Chapter 2
What's Your Game Plan?

The only way to succeed in the property renovation business is to actually get into the property renovation business. To do this successfully, you need a game plan.

Before you commit a single dollar or a minute of your time, you should step back and have a good think about what it is that you want to achieve. This may sound like a waste of time; I can assure you that it isn't.

Ask any top performer from any walk of life and I can almost guarantee that each one has set goals for themselves, and has a clear vision of what they want and, just as importantly, how to realize that vision.

Your game plan will give you a focal point to aim for. It will be your beacon for success when stormy weather sets in on your project. Without it your chances of quitting at the first obstacle are high. It will be your step-by-step guide to overcoming these problems.

When developing your game plan, you may wish to consider the following questions:

How many rehabs do you wish to complete in one year?

Your target should be realistic and reflect your available time and finance capacity. You should take into consideration all external influences and potential obstacles.

Do you have sufficient capital/finance to achieve this target?

Once you set your ‘how many can I do?’ you will have to make sure that you have the financial resource to back this up. As you can see, this will influence the first objective.

Will you sell for profit or hold?

What is your exit strategy? You must always include one in your game plan. Your exit strategy will be crucial if your circumstances change.

Do you wish to create an additional income stream?

How much do you need? This will also relate to how many you complete and how much time you have to spare.

Do you wish to do it as a full time job?

If the answer is yes, then you must understand that you are setting up a business and all that this implies. If your target is $100,000 per year, then you will need to complete and sell a minimum of four properties per year with a $25,000 profit each.

A comprehensive step-by-step blueprint for creating your ultimate fixer-upper business plan in included in my home study course “Fixer Upper Fortunes”…
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