in writing a business plan. Also these business schools have what they call a business incubator that helps a small business get up and going for a low cost. They are funded by grants.

Thanks for that bit of information!

Do you have to get all set up as an LLC in the beginning? Can you get business cards and just start out with your name or such as Linda's Properties or something like that before you actually get a business license and set up as a LLC? If you are only doing wholesaling (assigning) in the beginning.

There is information in "Profit from Real Estate Now," that is helpful when putting together a business plan, specifically the marketing plan within a business plan, but there is no direct reference(s) to business plans. The "Action Plans" at the end of some chapters are specifically good points to insert into a business plan. But, my point is that having an actual plan and inserting the points is not suggested, although it may be essential to funding.

I concur with you.

If you are going to be a serious investor, not recreational, then you need a business plan. Banks, private money lenders, etc. are going to want to see your plan or they're not going to take you serious. I am working on my plan, and it consists of my investing goals, marketing strategies, my companies mission statement, etc. You first need to decide what type of investor you want to become and then build your plan around it. Your plan will help you stay focused and make sure that your are taking steps to financial goals. If it doesn't fit the plan then you may want to pass on the deal or you may want to change your plan to fit your new deals and strategies.

KimmyJ

Hello, Has anyone used or invested in the small business coaching and business plan set up that Dean recommends? I just purchased it today, and am a little skeptical about how it really works. Any information would be great. thank you.

I have been using the coaching for months. It consists of some online lessons that you take on real estate like a video tutorial. Then there's phone seminars where you get to listen to 3 Real Estate experts talk about the different sides of the business, this is usually at night on the first 3 days of the week. The best is that you call call them up anytime you have a concern or feel lost. They have different levels of teaching but that's what mine mainly consist of.

Anyone please share (post) their REI business plan (Read-Only file, preferably) give us newbs (and experience folks) a general ideal whats in a REI business plan, what it suppose to look like and whats in it that sells (propels) You to top when dealing with HML, small banks and other people with the $$$. I, like many others, have the idea in my mind what I would like to make (profit wise) from each deal but not the road map to get there.