The pace is fast and furious.

Don't necessarily try to finish it as fast as possible either.

:NOTE: Important to keep the date of when these items were receivedFINANCIALS (get from Property Management Company or the Seller):Annual Operating Statements (for past 2 years)Monthly Operating StatementsYear to Date Operating StatementRent Roll for the last 2 yearsLast 3 month's Bank Deposits by the sellerBudget ForecastExisting Loan Documents ** ask if will take AssumptionSecurity Deposit Account StatementUtility DepositsRequest Schedule E if questionable financials, certified by accountant.OPERATING INFORMATION **** Must sort by importance:Management ContractCopy of all Lease Types (all leases delivered at closing)Concessionary RentsLease Expiration ReportUtility Bills (for Water, Sewer, Gas, Electric, CATV, Ethernet, Phone) - for past 2 yearsProperty Tax Bills - for past 2 yearsService Contracts (all currently under contract: trash, exterminating pests, maintenance, laundry, pool, elevator)Advertising ContractsPayroll Register (employment contracts)Operating Manuals (phone, computer, fire system, etc.)Insurance: Policy (premium disclosure)Insurance: Claim History (for past 3 years)Insurance: Carrier Risk AssessmentMiscellaneous Agreement (Vending, Pay Phone, etc)Capital Improvements and Maintenance History (for past 3 years)Incomplete Maintenance Requests (for last 3 month's maintenance requests)Yellow Pages Listing ContractCredit Bureau ContractPet PolicyCommission AgreementsRent.com reviewLEGAL AND PHYSICAL INFORMATION:THIRD PARTY INFORMATIONAppraisalDeedTitle PolicyLast Sale Price/DateTax Assessment: Land/BuildingSurvey (Get the original)Architectural PlanSite PlanInventory of Personal PropertyTools/Supplies InventoryBusiness LicenseZoning CertificationBuilding Code Compliance Letter ** Tell bad news fast to your investors; don't hold off on thisCertificate of Occupancy ** Tell bad news fast to your investors; don't hold off on thisRental Ordinances ** Tell bad news fast to your investors; don't hold off on thisLitigation History ** Tell bad news fast to your investors; don't hold off on thisTenant Estoppels (Optional at Closing) ** Tell bad news fast to your investors; don't hold off on thisBuilding PermitsMARKET INFORMATIONMarket Survey (3 - 5 nearest competitors)Existing Competitive Supply SurveysEnvironment Surveys - Phase I/Phase II, if necessaryEngineering ReportFire System Inspection ReportsElevator Maintenance Report (if applicable)Boiler Inspection ReportHVAC Inspection ReportLead Paint - Inspection reports / tenant waivers / historyMold - Inspection reports / tenant waivers / historyFuture Competitive Supply ForecastPictures - Aerial / GroundArea MapApartment AssociationApartment Guide ListingCopies fo All ADvertising, Brochures, Floor PlansDemographic Reports: Housing, Income, Employment (3 radii - 1 mile, 3 miles, 5 miles distance)Traffic Study and/or Road Improvement PlansNeighborhood Survey: Shopping, Schools, EmployersCrime Report

I think financing is an excellent way to grow your business, but to grow too fast without having reserves for the rainy days could be like you said in your article, disastrous.I'm currently exploring options to refi and cash out one of my free and clear because the property value jumped more than 100% of my purchase price + repair costs.I'm looking at: 1) acquiring another income generating free and clear with the proceeds2) trying a flip, and applying what I know about the planning, permit, and construction aspects to my advantage.Both are leveraging up, but with option one, I'd still have piece of mind that there isn't a big loan attached to it.

I might have my first house under contract tomorrow and I had a few more questions before i go threw with it.1. the home is in another part of my state pretty far away. is it wise to make a deal so far away2. the owners are in Tennessee and want to sell fast they are older and stated they just want to get enough to pay off the mortgage and move on. can i email them the contract in pdf form and they email it back or does it need to be by mail.3. if the house has a mortgage on it do I need to double close and if so is the process the same as if i was to just close once.4. house is already fully rented with low taxes $3100 and insurance only being $1700 a year with $11680 actually numbers the owner gave me over the phone. is there anything I should think about that im not. dont want to mess this up if i can land it i think it would be a easy sell for a investor

There are 2 speeds in RE, and reverse is fast and painful!

You want a fast lease up and hopefully higher rents.

Depending on what the vacancy rate is and the percentage of renters vs homeowners in an area should also dictate how fast listings should go.

Agents cant possibly know the zones on a macro level to know how fast the rent can change between neighborhoods.

To do so you need to acquire equity as fast as possible.