These are the checklists related to Pre-Showings: Down Payment.
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- Complete "Pre-Showings: Down Payment" checklist
- Class Watch "How to Get Down Payment for Nomad" Recording of Live Class
- Determine approximate Down Payment and Closing Costs from Lender
- Determine the source of your Down Payment and Closing Costs
Make sure that you know the source of your Down Payment and Closing Costs.
You will need at least the Earnest Money when you make your offer. You will need the Down Payment and Closing Costs for closing.
Discuss the timing with your Real Estate Broker and/or Lender if you have any concerns.
- Determine your Cash Reserves
It is prudent to determine where you might get cash from if you need it to take care of unexpected expenses when buying a property as a Nomad or as a rental.
Take a moment to determine where your Cash Reserves are in cash you need money to maintain a property.
Mark this task complete once done.
- Partnership Determine how much Cash Reserves for Partnership
If you're doing a partnership, you will want to determine with your partners how much you will want to keep in Cash Reserves for the Partnership.
If you're not doing a Partnership, you can skip this step, but it may also be helpful for you to think about the sources of your Cash Reserves are as well.
Mark this task complete once you've determined how much Cash Reserves you should have with your Partnership.
- Partnership Transfer money from your Master LLC to your Single Member LLC for Down Payment
This step is highly unusual for Nomads, but... if you happen to be buying in the name of a new LLC and you've got a Master LLC, make sure you transfer money from your Master LLC to your Single Member LLC (SMLLC) for your Down Payment.
Mark this task complete once done or if you're not doing this.