Goals: where we want to go (6 doors)
Strategies: how we’re going to get these doors and maximize returns while minimizing risk. The strategies that we are using are things like: leverage, BRRR, two payments a month, C3x.
And finally – what this short article is about:
Tactics, the “what we got to do.”
These are the action steps, and they’re so special because they’re the bridge between our plan and our goal.
And for most people, the doing is the hardest part…
For numerous reasons whether they be different types of fears or worries – which we’ve had many to overcome and are still overcoming…
Here’s some tactics we’re doing to get to these 6 doors.
To start, since we’re making a move to a new market (Philadelphia to Tampa) we need a team.
We’re working on building that team starting with the most important people first, an agent and a lender.
We’re Realtors in Philadelphia and a mindset shift we’ve had is how valuable a local realtor is on an investors team.
Top producing agents have been in the business for years, they’re professionals at their craft, have various connections, and intimate market knowledge – all which can be of benefit to investors, while we benefit them by putting money in their pocket and sending them referrals for a job well done.
We’ll put together a list of agents in the area from about 2 hours of research, then we’ll send these agents an email – letting them know who we are, our goals, and what we want to do – to see if we’re a fit for each other.
This is essentially interviewing the agent – as well as the agent interviewing us – and we plan to do multiple deals with this agent throughout the course of our career, on top of sending them referrals.
Lenders are another key player because that’s how we’ll be able to acquire 6 doors within a year.
Since this is our first loan, it’s a pretty standard process. A hurdle that we are going to overcome is no documentable income. We plan to overcome this with a few different solutions.
- Paying a higher rate
- Putting more money down
- Cosigner
We’d rather not have a cosigner but 50% of a good deal is better then 0% of no deal, right?
Plus, if lenders see landlord experience – that’s brownie points and plays a major role in the next pre approval.
And which banks are we contacting? Local banks, credit unions, savings institutions.
These banks have different rules – or maybe it’s less restrictions – then the huge international banks like TD, Guaranteed, Wells, and Bank of America. Either way, we’ll be going through these local credit unions with the goal of establishing a long term relationship. One that benefits us both, of course.
We’ll contact these banks with an introductory email – instead of filling out bank applications we plan to supply to mortgage officers with enough information on the first email to let us know on the spot if we can get approved or not.
This is the plan, however it’s subject to change – what matters is if we achieve our goal, not how we get there!
Joey DiAndrea 