Comments on: Formulating a plan

By: Kenric

Kenric — Thu, 17 May 2007 09:22:27 +0000

Sri,

My St. George properties were just land. Therefore, there was no income coming in.

I have PMs in SLC, I manage the rest of them myself.

By: Sri

Sri — Thu, 17 May 2007 01:36:49 +0000

Well, when you say you look for properties that Cashflowing positive, that basically depends how much down did you put. A 10% – 20% down will most likely get you positive cashflow at many places. So how much down did you have for St.George one?

Another question: do you have property managers or do u manage these properties remotely?

By: New link-ins and comment authors » Live Learn Invest

New link-ins and comment authors » Live Learn Invest — Wed, 21 Mar 2007 06:01:41 +0000

[...] Living the Dream made a follow up post to my Formulating a Plan post entitled Making a plan. [...]

By: Making a plan « Living the Dream

Making a plan « Living the Dream — Mon, 19 Mar 2007 16:56:39 +0000

[...] Making a plan Kenric at Live, Learn, and Invest, recently wrote a good post on the need forÂ a real estate investor to formulate a plan.Â Kenric had a plan, but as changes in the market occurred, he deviated from his plan, and lost his focus on the “big picture”Â As a real estate investor, I can see how that can easily happen.Â As a real estate investor, you have to attend to so many short term issues such as vacancies, taxes, and repairs, that after awhile it is easy to lose track of your plan.Â You forget why you bought these properties in the first place, and may even make bad decisions in the short run. [...]

By: Allen Young

Allen Young — Mon, 19 Mar 2007 16:23:26 +0000

I would also suggest having a 1 year plan, 5 year plan, as well as a 10 year plan, and review it every year.

The 10 year plan will not change much from year to year, but the 1 year, and 5 year may need to be adjusted more often. By seeing the 1, 5, and 10 year plans, you can see how the 1 and 5 year plans may change but still support your 10 year goals.

This will help you keep focused on the “big picture”, and not panic when short term circumstances change, as they will always do.

By: Jscott

Jscott — Sun, 18 Mar 2007 00:22:29 +0000

I am with Knuckle.

I do, however, have a plan. Gig is, shit happens. My ten year plan was fucked because a kid happened. My next ten year plan just got hit 2 weeks ago because of other issues.

Truth is, I–or you–might not make it to ten years. Then what?

What if you were living your life for ten years and then ten years turns to sixteen months?

There has to be some algo formula there. I have been looking. How do you live now and plan for then and do both well?

My question, which is not the same as yours, is, “How can I live now and plan for a ‘might not be’ then’”

Ah, well. Live and learn and die and forget it all, right?

By: knuckleheaded

knuckleheaded — Thu, 15 Mar 2007 17:20:35 +0000

A wise man once said…

“Everybody’s got a plan until they get hit.”

-Mike Tyson

By: Kenric

Kenric — Thu, 15 Mar 2007 16:06:39 +0000

UBU,

What you are saying is exactly why I have realized I need a plan. My current portfolio of properties are fine. They are all cashflowing to some extent and can support themselves.

Your question on what I hope to achieve is what I need to determine. If I ultimately want free&clear properties feeding cashflow, then I have a clear direction. I wouldn’t even worry about a market downturn if this were my goal. I’d refinance to 30yr fixed and begin paying down principal.

However, if I decide it’s to own a strip mall, then I would proceed differently.