The Plan (Ep 83)

Today I’m going to talk about a common question I’ve been getting more and more frequently from investors considering getting into real estate or that are thinking whether they should be buying or selling assets. Join me today as we tackle these questions and the steps and processes that I make when developing my business plans.

 

[00:01 – 03:44] Opening Segment

I talked briefly about valuable information that you can take advantage of in this episode The concerns investors are approaching me with: I don’t know what type of properties to invest in I’m nervous because of the impacts of the pandemic

[03:45 – 12:06] Developing Your Plan

Setup clear principles or what I call ‘nonnegotiables.’ Stick to your core values Clarity of: The TRUTH – where you are at today The GOAL – where you are headed The FOUR Questions to ask yourself when developing your plan TIME – how much time do you have to find deals, invest, or learn the market? MONEY – how much money or capital do you have right now? ENERGY – do you have the energy to go out and find deals? KNOWLEDGE – how confident are you in your abilities?

[12:07 – 16:16] CLARITY

Questions I would ask my clients: Do you plan to invest on your own or with others? Do you have enough capital to invest, or do you need to raise capital? Are you confident in analyzing a property? My Four Fits Framework What Market? What Asset Class? What is your Deal Flow? What is your Business Model?

[16:17 – 20:05] Closing Segment

Recap of today’s episode Final thoughts

 Tweetable Quotes:

“What I really want to do is help you get clear on developing your own plan. Because with a plan, it’s not really gonna matter what market you’re in. Because with clear values and a strategy and understanding where it is that you’re going and where you are at today. You can adjust the tactics based on where the market is at.” – Shane Melanson

“When you get into the business of investing in commercial real estate, a deal can take 5 or 10 years and so I want to make sure whoever I’m working with has a very similar value set that I do.” – Shane Melanson

 

Resources Mentioned:

Todd Herman

 

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