real estate investing courses

I would like to talk about some of the things we want to avoid in the business plan, and many of whom come from experience or see a lot of business plans over my life, not just in real estate, but also have a business background.

I did a lot of work rotation, and assessed a large number business plans as part of that experience. We were probably 200 or 300 analysis of business plans a year, so I got used to seeing a lot of plans.
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Avoid being generic
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One of the key pieces that really bothers me about business plans is when they are generic, and going back, Deb, your question about mission statements. Do not take a business plan that maybe you've got a course that you left, or you bought some Part of the Internet and says, "I'm going to buy houses, I will do this."
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Do not make a generic business plan. You're not really serving anyone, and almost becomes annoying because once again he did not think anything through. It's not you personally. Be very specific about your experience, skills and his experience and thought process in terms of development.
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You can start with a generic plan, if you want to get some things going and get a language, but then start to add, refine it down to craft their business.
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Inability to focus on Short Term

Another thing we see is a bunch of long-term versus short term. Make sure you do not go beyond five years. It makes no sense. Even five years, in all honesty, who knows what will happen in this environment over the next month, let along five years from now.
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Most people, no doubt I am a business person with experience, I will focus in the next 12 months because, frankly, if you can not get through the next 12 months, no matter what happens after that. And if you believe what is going to happen in the next 12 months not even really want to see. In fact, try to focus more on short-term than long term.
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Make the monthly analysis of the first 12 months, and then the next couple of years can make a cut gender and type of paste. But they spend most of your time with short-term measures and ensure that the sections of your plan are quite solid.
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Too Optimistic assumptions
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The other thing I see again and again and again, and coaching my students know, is more optimistic assumptions. They go to some course and the instructor told them they can buy 10 houses this year.
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You can not do if you have not done before. Purchase of 10 houses is a huge amount of work. It is likely to have a full time job to buy 10 houses. And if you buy commercial units, is impossible. So be realistic. If you bought three houses by the year past, are supposed to buy four this year. That is, nothing more, four. Do not go from 3 to 10 to 20. This does not happen that way.
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There is nothing wrong with saying: "I'm going to buy four houses this year," and go out and buy six. There is nothing wrong with that at all. But if you say, "My model is that I will buy 10 houses this year, "and you've already bought one and now it's June or July, not much credibility there.

Mike Lautensack is the owner of Del Val Property Management LLC, a FULL service residential property management company located in Philadelphia, PA.

Mike advises real estate investors how to build wealth and financial security through hassle-free ownership of investment real estate with their “Total Property Management Program”. This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation while it GUARANTEES you will never receive a late night emergency call, deal with a lengthy eviction proceeding or ever have to interact with an irate tenant. To inquire about our services, or get a FREE estimate, please visit http://www.delvalproperty.com/.

When Real Estate Investing Courses Are Wrong

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