What Tools do I Need at Home?

In life, the successful accomplishment of a task, Spanner-Monkey.co.uk goal often determined by the availability or not of the right tools. Investing in homes, like so many items, is the same way. So what tools do you need to make a successful investment?

The list is long, but the tools are straightforward:

  • A good market analysis plan that asks the right questions and effectively confirms a good location or identifies a bad one.
  • A well-executed assessment.
  • A report of good condition of property or home inspection.
  • Quality environmental reports.
  • A thorough inspection by the investor who assesses all systems and determines the requirements of the investment.
  • A good statement of intent.
  • A good template for a sales contract.
  • A well-considered and planned operating agreement.
  • A thorough overview of risks and disclosures.
  • A solid and simple business plan.
  • Accurate pro forma financial data.
  • An accurate statement of sources and applications.
  • Complete personal finances for the clients.
  • A good subscription agreement for external investors.
  • A well-defined due diligence plan that is thorough yet flexible enough to meet the needs of any investment.
  • A well-structured banking package that includes personal financial information, a bank-specific business plan, pro forma financial information, and capitalization tables.
  • Good photos of the property.
  • A good overview of the house.
  • A complete title report.
  • A reputable insurance company and binder that provides for the investment need including liability, umbrella, lost rent, replacement and labor.
  • Experienced local real estate legal advisor.
  • Experienced proven securities advisor.
  • A good communication plan for investors.
  • A good tax accountant.
  • Good tax advisor.
  • A good accountant.
  • A good management system.
  • A good bid management process.

Identified suppliers of materials, service sources and contractors for roofing, paintwork, kitchens and bathrooms, floors and carpets, masonry, carpentry, plumbing, electrical, appliances, landscaping, drainage, paving and parking, lighting and fixtures and other needs that may arise from time to time be identified.

You probably already have a few wrenches lying around the house. Wrenches are a necessity for plumbing business. If you don't already have a key, when you visit a hardware store you will discover that they come in all shapes and sizes.

Another option for a wrench is the fixed wrench. There is nothing wrong with this key, other than the fact that it does not offer as much flexibility as the one discussed above above. The fixed key has only one type of grip. The other wrench options are the washbasin wrench, the pipe wrench, and the socket wrench.

  • An effective transaction ledger.
  • Good property management including leasing, maintenance and customer service.
  • Effective Sources of Deals - Brokers, Online Sources, Tax Information, Bankers.
  • A complete set of business banking services from a quality bank, including wire transfer, ACH, EFT, electronic check processing systems, online banking and reasonable fees for services.
  • Strong investment partners.
  • Adequate reserve plans and recovery plans for reserve shortages.