From Joe--Business Planning and Solid Advice
You hit it right on the head Wes, it is almost 2am my time on the east coast and I am still engaged. Lee is a great source of information. Real Estate investing is a busy profession like many others but most of us have a passion for the craft. That is why we stay up so late and get up so early. We simply love what we do!
Regarding the importance of a business plan, I cannot endorse that more. It is absolutely essential to have a written document of how you plan to conduct business. As an example, the Wealth Address site was almost 70 pages in the scope and planning documentation for its creation. You MUST have a roadmap to tell you where you are going and refer to it frequently. One thing I do is sit down with my accountant, partners, and lawyer twice a year to review how things are going. I buy a great breakfast at a fancy place and we spend an hour or two going over what we have done and what we can improve. Putting a legal mind and accounting mind across the table from each other combined with your creative questions can be very powerful. I strongly believe this and although I do not have a board of directors in the traditional fashion these people help keep us focused and on the right track
Here is an important tip on these people. Use the best available. They may charge more but it well worth it in the outcomes of your business. Do not go cheap on these two areas because not only will you get what you pay for, you will get a bunch of junk you did not expect. Recall our conversation on the lawyer that used boiler plate contract language and pigeon-holed me into not being able to raise rents on the tenants. Read the documents carefully.
Make sure your lawyer is familiar with the concept of trusts. They are powerful. Do not let yourself be talked out of using them because your legal advisors do not see the benefit. This is a sure sign that you are dealing with someone who does not understand our business. Always hold title in the trust if possible. We will go over this more in later discussions. A good lawyer should be familiar with 1031 IRS rules on exchanges of like property and your accountant should be as well. If they look confused when you mention these concepts, get some new advice. Do not pay for someone to tell what you cannot do because they do not understand it. End the encounter quickly and find someone who does.
There are great fill-in-the-blank business plans out there and Lee’s is excellent. You may have to deviate a bit for your certain niche. Do not be afraid to do so. Good advice is well worth the money in the long run.
Plan to win and use winners in your planning!
Don’t settle for someone that restricts your endeavors. Back to www.WealthAddress.Com
Regarding the importance of a business plan, I cannot endorse that more. It is absolutely essential to have a written document of how you plan to conduct business. As an example, the Wealth Address site was almost 70 pages in the scope and planning documentation for its creation. You MUST have a roadmap to tell you where you are going and refer to it frequently. One thing I do is sit down with my accountant, partners, and lawyer twice a year to review how things are going. I buy a great breakfast at a fancy place and we spend an hour or two going over what we have done and what we can improve. Putting a legal mind and accounting mind across the table from each other combined with your creative questions can be very powerful. I strongly believe this and although I do not have a board of directors in the traditional fashion these people help keep us focused and on the right track
Here is an important tip on these people. Use the best available. They may charge more but it well worth it in the outcomes of your business. Do not go cheap on these two areas because not only will you get what you pay for, you will get a bunch of junk you did not expect. Recall our conversation on the lawyer that used boiler plate contract language and pigeon-holed me into not being able to raise rents on the tenants. Read the documents carefully.
Make sure your lawyer is familiar with the concept of trusts. They are powerful. Do not let yourself be talked out of using them because your legal advisors do not see the benefit. This is a sure sign that you are dealing with someone who does not understand our business. Always hold title in the trust if possible. We will go over this more in later discussions. A good lawyer should be familiar with 1031 IRS rules on exchanges of like property and your accountant should be as well. If they look confused when you mention these concepts, get some new advice. Do not pay for someone to tell what you cannot do because they do not understand it. End the encounter quickly and find someone who does.
There are great fill-in-the-blank business plans out there and Lee’s is excellent. You may have to deviate a bit for your certain niche. Do not be afraid to do so. Good advice is well worth the money in the long run.
Plan to win and use winners in your planning!
Don’t settle for someone that restricts your endeavors. Back to www.WealthAddress.Com
posted by Wealth Address at
1:29 AM
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