Plan of Action For Each Deal
Continuing in the series "Becoming a Successful Real Estate Investor"
As discussed in a previous article, we have established the fact that as a real estate investor, we need goals, both long term and short term. To become successful, we also need to have a lot of discipline. With discipline comes success. We need to create written goals for ourselves that give us the incentive to get off the couch and get busy doing whatever it is that we need to do in a particular day, week, month, or year to be able to propel ourselves towards our ultimate goals.
Plan of Action
As a full time real estate investor, we should be involved in many types of deals both long term and short term. Each deal should have a well thought out plan of action. A plan of action for each deal would include breaking down each week into a series of daily to-do lists, as well as perhaps two or more well thought out exit strategies.
Depending on the complexity of the deal, these tasks will break down in a logical manner in order to accomplish what is needed for each deal. Each particular deal will have many similar tasks from a call list to particular materials needed, meetings or contracts needed, and a thorough checklist in order to accomplish our plan of action on time and/or on budget for a particular deal.
Now, it could be common for you to be involved in two or three deals at the same time, so you will have to set out written to-do lists in order for things to not be neglected. My suggestion is to sit down in the evening before you go to bed and set out this to-do list for the morning so that you can accomplish things in a precise manner, and thereby are not letting anything slip through the cracks that may be important.
It is crucial that you delegate certain duties to people on your entourage of experts. Each member of the support team you have fastidiously gathered must be doing their job in order for your deals to work. This usually requires continuous attention to ensure tasks are being completed.
More than one exit strategy
The average conventional real estate investor usually has only one exit strategy for a particular situation. If that strategy doesn’t pan out, then they are forced to walk away from the deal with no money. The Canadian Wealth Builder student, however, is able to analyze the situation and is able to create a plan A, plan B, and plan C in order to be able to make money on that deal. I suggest that multiple exit strategies are part of your written goals for each deal.
In our trainings at Canadian Wealth Builders, we continuously give dozens and dozens of strategies on how to “spin” deals, giving the investor tools, techniques, and knowledge to be able to have a lot more than one exit strategy on a deal if necessary.
Plan ahead for success!
Canadian Wealth Builders offers many unique, practical, out of the box real estate investor trainings which offer the student hands on, in the trenches style instruction. To find out more, please go to www.canadianwealthbuilders.com
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