Any Tips? 10 Steps of Acquiring a Buy-and-Hold

[Anas B.]

All,

I'm new to REI and have a lot of learning to do. I am closing on my first property and would like to list, from my experience in my first deal, the 10 steps of acquiring a buy-and-hold. I am assuming a property management company will handle the rental (as this applies to me). Let me know what you think!

1. Personal inspection (check out house, neighborhood, market, numbers)

2. Negotiate price (based on comps and your own target)

3. Have property inspection, get inspection report

4. Renegotiate price

5. Start looking for property management company

6. Have seller agree to pay repairs listed in inspection report (or at least split costs)

7. Pay deposit, have repairs done

8. Close, make deal with property management company

9. Screen/accept tenant

10. Collect rent