What’s Your Game Plan for 2008?


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  • Basically I have no game plan. I have no idea what to do in my market. Prices continue to decline, the jobs are leaving and so is the population. There are sooooooo many homes on the market. There is one “We buy houses” ad in the paper and he says he has enough houses to choose from and doesn’t need to buy from a wholesaler. He buys in the inner city and it’s too dangerous for me to go into the city, especially since per capita we have more murders than any other city in the country.

    I can’t move so I am looking for ideas.

    Sorry I sound so negative but I know this is a great time to be buying houses and I feel as though I’m missing out on this great opportunity.

    Jean

    Anonymous

    Jean,

    This is NOT the best time to be buying houses YET — so you’re not missing out on anything. I really don’t see the super good deals happening until late spring or summer of 2008 — the fantastic deals probably won’t hit until late fall 2008… or at least that’s what my research shows for my area.

    That student housing you talked about earlier sounded like a good opportunity. Have you checked in to that more?

    Master lease a house near the campus then turn it in to student housing. Or buy with seller financing, then turn it in to student housing.

    The population is getting older in Ohio – so that probably means the nursing homes and assisted living facitlites are filling up. That also means that the people who move there need to sell their house to be able to afford a nursing home or assisted living facility. The nice ones here start at $1600 a month. If I were you, I’d be networking with all the assisted living facilities and nursing homes to get leads from then. I bet it would be easy to get seller financing because they want monthly income they can rely on.

    That also means there’s an opportunity for elder houses in your area. Take a 4 bedroom and turn it in to a place for elderly people to stay. You can get $1000 a bedroom. Those who don’t want to go ( or can’t afford) to an assisted living facility would be glad to move in to a “home” where they can be around other people their own age. You could hire someone to prepare meals & do housekeeping. You’d need to check in to regulations for your state. it is a really popular thing around here. These homes are also used for mildly handicapped people. Some have 24 hour nurses on duty. Most do not.

    Start making a list of all the opportunities you think would work in your town – then zoom in on the ones that appeal to you the most. Do some research to find out where the need is and fill it… the money will follow That’s how you can develop your game plan.

    Let us know what you come up with.

    Jackie

    Anonymous

    If you’re taking a road trip and you need to get from point A to point B, it is always easier to get there if you use a map.

    The same is true for your real estate business. If you have an objective of where you want to be this time next year and a plan of how to get there, then there’s a better chance you’ll arrive on time and acheive all that you planned for.

    Without some objectives and some plans, you’ll just be running around in circles and not getting anywhere. What’s your plan?

    Do you plan to wholesale some houses?
    How many?
    How will you market for them? What’s your marketing budget?
    Where will your buyers come from? How will they get financing?
    What’s the projected average profit on each deal?

    Will you acquire some rental properties?
    How many?
    What location? Why there? What marketing will you do to get them?
    Will you knock on doors in that area?
    Will you buy them with seller financing? or Subject to? How will you pay cash for them?

    Any Lonnie Deals planned for 2008?

    Will you do some rehabs? Where? What’s the plan for finding a retail buyer? ( It’s going to be harder you know)

    How about some land/mobile home deals?
    Where will you get them?
    Will you buy HUD homes or will you buy from banks or will you buy from individuals?

    If you’re NOT going to be buying with seller financing, then you’ll need cash to buy. Where will it come from? You’re NOT going to a bank for a loan — right?! Do you need private lenders? Where will you get them?

    What seminars will you go to in 2008? Which ones will help you acheive your goals for the year?

    These are just a few of the things you need to think about.

    You may have a full time job and have limited time to spend in your real estate business but that does not mean that you don’t need to also have a plan.

    I know a guy that is an airline pilot. His job keeps him away from home for several days a week. Plus he has a wife and 3 young children so his time is very limited to spend on real estate HOWEVER, he is on the ONE Lonnie Deal a month plan. His objective is to just do one Lonnie mobile home Deal a month and create a $200 month cash flow from each deal. For the last 8 months, he has done just that. Let’s see, 8 X $200 a month — that’s a $1600 a month cashflow that he has created in just 8 months working very part time!!

    If he can do it, you can too.

    What’s your game plan?

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