Buying A Package Of Properties

[Michael Glaser]

After running the number on over 50 deals I recently scouted 10 properties last week. 4 of those are with a long time real estate investor that's too busy to manage the properties and getting to the age where he'd rather sell. 

After listening to BP podcast, books, etc, etc I'm wondering if I have my process down correctly going forward. I'm looking for the system I should have in place for this and NOT to go over the finer details of numbers at this point. If and when the deal is done I'll share it for all on BP.

I currently own 1 property and looking to take on his 4. Possibly a 5th of his if I can get enough from TBD Bank.

I've walked and inspected each of the 4 and taken pictures of everything. I told him I need a few days to shop around for lenders, but here is my next plan of action I need some help with:

Already Completed:

1. Prequalification Letter

2. Numbers: Positive cash flow/CoC return good/3 of 4 have existing long term tenants with competitive area rents as a whole.

3. Inspected properties with the owner, met 2 tenants of the 3 properties.

Yet To Be Completed:

1. Ask for additiona info on the houses: Current tenant leases, last inspections.

2. Using a simple marketing packet with all the info on each property and it's cash flow, etc, I'll shop for more competitive loans through KC area banks.

3. Hire my own professional inspection on each property.

4. Make an offer. Buy properties through title company. No realtor.

5. Get tenants in 4th property. 

6. 6x months refinance and pull money out for my next investment property. *If I can get the properties with my numbers and there's forced equity.

Am I missing something? Is something out of order? Is anything unnecessary? Is this thing on?