Getting started: order of events

[Jennifer Lereah]

Hi all! Newby here & looking to flip my first property. Hoping to get my feet wet by taking on a property that doesn't need a full blown remodel or too too much work. What's the chain of events for the first flip? What do you do 1st, 2nd, etc? Purchase/make an offer? Hire a contractor? Apply for a construction loan? I'm not sure in what order to be doing things. Thanks! Jenn NY/NJ

[Bob Okenwa]

@Jennifer Lereah

Hi. Here's a general overview of the deal process:

1. Find a Prospective Rehab Property
2. Perform Quick Analysis to Determine if #'s Make Sense to Walk the Property
3. Perform Initial Property Walkthrough & Inspection
4. Create a Detailed Estimate of Repairs
5. Analyze the Maximum Purchase Price you should offer for the Property
6. Make an Offer / Negotiate Offer with Seller

After Deal Acceptance

1. Develop detailed Scope of Work for contractor proposals
2. Establish Inspection/Contractor Walkthrough Date - Try to have everyone show up on one date & time if possible
3. Solicit contractor proposals
4. Receive contractor proposals
5. Make go/no-go decision to purchase the property