Action Plan

My last post outlined my situation and why I want to invest in real estate. In this post I want to list some of the actions I think need to be taken and get feedback on priorities and if I missed any steps.

Some action items I might work on at the same time so they are not a hard and fast road-map by any means just things I think that need to get done.

Action 1 find a mentor or like minded people to learn more about real estate investing in northern Massachusetts.

The first thing I want to accomplish is to meet people who have accomplished what I want to do. I know books and the Internet are full of people who have supposedly applied the techniques in books from Sheets, Legrand, Kiyosaki and others and made millions, but I want to meet people locally who have overcome the challenges that I see ahead like finding good properties to buy, locating cash for the deals, and managing properties to generate monthly income.

Action 2 continue to learn about investing and managing properties

Kind of related to item 1. I am sure there is a whole lot I don't know and a couple of people told me that in Massachusetts if your not a careful landlord you can get yourself in a big financial mess.

Action 3 turn DWS Properties into an LLC.

Right now DWS Properties is an idea and an email address. I want to make it a true limited liability corporation so that in the future I can use it to provide some buffer between my personal assets and my investments. I am just worried that as a first time investor lenders might not want to deal with a new LLC but want a personal commitment.

Action 4 expand my network and locate professionals for the following services.

Would like to find real estate brokers, mortgage brokers, a real estate attorney, insurance agent and a home inspector that I could work with as needed.

Action 5 locate sources of funding both conventional and alternative that I could qualify for.

This is the action item that stumps me the most. With my home I found a mortgage broker who helped me locate both a first mortgage and a second mortgage so that I could buy it with very little cash, but he has moved on and I have lost touch with him. I would like to locate a couple of mortgage brokers and even some lender contacts so I know what i need to do to get funding for these deals.

Action 6 review a number of deals.

One common thread in a number of books is that it often takes a lot of looking to find the right deal.

That is the action plan for now. If I think of others I will add to this list. Please post your comments.