Apartment Investing Business Plan – Getting Started
“The great successful men of the world have used their imagination…they think ahead and create their mental picture in all its details, filling in here, adding a little there, altering this a bit and that a bit, but steadily building – steadily building.” — Robert Collier
Are you sincerely interested in being a success as an apartment investor?
Most would probably say “YES” to this.
But how many actually sit down and plan this out and work on this BEFORE they go off half-cocked into the marketplace??
Not that many. The number gets very small at this point.
If I were to name the biggest problem I run up against when working with a NEW client or investor is that they have not done any planning about what kind of property they want to own, where, how much cash flow, return, equity, etc. They just want “to get into a great real estate property”
OK that IS great. BUT. You need to now spend 1 hour on planning this out.
The first thing I have investors work on with their Apartment Investing Business Plan is going over what I call “Mental Toughness And Commercial Investment Real Estate.”
One of the things that needs to happen even before you start looking at commercial investment real estate properties is the mental process of becoming comfortable with commercial investment real estate.
What I mean by comfort is the ability to make decisions out of profit and not out of fear. The decision of what to pursue as an investment vs. what to avoid. There will be times when you will question if what you are doing is the right thing. This is when you come back and get inspiration from your business plan.
Here are a few questions I have all investors answer when getting started on their Apartment Investing Business Plan:
1. What do you want to achieve as a result of owning and profiting from commercial investment real estate?
2. What Time Frame Do You Expect For Your Goal Achievement?
3. How Much Time, Effort and Energy Will This Realistically Take From You?
4. What Kind Of Rate of Return Do You Expect?
5. How Many Commercial Real Estate Projects Can You Have Going At One Time, per Month, This Year, In Three Years and In 5 Years? This is VERY IMPORTANT.
There is quite a bit more than what I have shared here, but suffice to say, all investors that I work with begin here. Only after they have gone over the “Mental Toughness” section are they ready to move on to actual properties and in-depth investment strategy.
As many successful coaches have said, “You Must Begin With The End In Mind.” If you start your Apartment Investment Business Plan out by answering these questions, you will be much farther ahead than your competition.