Setting Up Your Real Estate Business Plan
Categories: Blog Posts
Making your real estate business plan Easy, Lucrative, Fun, and FAST is a critical component to your success as an investor!
A while ago, Joe Polish from I Love Marketing began using the acronym “E.L.F.” to describe an easy, lucrative, and fun business.
However, in the real estate world, time is everything. While we totally support easy, lucrative, and fun real estate investing, we also recognize that we need to move FAST.
How Do You Set Yourself Up to Win?
You need to learn to play the leverage game. Leverage (using other people’s money in the form of loans and gifts) is what makes real estate investing lucrative and accessible. Having the right leverage when you need it can really make or break your business.
And the truth is this:
Leverage is significantly affected by your credit score.
One of the first steps in your real estate business plan ought to be checking out your credit score.
1. Switch to business credit cards.
We’ve talked previously about the importance of not using personal credit cards for business-level investing.
Most personal credit cards simply are not designed for the level of usage needed in the real estate investing business. Because of the quantity of purchasing necessary for most fix-and-flips, you may want to look into business cards that have higher usage limits.
2. Consider a usage loan.
Additionally, if you are in a situation where your credit score is negatively affected by high usage, don’t worry. You can look into a usage loan.
We offer them here at The Cash Flow Company, or you can check out our partner company Hard Money Mike.
3. Understand the need for speed.
A good credit score can dramatically speed up the investment process.
Leverage makes real estate investing an even playing field for everyone out there, but credit scores can limit your leverage if you’re not careful.
A good credit score opens doors and makes everything cheaper, easier, faster.
To E.L.F.F. the real estate business, you need to set yourself up to win.
Read the full article here.
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