September 1, 2011 04:34 by
andrey
Taking what may seem to be an overwhelming process of questions and planning, especially to a first time real estate investor, and making light of it is what this list of questions is all about. Hey if a caveman could it....
UM, WHAT ARE THE GOALS OF MY PROJECT?
What are you trying to accomplish? When are you trying to accomplish it? Where do you want to accomplish these things? Why are you bothering even answering these questions? Understanding the goals of your project is important for at the very least your decision making process in which properties you would want to buy.
OKAY, WHO ALL IS GOING TO BE REQUIRED?
Figure out who you are going to be needing in terms of industry professionals to work with you on completing your real estate investment project. These people range from carpenters, landscapers, electricians, to listing agents, plumbers, and debris removers. List them all out and then ask active investors for recommendations to people within each category.
SO, WHAT WILL THE RESULTS BE?
If done right, what will the results be upon the completion of the investment project? You are looking to define the end result so that you can think things through from finish to start (reverse engineering) that way it’s easier for you to identify scope of work.
HMM, WHERE AM I WEAK?
What are the constraints of the investment project you are about to begin? Is that you are a poor organizer and manager? Then get a good project manager or general contractor. The point of figuring out where you are weak and what your constraints are is so that you can eliminate them by coming up with a solution.
AHH, WHAT KIND OF ASSUMPTIONS AM I MAKING?
This one may be a little difficult to figure out but do still try. What are you simply thinking “is so” without having actually seen proof or had verified by a credible person? Making assumptions is dangerous and quick way to end up facing challenges on your project that could have been easily avoided with proper research.
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