
1 November 2011 | 1 reply
Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates

1 November 2011 | 1 reply
While going through the shortsale process, we were going to live in our RV until the shortsale was finalized and the sale of the house went through.

4 November 2011 | 16 replies
Justin, A few questions for you:You state that your offer is $50k and rehab is $22k for a total of $72k, yet your loan amount shows $90k, why the extra and who will fund more than 100% of acquisition plus rehab?

13 November 2011 | 4 replies
A final comparison, typically a foreclosure defense attorney is going to charge a little more than $2,500 for his time and effort.

5 January 2012 | 11 replies
All too often I have clients say but I read such and such here, and I have to correct them and explain what it pertains to exactly.And finally NO you're golden retriever is not your dependent for tax purposes.

12 November 2011 | 17 replies
My team consists of those who provide acquisition opportunities, my contractor/sub team which is my painting crew, framers, flooring installers, masonry guys, landscapers, etc., my RE agent who performs a lot of my upfront due diligence on potential acquisitions and also is teh agent who lists the properties for re-sale on the exit, my escrow company, my title company, my attorney, my project manager (in this case - he is my Brother), and my insurance agent.

25 March 2012 | 10 replies
As I was arriving to the property the crew was leaving except one worker who was staying behind to put the final coat of clear on the floors.

2 July 2012 | 11 replies
In the process of finalizing the first on my VV home.

9 November 2011 | 8 replies
I thought ultimately, in times like this, the global market will be the final determinant on rates, even for the mighty USA.

10 November 2011 | 13 replies
Such as how long from one to the other and what means of acquisition(s).