Here is the list I gave to my Project Manager when he first started with me a couple years ago:Upon Contract Acceptance---------------------------------------Ensure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at PropertyIf 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 * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue Diligence---------------------Inspections: * 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 Finalization---------------------------------------------Final 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 * Get Pictures/Video * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to Closing-----------------------Final 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 Closing--------------------Day of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates

I'm definitely not wanting to spend $25,000 to set it up since I anticipate doing $100-$125,000 projects one at a time for a while.

The holding period is the big determining factor in your case, the shorter your anticipated holding period the less of a problem an adjustable rate loan is.

I actually anticipated a 20 percent decline in revenues this year, so we are a bit better than my forecast.

So, depending on how long you anticipate keeping the loan, it may not make sense to pay it all up front to maybe save some money later. 

What should we anticipate in legal fees to get this done?

What do you guys think of this idea? Properties up there are already cheap enough to cash flow. This might have potential to be an appreciation play too.The mines will be built, make no mistake about that. There is fa...

Hello BPers,As we all spend time analyzing deals and determining “flip” or “buy and hold” I was wondering if anybody here currently runs their numbers anticipating another major market correction.

There are also no current renters as they moved out anticipating the the sell of the home with the first potential buyer.  

You will have to email and do draws which means you've got to pay subs ahead and get it back from the bank This is not something I anticipated when I did my rehab last year.