I Just Got My First Property Under Contract...... Now What???

[John Montgomery]

I wanted to share a lesson I learned with those getting ready to pull the trigger on their first deal. Despite having a couple great mentors, reading "Rich Dad Poor Dad", and listening to dozens of BP podcasts - I quickly discovered I didn't have all the answers when I purchased my first property. Since October '15 I've purchased and renovated a duplex and one SF. I'm scheduled to close on another SF in two weeks (all three are buy-and-holds). To help alleviate the stress that inevitably follows the signing of closing documents, I created my own Step-Action-Guide. Steps can be listed in order or listed randomly - whatever makes the most sense.  For my guide I included steps such as: getting insurance on the property, purchasing a lock box, scheduling to have locks changed, scheduling a dumpster, etc, etc. Many of these steps can be accomplished before you close on the property, but others must wait until you actually own it. These steps may seem obvious, but after creating a very detailed list I felt more confident that I was crossing all my "T"s & dotting my "I"s. This can be especially helpful when juggling multiple acquisitions at once. Investors can be as detailed as they wish with the Step-Action-Guide they develop; or they may determine that a guide doesn't really work for them - it's all a matter of preference. I hope this tip helps & wish you the best getting started.

[John Montgomery]

I just posted an example list of steps to take upon purchasing a new rental property.  Each investor can change as  he/ she sees fit.  Hope this helps!