Write A Business Plan
Real Estate Investing became a business for me when I started treating it like a business. And why not, it is a business. And just like any business, you need a Business Plan.
A Business Plan is not just something you write to show to other people like your banker, investor, etc. A Business Plan is something you create to help you understand where you are, where you want to go and how to get there. Your Business Plan will be different than other peoples Business Plan. For example, if you have lots of cash and just starting in real estate investing, you will have a very different plan than if you were broke and unemployed.
Your Business Plan should define what it is you want by using Real Estate (mission). Then you will define what you want your business to achieve (vision). You will then set goals and action plans to achieve these goals. You must also decide which Investment Strategies and Property Types you want to invest in. Do you like Lease Options or Buy, Rent and Holds or something else? You will have to determine which Financing Strategies you will use and whether you will use investors, private lending, mortgages, etc. You must also decide how you are going to advertise and market your Real Estate Investing business and finally how you will be handling sales.
Having a Business Plan is probably the single most important thing that you can do to ensure your success in Real Estate Investing, or any business for that matter.