Checklist Tags

These are the checklists related to Week 2.

If you’re a Nomad working to buy a home within the next 3 months then these are the recommend tasks for Week 2 as part of the Ultimate Nomad Checklist™.

Week 2 is about starting to look at properties and preparing to make an offer.

When you click on the task, you can also see the tags that task is filed under. You can also click on the tag to see other tasks with that tag.

  1. Review my goals
  2. Review my "Future Narrative"
  3. Schedule on your calendar when you'll do this week's tasks from your Future Narrative
    You're much more likely to follow through on your goals if you plan out when you'll do the steps to achieve them.

    So, take a moment to schedule out on your calendar when you'll actually do the tasks for this week on your calendar. Make an appointment with yourself to do them. If you need to reschedule one, reschedule it (don't delete it).

    ASAPFirst Meeting: Your Real Estate GoalsUltimate Nomad ChecklistWeek 1Week 10Week 11Week 12Week 13Week 14Week 15Week 16Week 17Week 18Week 19Week 2Week 20Week 21Week 22Week 23Week 24Week 25Week 26Week 27Week 28Week 29Week 3Week 30Week 31Week 32Week 33Week 34Week 35Week 36Week 37Week 38Week 39Week 4Week 40Week 41Week 42Week 43Week 44Week 45Week 46Week 47Week 48Week 49Week 5Week 50Week 51Week 52Week 53Week 54Week 6Week 7Week 8Week 9

  4. Class Watch "Analyzing Deals 101" Recording of Live Class
    Watch the recording of the live presentation of "Analyzing Deals 101: an Intro to Cash on Cash Return on Investment" available on:

    https://RealEstateFinancialPlanner.com/cash-on-cash/

    Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 2

  5. Download Deal Analysis Spreadsheet
    Download a copy of Brian William's Deal Analysis Spreadsheet and save it to the Dropbox folder for this deal/purchase.

    https://RealEstateFinancialPlanner.com/spreadsheet/

    Analyzing DealsComputer SetupFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2

  6. Analyze Properties
    Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

    If the deal looks interesting after analyzing it, request a showing.

    Mark this task complete once you've analyzed deals for the day.

    Analyzing DealsCash FlowFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

  7. Determine your Insurance Agent
    Decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Insurance Agent to use.

    Analyzing DealsDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  8. Get Insurance Quote for analysis
    Call your Insurance Agent and get an Insurance Quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

    You'll modify this slightly based on the price of the property you're analyzing.

    You may want to discuss with your Insurance Agent additional coverage for Loss of Rent.

    Your Insurance Quote typically varies based on your credit score and the deductible amount you choose.

    Mark this task complete when you have an insurance estimate to use when analyzing deals using Brian's Spreadsheet.

    Analyzing DealsASAPFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2

  9. REAL ESTATE BROKER: Setup Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then setup your search page on JamesOrr.com.

    Talk to James to have him show you this and get it set up for you.

    Mark this task complete when it is setup or if you decide you're not doing this.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  10. Customize your Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then after James sets up your search page on JamesOrr.com you will want to customize with your specific investing criteria.

    Mark this task complete when you've customized your Lease Option Search Page on JamesOrr.com.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  11. Setup custom domain name for your Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease-Option, then after James sets up your search page on JamesOrr.com you may want to purchase and setup a custom domain name for it.

    The custom domain name will allow you to use that domain name on your marketing and have it URL frame the page James set up for you.

    Ask James and he can usually get you a domain name and set it up for you for about $10 per year.

    Mark this task complete when you've purchased a custom domain and had it set up for your Lease-Option Search Page on JamesOrr.com.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  12. Complete "Pre-Showings" checklist
  13. Complete "Pre-Showings: Qualify with Lender" checklist
  14. Ask Real Estate Broker for list of possible Lenders
    Ask your Real Estate Broker to suggest 3 possible Lenders to contact for financing your home purchase based on the types of loans you're considering.

    You're welcome to use whichever Lender you choose (from the Real Estate Broker's recommendations or your own), however... you should realize that making sure your Lender performs if your responsibility.

    In other words, if your Lender does not show up on the day of closing with the money for whatever reason, you are still in default on the "Contract to Buy and Sell Real Estate" (not your Lender) and you are at risk of losing your Earnest Money (and specific performance in the unlikely event that box is checked on the "Contract to Buy and Sell Real Estate"). Another way of saying this is: your Lender is not a party to the "Contract to Buy and Sell Real Estate" and so they have no consequences in the "Contract to Buy and Sell Real Estate" if they don't perform.

    So, consider "testing" a new Lender carefully.

    ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

  15. Interview 3 Lenders
    Talk to 3 Lenders to determine which one you'd like to use.

    Ask your Real Estate Broker for recommendations.

    You may want to consider at least reading through the Mortgage Broker Interview Questions for some ideas of what you might want to ask:

    https://JamesOrr.com/mortgage-broker-interview-questions/

    Mark complete once you've talked to 3 Lenders of if you've already decided which Lender you plan to use.

    ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

  16. Determine your Lender
    Decide which Lender you will use to finance your purchase.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Lender to use.

    Analyzing DealsASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

  17. Apply for loan with Lender
    Make an application to get qualified for a loan with the Lender you've decided you're going to use.

    Some people will opt to get quotes from multiple lenders. If you're going to do this, compare everyone on the same day so the rate is the same.

    Also, have the Lender you think is most likely to be the one you'll go with pull your credit and then tell the other Lenders you're comparing what your credit score is. If you decide to go with them, you'll let them pull your credit then.

    Your ultimate goal at this point is to get a pre-approval letter for the max amount you qualify for.

    If you need a recommendation for a Lender ask your Real Estate Broker.

    Mark this task complete once you've applied for a loan and been approved with the Lender you plan to use.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

  18. Understand what documents your Lender will need
    Understand what documents your lender will ultimately need to do your loan and start gathering and preparing those documents.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

  19. Find out what interest rate and down payment amount you'll likely get
    Find out what interest rate and what down payment amount you'll likely get when you get your loan.

    You'll want to use this when you start to analyze properties using Brian's Spreadsheet.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

  20. IF OWNER OCCUPANT: Find out your estimated monthly payments
    If you're going to owner occupy the property especially, find what your estimated monthly payment will be for both your max loan that you can qualify for and the price you're comfortable with that you'll likely be buying at.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

  21. Send copy of "Contract to Buy and Sell Real Estate" to your Lender
    As soon as your "Contract to Buy and Sell Real Estate" is accepted, make sure your Lender has a copy so they can complete your application and start working on getting your financing approved and through under-writing.

    ASAPFinancingUltimate Nomad ChecklistWeek 2Week 54

  22. Complete "Pre-Showings: Pre-approval Letter" checklist
  23. Get max "Lender Letter"
    Get Pre-Approval letter from Lender for the max you can afford. We will only use this if you're unable to reach your Lender and you want to submit an offer right away. Otherwise, we will ask your Lender for an updated "Lender Letter" for the exact Purchase Price.

    Having a "Lender Letter" helps you get your offer accepted.

    ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

  24. Save max "Lender Letter" to your Dropbox
    Save a copy of your max "Lender Letter" to your Dropbox using the file format:

    "YYYY-MM-DD - FULL NAME - Max Lender Pre-Approval Letter.pdf"

    ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

  25. Send max "Lender Letter" to Real Estate Broker
    Send a copy of your max "Lender Letter" to your Real Estate Broker.

    ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

  26. Complete "Pre-Showings: Earnest Money" checklist
  27. Discuss typical amount of Earnest Money with Real Estate Broker
    Discuss the typical amount of Earnest Money with your Real Estate Broker.

    In Northern Colorado, Earnest Money is typically about 1% of the purchase price of the property but is negotiated between Buyer and Seller.

    However, offering less Earnest Money than the Seller is requesting on the MLS listing is typically considered a weaker offer.

    If you're buying a property with little or no money down (especially less than what Earnest Money would be), discuss with your Real Estate Broker some possible strategies for trying to get an offer accepted in this situations. It may be harder to get your offer accepted in these situations so you may need to be more flexible in the homes you're looking at until we find a more flexible Seller.

    Mark this task done when complete.

    ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

  28. Determine the source of your Earnest Money
    You will need Earnest Money at the time you make your offer. It can vary and is negotiated but it is typically about 1% of the purchase price of the property you're going to buy. Earnest Money typically does count towards your Down Payment.

    For a $300,000 property, that means you'll likely need about $3,000 for Earnest Money at the time you make your offer. Do you know where those funds are and are they readily accessible?

    Discuss this with your Real Estate Broker if you have additional questions or concerns.

    Mark this task done when complete.

    ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

  29. Complete "Pre-Showings: Down Payment" checklist
  30. Class Watch "How to Get Down Payment for Nomad" Recording of Live Class
  31. Determine approximate Down Payment and Closing Costs from Lender
    Ask your Lender to give you estimates on how much your Down Payment and Closing Costs will be with the loan you plan to use and the home price you're likely to look for. Make adjustments if needed to your plan.

    Down PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  32. 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.

    ASAPDown PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  33. 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.

    ASAPCash ReservesPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  34. 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.

    Cash ReservesPartnershipsPartnerships - SetupPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  35. 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.

    ASAPCash ReservesPartnershipsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  36. Complete "Pre-Showings: Mock Contract" checklist
  37. Class Watch "Contract To Buy and Sell in Detail" Recording of Live Class
    Watch the recording of the live presentation of "Contract To Buy and Sell in Detail" available on:

    https://JamesOrr.com/contract-buy-sell-real-estate-detail/

    ASAPClassesPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  38. Review "Contract to Buy and Sell Real Estate"
    Read through the "Contract to Buy and Sell Real Estate". Highlight any sections you have questions about. Write down your questions.

    Mark this task complete once you've read through the "Contract to Buy and Sell Real Estate". You'll be scheduling time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

    ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  39. Review "Lead-Based Paint Disclosure"
    Read through the "Lead-Based Paint Disclosure". Highlight any sections you have questions about. Write down your questions.

    You'll only need this if the property was built prior to January 1, 1978 but it is good to have reviewed it ahead of time so you understand it in case you look at properties built prior to this date.

    Mark this task complete once you've read through the "Lead-Based Paint Disclosure". You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

    ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  40. Review "Source of Water Addendum"
    Read through the "Source of Water Addendum". Highlight any sections you have questions about. Write down your questions.

    Mark this task complete once you've read through the "Source of Water Addendum".

    You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

    ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  41. Review "Seller's Property Disclosure"
    Read through the "Seller's Property Disclosure" for the property you're considering making an offer on or after you've made the offer if the Seller failed to provide ahead of time.

    Mark this task complete once you've read the "Seller's Property Disclosure".

    ASAPMaking OffersPaperworkPre-Showings: Mock ContractSellers Property DisclosureUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

  42. Review "Square Footage Disclosure"
    Read through the "Square Footage Disclosure" to see if you have any questions about information in that disclosure.

    Mark this task complete once you've read the "Square Footage Disclosure".

    ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

  43. IF FORT COLLINS: Review "Occupancy Limits Disclosure For Property Sale"
    Read through the "Occupancy Limits Disclosure For Property Sale" to see if you have any questions about information in that disclosure.

    Mark this task complete once you've read the "Occupancy Limits Disclosure For Property Sale".

    ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

  44. Meet with Real Estate Broker to review the "Contract to Buy and Sell Real Estate" and additional disclosures
    Meet with your Real Estate Broker to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and the additional disclosures. Ask your Real Estate Broker your questions about the "Contract to Buy and Sell Real Estate".

    Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

    ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  45. Meet with Contract and Paperwork Attorney to review the "Contract to Buy and Sell Real Estate" and additional disclosures
    Meet with your Contract and Paperwork Attorney to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and any additional disclosures. Ask your Attorney your questions about the "Contract to Buy and Sell Real Estate".

    Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

    ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  46. Interview 3 Accountants
    Talk to 3 Accountants to determine which one you'd like to use.

    Ask your Real Estate Broker for recommendations.

    Mark complete once you've talked to 3 Accountants of if you've already decided which Accountant you plan to use.

    AccountingASAPBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 2

  47. Determine your Accountant
    Determine who you will as your accountant to help you with financial planning and completing your taxes.

    Ask your Real Estate Broker for a recommendation.

    Mark this task complete once you've determined who you'll use as your Accountant.

    AccountingBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

  48. Meet with Accountant to review the "Contract to Buy and Sell Real Estate" and additional disclosures
    Meet with your Accountant to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and any additional disclosures. Ask your Accountant your questions about the "Contract to Buy and Sell Real Estate".

    Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

    ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  49. Create property folder on your computer within Dropbox
    Create a folder for this property purchase on your computer within Dropbox to stay organized.

    Mark this task complete once you've created the folder.

    ASAPComputer SetupShowingsUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

  50. Look at properties as they come on the market
    Review properties as you receive them to see if it something that you would consider and should run your analysis using the deal analysis spreadsheet.

    Showings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

  51. Analyze property before requesting a showing
    Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

    If the deal looks interesting after analyzing it, request a showing.

    Mark this task complete once you've analyzed deals for the day.

    Analyzing DealsCash FlowNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

  52. IF PROPERTY LOOKS INTERESTING: Create property folder in Dropbox
    If the property looks interesting and you're considering it, create a property folder in your Dropbox folder.

    Analyzing DealsNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

  53. IF PROPERTY LOOKS INTERESTING: Save analysis spreadsheet to your property folder
    If the property looks interesting and you're considering it save a copy of the deal analysis spreadsheet for this property to the property folder in Dropbox.

    Use the file naming convention:

    "YYYY-MM-DD - 1234 Main St - Analysis Spreadsheet.xlsx"

    Where YYYY is the four digit year, MM is the two digit month, DD is the two digit day of the month and 1234 Main St is the street address of the property.

    Analyzing DealsNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

  54. IF PROPERTY LOOKS INTERESTING: Request rent comps from your Real Estate Broker
    We are currently testing this as a service, but we've subscribed to a company where we can pull rental comparables for properties.

    If you are analyzing a property and it looks interesting, you can email James and Tammy and ask them to pull rental comparables to see what fair market rent might be on the property.

    Be sure to include the following in your email request:

    • Address of the property
    • Number of bedrooms (required to do rent comps)
    • Whether it is a SFH or apartment (the two choices for rent comps)
    • Whether you want just the report or the report and the CSV of the rent comps data if you plan to do some additional work on the data yourself in Excel

    Analyzing DealsCash FlowNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

  55. IF PROPERTY LOOKS INTERESTING: Email Real Estate Broker to request showing
    If after analyzing the property it looks interesting, request a showing by emailing your Real Estate Broker.

    TIP: If you're working with James and Tammy, be sure to email both of them since James may not be in his email and Tammy could setup up the showing before James will even be back in his email. If you just email James, he may not even see it until much later and then he'll typically forward it to Tammy to setup the showing.

    Be sure to include:

    • Property address
    • MLS number if possible
    • Your availability to be able to see the property (provided the Seller can accommodate that day and time)
    • Any additional questions you might have about it (if any)

    Analyzing DealsNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

  56. Get exact Lender Letter as needed when making offers
    Get a Pre-Approval Letter from your Lender for the exact amount of the offer you're about to write.

    Having a Lender Letter helps you get your offer accepted.

    FinancingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Info Required

  57. If you haven't already selected a Lender, ask Real Estate Broker for list of possible Lenders
    If you haven't already selected a Lender (which in most cases you will have at this point), then ask your Real Estate Broker to suggest 3 possible Lenders to contact for financing your home purchase based on the types of loans you're considering.

    You're welcome to use whichever Lender you choose (from the Real Estate Broker's recommendations or your own), however... you should realize that making sure your Lender performs if your responsibility.

    In other words, if your Lender does not show up on the day of closing with the money for whatever reason, you are still in default on the "Contract to Buy and Sell Real Estate" (not your Lender) and you are at risk of losing your Earnest Money (and specific performance in the unlikely event that box is checked on the "Contract to Buy and Sell Real Estate"). Another way of saying this is: your Lender is not a party to the "Contract to Buy and Sell Real Estate" and so they have no consequences in the "Contract to Buy and Sell Real Estate" if they don't perform.

    So, consider "testing" a new Lender carefully.

    ASAPContract Deadline: Loan Application DeadlineDream TeamDream Team - Pre-ClosingFinancingUltimate Nomad ChecklistWeek 2

  58. If you have not already done so, interview 3 Lenders
    If you have not already done so, talk to 3 Lenders to determine which one you'd like to use.

    Ask your Real Estate Broker for recommendations.

    You may want to consider at least reading through the Mortgage Broker Interview Questions for some ideas of what you might want to ask:

    https://JamesOrr.com/mortgage-broker-interview-questions/

    Mark complete once you've talked to 3 Lenders of if you've already decided which Lender you plan to use.

    ASAPContract Deadline: Loan Application DeadlineDream TeamDream Team - Pre-ClosingFinancingUltimate Nomad ChecklistWeek 2

  59. If you have not done so already, determine your Lender
    Decide which Lender you will use to finance your purchase.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Lender to use.

    Analyzing DealsASAPContract Deadline: Loan Application DeadlineDream TeamDream Team - Pre-ClosingFinancingUltimate Nomad ChecklistWeek 2

  60. If you have not done so already, apply for loan with Lender
    Make an application to get qualified for a loan with the Lender you've decided you're going to use.

    Some people will opt to get quotes from multiple lenders. If you're going to do this, compare everyone on the same day so the rate is the same.

    Also, have the Lender you think is most likely to be the one you'll go with pull your credit and then tell the other Lenders you're comparing what your credit score is. If you decide to go with them, you'll let them pull your credit then.

    If you need a recommendation for a Lender ask your Real Estate Broker.

    Mark this task complete once you've applied for a loan and been approved with the Lender you plan to use.

    ASAPContract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 2Week 54

  61. If you haven't done so alreayd, send copy of "Contract to Buy and Sell Real Estate" to your Lender
    As soon as your "Contract to Buy and Sell Real Estate" is accepted, make sure your Lender has a copy so they can complete your application and start working on getting your financing approved and through under-writing.

    ASAPContract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 2Week 54

  62. REAL ESATE BROKER: Provide list of recommend Insurance Agents
    Your Real Estate Broker can provide you with a list of recommended Insurance Agents. You're welcome to choose any Insurance Agent you want whether they are on the list or not.

    Mark this complete when done.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  63. If you haven't already, determine your Insurance Agent
    If you have already done so, decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Insurance Agent to use.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  64. Get Interest Rate quote for analysis
    Call your Lender and get an Interest Rate quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

    You'll modify this as interest rates change or as your loan program changes for the property you're analyzing.

    Mark this task complete when you have an interest rate estimate to use when analyzing deals using Brian's Spreadsheet.

    Analyzing DealsASAPCash FlowFinancingNet Operating IncomeUltimate Nomad ChecklistWeek 2

  65. Partnership Create Partnership folder
    If this is a Partnership. Create a folder for this Partnership on my computer inside Dropbox.

    Recommend that you use the name of Partnership as folder name.

    Mark this complete when done.

    Computer SetupPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  66. Partnership Negotiate partnership terms
    Negotiate the terms of your partnership with your partners.

    Mark this task complete when finished.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  67. Partnership Determine Partnership entity
    Determine the entity that you'll use for Partnership. Often this will be an LLC, but meet with your Entity Attorney to discuss what might be best for your unique situation.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  68. Partnership Create list of questions about partnerships for meeting with Attorney
    Create list of questions about partnerships for Attorney.

    Mark complete once you've got your list of questions.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  69. Partnership Read Operating Agreement
    Read through your LLC Operating Agreement.

    Highlight sections you have questions about. Write down any questions you have.

    Mark this task complete once you've read your Operating Agreement and marked up any sections you have questions on. You will be meeting with your Entity Attorney to get your questions answered in another task.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  70. Partnership Meet with Entity Attorney to review Operating Agreement
    Once you've read through your Operating Agreement and highlighted sections you have questions about, bring your questions to a meeting with your Entity Attorney.

    Mark this task complete once you understand and feel comfortable with your Operating Agreement.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  71. Partnership Search LLC names
    Search for available names for your LLC on the Secretary of State website.

    Mark done when you've found a name that you can use for your LLC that is not already being used.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  72. Partnership Determine LLC name
    Once you've looked up names on the Secretary of State website, decide what name you'll use for your LLC.

    Mark this task complete once you've decided.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  73. Partnership Register LLC with Secretary of State
    Important note: your Entity Attorney may do this on your behalf if you've hired them to create your entity.

    Otherwise, register LLC with the Secretary of State by completing Articles of Organization. Save a copy of your Articles of Organization to your Partnership folder in Dropbox.

    Mark this task complete once you've filed Articles of Organization.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  74. Partnership Subscribe your email to LLC record with Secretary of State
    Make sure when you create your LLC that you subscribe the LLC record via email so you can receive email notices when your "Periodic Report" is due, etc.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  75. Partnership Create partnership agreement in writing
    Create your partnership agreement in writing. This is often an Operating Agreement if you're an LLC or a Partnership Agreement if you're a true Partnership).

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  76. Partnership Hold Organizational Meeting for LLC
    Hold your official Organizational Meeting for the LLC and save a copy of your "Organization Meeting Minutes" to your LLC folder on Dropbox.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  77. Partnership Request EIN for your LLC
    You'll need your Employee Identification Number (EIN) from the IRS to be able to open your LLC's bank account so request one from the IRS.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  78. Partnership Open LLC bank account
    Armed with your Articles of Organization, Operating Agreement, Organizational Meeting minutes, EIN number and some money to deposit go to the bank and open your LLC bank account.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  79. Partnership Create Articles of Organization for LLC
    Create Articles of Organization for your LLC. This is usually done online on the Secretary of State website and is what registers your LLC with the state.

    LLCPartnershipsUltimate Nomad ChecklistWeek 2

  80. Partnership Create list of questions about partnerships for meeting with Accountant
    Create list of questions about partnerships for Accountant.

    Mark complete once you've got your list of questions.

    AccountingPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

>