Just got approved! Now what do I do?

[Byron Scott]

I just got an offer accepted on a duplex. I'm doing a 203k loan on it. Should I set up a separate business account? Should I get a separate P.O. box? There is one tenant in place and I'm gonna live in the other side for a year. I know I gotta get contractors out and get bids. I'm kinda nervous...Advice on what I should do next?

[Natalie Schanne]

Byron Scott - call your Real Estate Agent. The process with a normal contract is very straightforward. You don’t have unlimited rights to disturb the other tenant while you’re under contract, so you bring your home inspector and/or contractors during your 4-6 hour “inspection” and get all the repairs you’re going to ask for and/or bids to do the work all in one go. Make sure you get a copy of tenants lease and security deposit is transferred to you. You’ll need to put it in an escrow account.

Also start your loan paperwork immediately, turning in your paystubs, bank statements, anything they need with the mortgage application. Shop different lenders to see what the best terms you can get are. The FHA appraiser will tell you and the seller what repairs must be done before the loan can happen.