OMG I'm a real estate investor now!

[Gary Montgomery]

I cannot believe how fast things move in this business sometimes.  A few days ago I was in analysis paralysis and now I have my first property under contract. Close on it before the end oaf year,. Now what?

-an excited, scared, optimistic, realistic investor.

G

[Jeff Bridges]

Do you have good contractors in place? You can begin networking and researching reasonably priced/quality contractors that work well with investors and begin obtaining bids, so you have everything in place the day after closing. This doesn't mean incurring any costs or buying any materials, just getting bids and put the planning wheels in motion. You can even develop a detailed Scope of work and get a contract written out that you can sign and present deposit the day after closing to get working going without any delays. start comparing materials you plan to use on the project and write down model numbers you want used and tile/ flooring/ fixtures you want used. Develop a master list so the bid is accurate based on your trim preferences. Have you got the building inspected for any unanticipated costs? Once you get bids, reassess those bids against your budgeted repairs, evaluate the profit, modify scope of work if necessary. Re-check comps for level of rehab to make sure you don't go way above trim levels of said comps. make sure your budget has built in room for 5-10% unanticipated expenses/repairs and still gets you good profit. Did you start shopping builders/vacant insurance policies for during the rehab? Did you get feedback from realtors who you will be using to sell following rehab? They might have feedback on your rehab objectives and tips. Then put the wheels into motion after closing day. good luck!