Quick Start Action Plan Flipping Commercial Properties

Quick Start Action Plan
Flipping Commercial Properties
This Quick Start Action plan lays out the steps we recommend you
follow in order to succeed in getting commercial flip deals underway as
soon as possible.
Please consider this action plan to be a draft. We will continue to
improve it over time based our own experience and of course on your
suggestions. We would love to hear your feedback on how to further
improve our system, please let us know anything you’d suggest by
submitting your ideas to “Ask a Coach” on the website.
www.MentorFinancialGroup.com
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Week One
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Plan your week: List the three most important goals you are setting for yourself this week and
schedule when you’re going to do each activity.
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Set One Year Goals: Write a short essay describing what life will be like for you a year from now,
once you are successfully flipping commercial properties. Write a second essay about why you are
110% committed to achieving these goals.
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Market research: Pick a metropolitan area where you want to focus on, and select three areas of
the city to research further. You are most likely to be successful in areas where you understand
the market and local commercial property values.
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Study Big Picture: Go to the Planning Commission and get a copy of the Master Plan for the city.
Study what new roads and public transportation improvements are planned as well as new
infrastructure such as malls and stadiums that are under consideration.
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Gathering Information: Search on the internet for commercial real estate attorneys in your area.
Further refine your search to locate those attorneys who specialize in commercial workouts. Look
at the profile or bio information to see which attorney seems to do the most with commercial
workouts. Also start to notice which commercial brokers are advertising properties for sale in your
areas.
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Create Database: Create a database of commercial real estate attorneys which includes company
name, attorney names, phone numbers and email addresses. One way to do this is by using Google
docs, or an Excel worksheet. Also keep track of all of the properties you analyze or otherwise
investigate along with your notes and Platinum Form results.
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Deal Analysis: Study online data sources such as LoopNet.com for information about properties
being advertised for sale in your metropolitan area. Select 8 properties and analyze them
completely using the Platinum Form. This is to help you get practice in determining the value of a
property using the NOI (Net Operating Income).
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Set Up Business: Decide what type of legal entity (such as an LLC) to create for your commercial
flipping business and register it up with your Secretary of State. Ask us for additional training on
this if you need assistance.
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Weekly Review and Reward: Review your progress against the three most important goals you set
for this week. Enter your accomplishments for the week next to the goals you have written down,
and reward yourself for your hard work!
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Watch Training Modules: Go to the website and watch the first two training modules.
www.MentorFinancialGroup.com
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Week Two
□
Plan your week: List the three most important goals you are setting for yourself this week and
schedule when you’re going to do each activity. Get on the website and watch training modules
three and four.
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Goal setting session: Spent 10 minutes writing down specific financial goals for your commercial
flipping business such as “I will find, negotiate and close on 4 to 6 commercial back flip deals this
year. For each goal, list three possible obstacles that might come up and plan how you are going to
handle them.
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Lender research: Contact several commercial banks or lenders in your area and find out who runs
the commercial workout department. Set a time to stop by or have lunch with at least one person
from a local bank.
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Broker Relationships: Meet with two of the active commercial brokers in your area. Ask about
demographic trends, average price per unit and cap rate trends, and what areas they would
recommend investing in. Ask them if they know of any commercial properties in default that might
meet the Backflip Guidelines and add these to your database.
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Networking: Contact your local real estate investing club (Google “real estate investing club” and
your city’s name) and arrange to go to their next meeting. At the meeting, ask about commercial
subgroups or commercial-only investing groups.
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Prospecting: Check the “commercial properties” classified ads in your local paper. Call at least two
of these properties and get the information you need to fully complete a platinum form from the
broker or seller.
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Deal Analysis: Analyze at least 8 properties using the Platinum Form. Start with properties you’ve
learned about from the attorneys or brokers you’ve met with and from the papers. Supplement
this as necessary with properties advertised on LoopNet.com.
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Set Up Business: Set up a separate phone line to use exclusively for your investing. It is often
easiest these days to use a voice mail company such as Pro Quest rather than purchasing a
commercial line. Ask us about this or look on the website to get updated information about
companies like Pro Quest.
□
Weekly Review and Reward: Review your progress against the three most important goals you set
for this week. Enter your accomplishments next to your goals, and reward yourself for your hard
work!
www.MentorFinancialGroup.com
copyright ©MMXI Copy Write, LLC