7. Capital Investment: Capital investments are expenditures that will improve the value of the property for more than a year, and are amortized accordingly.

• Have all capital expenditures been identified?
• Have other options been considered for each capital improvement?
• Is there a procedure for utilizing the most qualified personnel for each capital improvement?
• Is there a procedure for getting the best price for capital improvement work?
• Is there a monitoring system for capital improvement work being done?
• Is there a monitoring system for the disbursement of funds for capital improvements?

8. Training: Training is the directed improvement of personnel in a controlled environment.

• Have all the areas that require training been identified?
• Is there a plan for each training program?
• Have the training programs’ goals been identified?
• Is there a procedure for monitoring each training program’s plan and its results?

9. Problem Correction Process: A problem correction process is used when segments of the company vary from their planned course; management institutes procedures that recognize and correct problems.

• Are there procedures in place that recognize problems that are:
• financial
• personnel related
• physical
• procedural
• Are there procedures in place for:
• developing plans to solve problem(s)
• monitoring plans to insure correction(s)

10.Budget: A budget is the financial plan that describes what the company’s cash needs are for the following year.

• Has every source of income and cash outflow been identified?
• Have all issues been addressed?
• Is the budget realistic?
• Has the budget been prepared by the people responsible for each activity?
• Have all interested personnel had an opportunity to contribute their comments prior to the final budget?
• Are all personnel familiar with their part of the final budget?
• Are procedures in place for monitoring the budget on a timely basis?

11.Resource Identification: Resource identification recognizes and secures the company’s cash requirements for the following year.

• Financial
• identified
• qualified
• Personnel
• identified
• qualified
• Physical
• identified
• qualified

Last week, I received an invitation to attend a seminar that professed to make me rich. It offered instructions on how to buy real estate at 50% below market, generate an additional $1,000+ per week part time, own tax lien properties free and clear…well, you get the message. NetGain’s mission statement is to maximize return while minimizing the risk for investment in income property. NetGain ’s goal is to provide practical, independent, value-added information for all parties concerned with the income property investment process.

NetGain is setting the bar for the highest professional standards, which translated means successful income property investing is neither easy nor part time. It requires hard work and lots of detail. That detail includes a comprehensive checklist. Real estate companies and real estate investors that follow proven corporate strategies, including a management checklist of the type just described, will have a distinct advantage over their competitors and a higher probability for success.

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