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Action & Achievement Plan

For Lease Options From Wendy Patton

Copyright 2014 Your job is to update this action and achievement plan below and make it YOUR personal plan. You can delete the extra text I have as a description, change any

of the tasks, add any tasks, and save a copy. If you are a coaching student email

it to the coaching email you received for your personal feedback. If you are not a coaching student and you want to know more about my coaching programs email info@wendypatton.com to get more information.

I am so excited to share my action plan with you, as this is the number one problem for those wanting to get into real estate - knowing where to begin. Actually getting started, taking that first step the day after an exciting seminar, is sometimes difficult, that many people end up doing nothing. Too often people will buy a course and, not having a concrete first step to get them started, they don’t start at all. They have wasted money on tools that can give them a terrific income. I have done some research on this topic and created this plan from what I learned.

You might be asking yourself, “How, do I get started with this course I just

purchased?” Most courses assume you know how to get started and what to do next, however, most people don’t. You are not alone.

This action plan will guide you to success. It is your first step to starting real

estate investing using “Control without Ownership” through lease options. This plan is based on 10 hours or less per week. If you have more than 10 hours a week, then do more of each task – beef it up. This plan can be tailored to your needs and abilities. If you work full time, then 10 hours may be all you can do now. If you are investing full-time, then I suggest you beef it up and do more, or add additional strategies (rehabbing, wholesaling, foreclosures, etc).

This action plan should become part of the goals you have set for yourself. This action plan assumes you have already purchased my course and are planning on buying and selling using lease options as an entrance and exit strategy for real estate investing.

From the Wendy Patton dictionary Definition: Action & Achievement Plan is a set of steps to be accomplished in order to achieve a goal.

The Action Plan Goal: To earn over $100,000 per year with 10 hours of work

per week. This plan assumes no vacations and consistent effort. In other words, 10 hours of work per week really means 10 hours per week, not 10 hours the first week and then 7 hours the second week and then 5 hours the third week and so on.

As the weeks progress you will start to get deals and will have to split your time

between finding more deals, keeping up with your contacts and finding and managing tenant buyers for the deals you already have. It’s important to find a balance here. If you don’t keep looking for more deals you’ll be starting all over again once the deals you have cash out. Once you have read this you can do a “save as” for this file in Word and then make the changes you want. You will want to delete of the verbiage here anything else you don’t need on the plan.

Before you even start the plan - read my eBook, Sandwich Lease Options. You

can find a copy of the eBook embedded in your Welcome email. The order I recommend you complete the courses are:

1. Buying on Options 2. Working with Realtors 3. Selling on Options 4. Cooperative Lease Options These alone will take you a week or two to complete before you start the action

plan.

Unless you are trying to liquidate your properties (then complete Selling on Options first) then you will want to start with how to build up your portfolio. Start with the basics. You don’t need to listen to all the courses before you get started. The first 2 courses are enough. Let’s get you started on buying and then we will talk together about how to sell what you are buying. Do this one step at a time. Remember, I am your coach and you should work with your coach if you want to be the best.

Objective: Make $100,000 +Year in Real Estate Investing with Lease Options – Part Time (10 hours per week), Starting with Less than $5000 of Personal Net Worth!!!

Week 1: Getting Started!

1) Get office supplies set up – I assume you have a computer, printer,

copier, fax, Microsoft Word, Microsoft Powerpoint, (or access to those items), stapler, scissors and paperclips.

2) Purchase Legal size file folders for future home purchases Purchase the ones with tabs that are ½ of the length – and alternating. ½ of them have tabs on the left and ½ of them have tabs on the right. I use the right side tabbed folders for my tenant/buyers and I mark them with red across 1/8” of the top part of the tab. I use the left side tabbed folders for my owners/sellers and I mark them with green across 1/8” of the top part of the tab (green for money).

For each property you acquire it will have 2 folders – one red and one green. Any paperwork or notes that are between the owner and me goes in the green folder, and anything between the tenant and me goes in the red folder. They are each marked on the tab with the same address – just on opposite sides with different colors. If a tenant moves out of a home and doesn’t buy – I move their stuff out and a new tenant’s paperwork and

notes in. I do keep the old ones for a couple of years, but you can mark those by name or address- your choice. If they owe me money they go in a different drawer, but collections are a whole other course. Each of the folders will also be equipped with the checklist for buying and selling. This way you are sure to get everything you need in each folder. In all real estate – documentation is key. If I have a conversation with a tenant, I put it in the folder – hand written or typed is fine. Keep everything written down. Consider using a full tab or center tab for Cooperative Option Deals. In these I create one folder with the seller information and then later add the buyer information in it. Make these tabs purple or blue, something other then red and green. 3) Set up two Realtor™ folders also, one for Strong Listing Agents and one for Agents Follow Up. You will keep any potential agents in the strong agent folder. You can print the listings from the homes magazines or when

an agent is published in the local paper for being the top listing agent. In the follow up folder you can put letters in order of when mailed. You will then be able to see when you should send letter #2 out. Remember, you are just setting up your folders now. I don’t expect you to have anything to put into them yet. 4) Set up two owner folders, one for Motivated Sellers and one for Sellers to follow up with. Just like with Realtors you will want to keep the information available for sellers that you call in the For Rent ads. 5) Set up a folder for potential buyers. In this folder create a list of buyers that have called on any of your ads. You can create this in an Excel spreadsheet or by hand. I track: Name, Phone(s), How much they have down, When looking, What they need, Other notes You will notice I am not real technical on tracking my potential prospects for Realtors, buyers or sellers. I have found for me personally, that I don’t need anything too fancy (computer wise) for this process. If you start to focus too much on the organization and not the technique, you might find you don’t do as many deals. Find the level of organization that fits you best. Just make sure you do have a system for follow up. One of my favorite quotes is: “the GOLD is in the follow up”. If you later want to take this business to another level then you will want to consider something more systematized, but you will figure that out for yourself later. For now, focus on the techniques of how to find sellers, not what computer system to put them in. 6) Purchase a calendar that is week by week – to follow along with this plan. Use this calendar to live by for your lease option business. Put all action items in the calendar. Also, put any follow up items in their place. For instance, if you have to call a seller back in 30 days or a Realtor – put it on the calendar. Following this type of organization makes it very easy for you to get things done and never have to wonder what you should be doing next and then wind up not doing anything. Again, it is not complex, nor do I want it to be. As you read thru the week-by-week action plan below, start adding items to your calendar. 7) Join Pre-Paid Legal: Pre-Paid Legal will cost you approximately

$25/month and will be one of your best investments. I have been using it for well over 13 years and there isn’t one year that it hasn’t MORE than paid for itself. You will have access to a law firm in your state that is top notch. You can use this firm to ask any questions you

like, review personal documents, draft your will, review your LLC documents, give you legal advice, fight moving traffic violations, defend you if you are personally sued, and much more. For most states you can sign up at: www.gotlegalplans.com I always recommend you have my contracts reviewed in your state. Each state has their own laws. To make sure my contracts have your state laws, have them reviewed. If you are in a state which will not allow you to sign up on this site, email me at Wendy@WendyPatton.com or call my office at 248-394-0767 to find out how to sign up. I will be able to help you in any state.

8) Join a local REIA group (Real Estate Investors Association) – Find and join a local real estate investors group in your area – if you are not already a member. Once you join be religious about attending. REIA groups are a great way to stay informed about current events and issues with real estate investing, a great way to build contacts to help you with your investing, and a great way to find deals. What stops most people from joining their local REIA is going to the first meeting filled with a bunch of people you don’t know. A good way to get past this hurdle is to either go with someone you know or don’t feel like you have to get out and network at the first meeting. Just getting to that first meeting is the important part; you can focus on meeting and talking with people after that.

Network, attend one day seminars that are priced reasonably, and start to get involved in the REIA group. I recommend volunteering for events, etc. You will soon be voted on the board – if you want. Just don’t over volunteer – your time is limited! If you do too much for the group, you will lose focus on your own objectives. If they have a library check out as many books/tapes as you can on topics related to optioning, land lording techniques, subject tos, and possibly rehabbing. (these are in the action plan – don’t check out too many upfront – it could overwhelm you) This assumes you have already read my book and finished my courses. Most importantly, attend the monthly meetings.

9) Start your Realtor® Network: Contact any Realtors™ you already

know and discuss with them on the phone what you are now doing. Start this step by using the Live Realtor™ Call CD or the Working the Realtor™ System CD to understand how to explain it to them. Also review the PowerPoint presentation(s) to familiarize yourself with the script of what to say and how to explain this technique to them. Practice makes perfect. Don’t worry too much if you don’t do so great on the first couple of calls. You’ll get better. Remember you are just getting started with this in week one. You will

be building this list over time. Set a REALISTIC goal for yourself for how many Realtors™ you want to contact in the first week. You also don’t have to contact them all on the same day; you can spread it out over the week.

10) Read the For Rent Ads in Your Local Newspaper and or Craigslist: You want to do this for several reasons: 1. You will find out who your competition is; 2. You will start to learn your rental comparables; 3. It can be a great source for finding deals. Following your local paper will allow you to really get a feel for the market – they are your comps (comparables). Call 10 ads. Practice. If you get a lead, follow up on it. Keep copies of your script in front of you and follow it through the call, this is so much easier than trying to remember what to say next. And like calling Realtors™ don’t worry about how well you do with these first calls, you WILL get better over time.

Week 2:

1) Realtor® Follow Up: Review for sale ads in the paper. Which agents have several listings? Check out the homes magazines. Who has listings near the area you want to purchase? Call 3 new Realtors™ this week to discuss what you do on the phone. Ask them about any of their current listings. Have any of their sellers said to them that if their home doesn’t sell soon, they might have to “rent” it? See if they would like you to send them more information. Send 3 letters to Realtors using the letters in the course. Put these letters in the follow up folder for 4-5 weeks from now. Mark your calendar for when letter #2 will need to go to at a future date (see week #6). Go to 1 open House to meet a Realtor. Open houses are times when Realtors have time to spend with you and they are bored. 2) Start reading a Book on Real Estate Investing: I recommend a book on lease options. Get some other perspectives. Search on Amazon and find a good book or check out one from your REIA club’s library. 3) Set Your Goals: Spend 2 hours working on your goals and mission statement. Goals are really essential to what you personally want to accomplish. This action plan should give you a tremendous start on accomplishing the task, and outlining the tasks themselves. Mark your short-term goals as steps for to-do items on your calendar to make them concrete. Get an accountability partner. Find a friend in your local REIA group – or a friend whom is committed to goals also. They might be in a different

field but if they are willing to commit to meeting monthly and will hold you accountable to your goals and you to theirs, do it. Set it up and be religious about it and meet with them monthly to discuss where you are on your goals. On the first meeting, you will share your goals with them and they will share their goals with you. You must understand each other’s goals so that you will assist each other in accomplishment and accountability. If they aren’t the sort of person that will be comfortable giving you feedback on what you are attempting, and feedback on how you are doing, then find someone else. If they aren’t sharp enough to give solid input and tough enough to push you, then you don’t have the right person. Find someone else. It will change your life and theirs. Meet monthly and update each other. 4) Become licensed or get a Realtor™ on your team - who will give you access to the comparables in your area? If you are licensed then you are set. If not, consider it. Evaluate the pros and cons I have outlined in Working the Realtor® System. I HIGHLY recommend getting your license! It’s not that hard and is well worth it. If you are not licensed then you will need to pay a Realtor® to help you or find a website that will give you enough information to be able to make informed offers. Find a Realtor® who is willing to do comps for you – they might be in your real estate group or they might be a friend. You might need to pay them to help you, but you will only need it when you are ready to negotiate an offer. See my website for articles on becoming a Realtor and the pros and cons. 5) Create 5 proposals. Try different offers. On the proposal try putting together cash out offers (if you can follow through), lease option, seller financing, or a combination. Save the proposals to be followed up on later. Before you do a proposal you need have completed the profitability worksheet for the property. You can find that in the Buying on Options course. 6) Start to build your team – Meet with a mortgage broker – find one (or two) that can work with option buyers and yourself. What you will want to do is to get each of your buyers in to see this person as soon as they move into their home. You want to them to set up a step by step plan for this buyer to follow. Get a recommendation on a title company from them, if you don’t already have one. They will know who to work with. If you are not sure where to start with finding a lender ask at your local investor group.

Week 3:

1) Realtor™ Follow Up Send 3 new letters to Realtors® using the letter in the course. Put these letters in the follow up folder for 4-5 weeks from now and mark your calendar. Letter #2 will need to go out at a future date. Call one broker in your area to see if you can set up a time to come to their office and meet with him/her. When you meet with the broker you will want to talk about how you can help their entire office with what you offer. If you have Realtor® friend they can work with you to get you into their office. Ideally they should introduce you at their meeting. If you don’t want go speak directly to their group – set up an appointment to meet one-on-one with one Realtor®. It starts here – one day at a time.

2) Finish Goal Setting: Spend another 2 hours doing soul searching in a quiet spot and finish your goals. Initially you should review your goals at LEAST once per week; more frequently is better. As you get into the habit of taking steps to achieve your goals, you may need to look at them less often (perhaps once a month). 3) Read Ads – Read the “for rent” ads and make calls for one to two hours. Follow up on as many as sound valid. Get in to see as many as you can. Although you may feel many aren’t going to work out, it is still worth your time to check them out and practice. Learning how to negotiate and what to look for will really help your skill level. And it’s better to practice on ones you don’t think will work out than to practice on the ones you actually want to succeed with. 4) Create 5 Proposals. The key to finding deals is getting lots of offers out there. The answer will always be no if you don’t ask. A proposal is asking a seller if they want to sell to you. Sometimes even a Realtor will be surprised by what a seller will do when they have an offer in front of them.

Week 4:

1) Realtor™ Follow Up Keep building your list of new agents as well as talking to ones you’ve already established contact with. 2) Real Estate Course Listen to one course this week while driving around to and from work, while running errands, or just find a place in your house to listen where you can concentrate. The course should be on real estate investing, including either lease optioning, landlording techniques, options, subject to’s, and possibly rehabbing. Make it something that ties in or you will start to get distracted in too many directions. The more we learn the more deals we will find, because the more opportunities we will realize. Review one of my courses if you are still not real clear on how it

all works. This task is not to get you sidetracked, so be careful of that. Focus is key! The goal is to continue to educate yourself. 3) Read and call on the newspaper ads

Week 5:

1) Create 5 proposals. 2) Read and call on the newspaper ads It’s also time to start following up with owners that you called in early weeks. 3) Attend your local REIA meeting. This doesn’t have to be in Week

#5, just whatever week in the second month the meeting occurs on. Try to network with at least two other investors.

4) Call 10 for Rent ads and try the Cooperative Option Script. This script is different (slightly) from the sandwich lease option script (in the Buying on Lease Options couse)

Week 6:

1) Realtor® Follow Up Send the follow-up letter #2 to all Realtors™ that the first letter went over 4 weeks ago. If a Realtor™ did say there is no interest for that seller – then send the same Realtor™ a note on a different listing. Send 3 new letters. 2) Meet with Goal Accountability Partner 3) Read and call on the newspaper ads or Craigslist

Week 7:

1) Create 5 proposals. 2) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 3) Read and call on the newspaper ads Make sure you are still following up with sellers from previous weeks. Work on either or both of the Cooperative or Sandwich Lease Option sellers.

Week 8:

1) Realtor® Follow Up

2) Read and call on the newspaper ads

3) Follow up with your mortgage broker. You’ll want to get status

updates on your active buyer files.

4) Get Your LLC (Limited Liability Company) set up in your State: Get advice from Pre-Paid Legal (that you signed up for in week 1) to confirm the LLC is the best for you personally, but in most states it is. Also, find out where in your state to get the name of your LLC reserved. Once the name is reserved you can use my forms to fill out the operating agreement. Pre-Paid Legal will review one business document per year – unless you add the business rider (which allows much more, but is only available in some states). Have them review it after you have filled it out. When you sign up for prepaid legal with me, I will give you the LLC operating agreement that I use. All you need to do is email me that you signed up for the service and I will email you the Word file to get your LLC drafted. The only fees you will have are the state fees to reserve the name and any state filing fees. It will save you $300-500 in attorney fees. Note: I did not want you to establish an LLC in week 1. It might still be too early for you. If you have assets that you can lose, get one earlier. If you don’t, there is not much to worry about. In otherwords, I don’t want you to focus on asset protection when you have nothing to protect. You can always move a property you already optioned to an LLC once you do the deal. It is not too late.

Week 9:

1) Real Estate Course –Relisten to one of the courses in the Lease Option Arsenal. If you are comfortable with all of those courses then listen to a course related to lease options or a motivational course.

2) Create 5 proposals.

3) Read and call on the newspaper and Craigslist ads

4) Attend your local REIA meeting.

Week 10:

1) Realtor® Follow Up

2) Meet with Goal Accountability Partner

3) Read and call on the newspaper and Craigslist ads

Week 11:

1) Read a Book on Real Estate Investing I recommend a book on landlording basics. Learn what you can. Search on Amazon and find a good book or check out one from your REIA club’s library. You can call me for advice on the top educators in our country on any of the book topics. 2) Create 5 proposals.

Week 12:

1) Realtor® Follow Up

2) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 3) Read and call on the newspaper and Craigslist ads

Month 4:

1) Realtor® Follow Up 2) Real Estate Course –Listen to another course or set of tapes/CDs to and from work or driving around - on the topics of: lease optioning, landlording techniques, options, subject 2s, and possibly rehabbing. Make it something that ties in or you will start to get distracted in too many directions. The more we learn the more deals we will find, because the more opportunities we will realize. Or you can review my course this month. It’s always good to go back over your core material once you have a deeper understanding.

3) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 4) Attend REIA (Real Estate Investors Association) Meeting: Keep

attending the meetings and build your network.

5) Meet with Goal Accountability Partner

6) Create 10 proposals. If necessary. If you have not secured enough

deals in the previous months. Otherwise, adjust accordingly. Remember to strike a balance between finding new deals and managing your existing ones. Don’t let all of your time be taken up by managing your existing deals.

7) Follow up with your mortgage broker. Establish a relationship with

a lender and a credit repair company. If you want advice on one from me, check out www.leaseoptioncreditrepair.com to see if the one I am using will work for you.

Month 5:

1) Realtor® Follow Up

2) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 3) Real Estate Course –Listen to and from work or driving around to one course on real estate investing, this week, on the topics of: lease optioning, landlording techniques, options, subject 2s, and possibly rehabbing. Make it something that ties in or you will start to get distracted in too many directions. The more we learn the more deals we will find, because the more opportunities we will realize. 4) Attend REIA (Real Estate Investors Association) Meeting: Make this a priority. 5) Meet with Goal Accountability Partner 5) Create 10 proposals. Necessary if you have not secured enough

deals in the previous months. Otherwise, adjust accordingly.

6) Follow up with your mortgage broker.

Month 6:

1) Real Estate Course –Listen to another course or set of tapes/CDs to and from work or driving around - on the topics of: lease optioning, landlording techniques, options, subject 2s, and possibly rehabbing. Make it something that ties in or you will start to get distracted in too many directions. The more we learn the more deals we will find, because the more opportunities we will realize. 2) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 3) Attend REIA (Real Estate Investors Association) Meeting: Make this a priority. 4) Meet with Goal Accountability Partner 5) Realtor® Follow Up 6) Read a Book on Real Estate Investing: I recommend a book on subject 2s. Get some other perspectives. Search on Amazon or the internet and find a good book or check out one from your club’s library. 7) Create 10 proposals. If necessary. If you have not secured enough deals in the previous months. Otherwise, adjust accordingly. 8) Follow up with your mortgage broker.

Month 7:

1) Realtor® Follow Up

2) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 3) Attend REIA (Real Estate Investors Association) Meeting: Make this a priority. 5) Meet with Goal Accountability Partner

6) Create 10 proposals. If necessary. If you have not secured enough deals in the previous months. Otherwise, adjust accordingly.

7) Follow up with your mortgage broker.

Month 8:

1) Real Estate Course –Listen to another course or set of tapes/CDs to and from work or driving around - on the topics of: lease optioning, landlording techniques, options, subject 2s, and possibly rehabbing. Make it something that ties in or you will start to get distracted in too many directions. The more we learn the more deals we will find, because the more opportunities we will realize.

2) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 3) Realtor™ Follow Up 4) Read a Book on Real Estate Investing: I recommend a book on rehabbing. Get some other perspectives. Search on Amazon and find a good book or check out one from your club’s library. 5) Attend REIA (Real Estate Investors Association) Meeting: Make this a priority. 6) Meet with Goal Accountability Partner 7) Create 10 proposals. If necessary. If you have not secured enough deals in the previous months. Otherwise, adjust accordingly. 8) Follow up with your mortgage broker.

Month 9:

1) Realtor® Follow Up 2) Review Goals: Review your goals and update them as appropriate. Make sure you are on track. Rewrite or update your goals that need to be updated. 3) Real Estate Course –Listen to another course or set of tapes/CDs to

and from work or driving around - on the topics of: lease optioning,

landlording techniques, options, subject 2s, and possibly rehabbing. Make it something that ties in or you will start to get distracted in too many directions. The more we learn the more deals we will find, because the more opportunities we will realize.

4) Attend REIA (Real Estate Investors Association) Meeting: Make

this a priority.

5) Meet with Goal Accountability Partner 6) Create 10 proposals. If necessary. If you have not secured enough deals in the previous months. Otherwise, adjust accordingly. 7) Follow up with your mortgage broker.

Month 10:

1) Read a book on real estate investing that will assist you in an area you need/want.

2) Realtor® Follow Up

3) Attend REIA (Real Estate Investors Association) Meeting: Make

this a priority.

4) Meet with Goal Accountability Partner 5) Create 10 proposals. If necessary. If you have not secured enough deals in the previous months. Otherwise, adjust accordingly. 6) Follow up with your mortgage broker.

Month 11:

1) Realtor® Follow Up

2) Real Estate Course –Listen to another course or set of tapes/CDs to and from work or driving around - on the topics of: lease optioning, landlording techniques, options, subject 2s, and possibly rehabbing. Make it something that ties in or you will start to get distracted in too many directions. The more we learn the more deals we will find, because the more opportunities we will realize. 3) Attend REIA (Real Estate Investors Association) Meeting: Make

this a priority.

4) Meet with Goal Accountability Partner

5) Create 10 proposals. If necessary. If you have not secured enough

deals in the previous months. Otherwise, adjust accordingly.

6) Follow up with your mortgage broker.

Month 12:

1) Open up a Roth IRA – if you don’t have one. Get a self directed IRA management company. Equity Trust out of Ohio is a great company (www.trustetc.com). Put in $2000 or the as much as . This will be the start of Year 2 for you. You will want to purchase a home on an option during Year 2 using your Roth IRA. One home per year thereafter in your Roth. This is will set you up for the future and retirement. Soon you will not qualify for a Roth contribution (you will make too much money). Set it up while you can. 2) Realtor® Follow Up 3) Review Goals You made it through year one. Set your goals now for another year. If you can set them for 3-5 years, you should do that. 4) Attend REIA (Real Estate Investors Association) Meeting: Make this a priority. 5) Meet with Goal Accountability Partner 6) Create 10 proposals. If necessary. If you have not secured enough deals in the previous months. Otherwise, adjust accordingly. 7) Follow up with your mortgage broker.

8) Teach someone else. Teach someone else about what you are

doing so someone else can do what you are doing. Teaching is one of the best ways of learning. This is assuming of course you have done a deal.