During: Buying Process Overview
If you'd like to learn more about buying investment real estate then check the resources we have on the buying process overview.
Buying Process Overview
I've taught this class twice. Both class recordings are shown below.
This recording was presented on October 18, 2017.
And this recording was presented on January 24. 2017.
Buying Process Overview Checklist
The stages, including a brief description of what is included in each stage, are below. For more information, click through to each step or see the Before checklist for Nomads.
- First Meeting – This is the first meeting with your real estate agent where you discuss the paperwork required to buy and sell property in your area, the professional services that your real estate agent offers, where to get the other services you'll need that your real estate agent does not offer, your real estate goals and formulate a plan to achieve them, how you plan to finance your purchase(s), how to get properties sent to you, which types of properties you want sent to you, how to analyze properties to make sure they're good properties for you to buy as a Nomad, and some basic information about writing an offer.
- Pre-Showings – During this step you'll discuss what you'll need prior to going out and looking at homes. It includes getting qualified with your lender, getting a pre-approval letter, discussing earnest money and down payments plus going over a mock contract so you're prepared to write an offer if you happen to see a great property your first time out looking.
- Showings – This is what to do relating to seeing properties. It includes how to request showings, what you should do to prepare for looking at homes, what to do at the showings and what to do after the showing.
- Writing Offer – This is the process for writing an offer to purchase a property.
- Contract To Close – This is the process from when you get an offer accepted up to going to closing on the property.
- Closing – This is the formal process of purchasing the property.
- Post Closing – These are the processes for what you should do after you've purchased your property.
Once you've completed the Buying Process, move on to the After checklists.
The following in an except from the Ultimate Nomad Checklist for the tasks tagged “Buying Process Overview”.
- Complete "Buying Process Overview" checklist
- Class Watch "Get Your First Deal Done" Recording of Live Class
- Class Watch "Buying Process Overview for Nomads" Recording of Live Class
- Read "Benefits of Becoming a Client"
- Determine your Real Estate Broker
Meet with James for lunch to discuss working with him. You can request a meeting by scheduling an appointment on his calendar:
Mark this task as done once you've selected a Real Estate Broker to work with.
- Complete "First Meeting" checklist
- Complete "Pre-Showings" checklist
- Complete "Showings" checklist
- Complete "Writing Offer" checklist
- Complete "Contract To Close" checklist
- Complete "Closing" checklist
- Complete "Post-Closing" checklist
Getting Started in Real Estate Investing
If you are interested in seeing some of the other resources we have for getting started in real estate, check out these additional classes.
- Buying Your First Rental Property
- Financial Mindset and Overcoming Fear
- Get Your First Deal Done - 2017 Edition
- Getting Your First Deal Done - 2016 Edition
- How to Acquire a Multi-Million Dollar Real Estate Portfolio Starting with Just $3,000
- How to Be the Ideal Client That Realtors Call First with the Best Deals
- How to Choose a Real Estate Agent
- How to Find the Perfect Investment Property
- How to Get Your First Deal Done - 2019 Update
- How to Make a Real Estate Investment Plan
- Real Estate Bookkeeping
- The Ultimate Guide to Buy-and-Hold Investing
- The Ultimate Guide to House Hacking
- The Ultimate Guide to Nomad™ Investing
- The Ultimate Guide to the BRRRR Strategy
The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.
- Consider making dynamic process charts.
IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different states.