That comes back to hurt you in the negotiation process and even the financial analysis process. Other aspects get affected as well. You need to get bids done to compare your buildout prices. You need to get approved for loans or get early approval. Starting these processes too late is a recipe for disaster. That means starting the process 12 to 16 months earlier.
HAVE A PLAN AND S AN AND STICK WITH IT CK WITH IT
Successful deals follow the original plan and timeline that was laid out, without straying from it. Make sure you do this and follow up long enough with your plans to search the market. I’ve seen many cases where the purchaser falls in love with a property and scraps their entire plan. Then, that property falls through and no deal happens. They are stuck behind schedule now and either have to make a quick purchase or release in their unfavorable situation. Part of your plan has to involve a steady approach that keeps you considering every long-term aspect of the potential investment. The short-term goals still come first, but not at the expense of anything long term. Your plan will allow you and your team to visualize that bigger picture. It helps maintain focus on the goals, while not falling in love with one property — and scrapping any other candidates prematurely. The process is detailed and complicated, with many steps. Making a true plan is the only way to navigate it properly. You must stick with that plan the entire time. When you decide on your goals, sit down with your broker and your team to make a detailed plan. Then stick to it.
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