Checklist Tags

These are the checklists related to Dream Team.

These tasks all have to do with selecting members of your real estate Dream Team. Your Dream Team will help you buy, sell and invest in real estate.

We do break your Dream Team down into your Dream Team - Pre-Closing and Dream Team - Post-Closing. The Pre-Closing Dream Team members you will need, in most cases, before you buy a home. The Post-Closing Dream Team members can wait until after you close on your first property (and sometimes even longer).

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. 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:

    https://JamesOrr.com/meet/

    Mark this task as done once you've selected a Real Estate Broker to work with.

    ASAPBuying Process OverviewDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 1

  2. Determine your Contract and Paperwork Attorney
    If you're going to have the paperwork for working with your Real Estate Broker, Contract to Buy and Sell Real Estate, or any other paperwork you might sign reviewed by an Attorney before you sign it, you may want to determine who that Attorney will be.

    This Attorney will also probably prepare or review your Lease.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

    Asset ProtectionDream TeamDream Team - Pre-ClosingFirst Meeting: PaperworkLeasePaperworkUltimate Nomad ChecklistWeek 1

  3. 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

  4. 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

  5. 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

  6. 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

  7. Determine your Contract and Paperwork Attorney (if you haven't done it already)
    If you're going to have the "Contract to Buy and Sell Real Estate" (or any other paperwork you might sign) reviewed by an Attorney before you sign it, you may want to determine who that attorney will be.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

    Asset ProtectionDream TeamDream Team - Pre-ClosingPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 1

  8. 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

  9. 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

  10. Determine your Title Attorney
    If you have questions about your Title Work, you may want to meet with a Title Attorney to have your questions answered in addition to asking the Title Company.

    You can ask your Real Estate Broker for a recommendation.

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

    Contract Deadline: Record Title Objection DeadlineDream TeamDream Team - Pre-ClosingOptionalUltimate Nomad ChecklistWeek 9

  11. 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

  12. 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

  13. 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

  14. REAL ESTATE BROKER: Provide you a list of Home Inspectors
    Your Real Estate Broker should provide you with a list of Home Inspectors. You can use whoever you wish including Home Inspectors not on the recommended list.

    ASAPContract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  15. Determine your Home Inspector
    Determine who you will use to inspect your new property when you go under contract.

    Ask your Real Estate Broker for a recommendation.

    Mark this task complete when you've decided which Home Inspector you'll use when you go under contract.

    ASAPContract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  16. Determine your Radon Testing Company
    Determine who you will use to test for radon once you have a property under contract. Often this is the same person you selected as your Home Inspector.

    Ask your Real Estate Broker or Home Inspector for a recommendation.

    Mark this task complete once you've decided which Radon Testing Company you'll use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionOptionalUltimate Nomad ChecklistWeek 61Week 9

  17. Determine your Sewer Scope Company
    Decide which Sewer Scope Company you will use to do a Sewer Scope on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Sewer Scope Company to use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  18. Determine your Meth Test Company
    Decide which Meth Test Company you will use to do a Meth Test on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Meth Test Company to use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  19. 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

  20. 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

  21. Determine your Entity Attorney
    For most Nomads you will not be buying in an entity. However, if you're buying as a partnership or in some cases if you're buying a non-owner-occupant rental property you may want to consider buying in an entity like an LLC. Buying properties in an entity complicates financing the property.

    If you're buying in an entity, determine which Attorney that specializes in setting up entities you will use to setup your entity.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as completed when you've determined who you'll use to set up your entity or if you're not buying in an entity for this purchase.

    Asset ProtectionDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 3

  22. Determine your Photographer
    You will want a Photographer to take professional photos of the property while it is vacant before you move in if this is a Nomad property or before a tenant moves in if this is a partnership purchase or a non-owner-occupant purchase.

    We recommend that you have photos taken right after you close before you move in in almost all cases. You will use these photos when you're marketing the property to rent.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as complete once you've decided which Photographer you will use to take photographs of the property after you close.

    Dream TeamDream Team - Post-ClosingDream Team - Pre-ClosingMarketingUltimate Nomad ChecklistWeek 12Week 64

  23. Determine your Contract and Paperwork Attorney for Post-Closing Paperwork
    If you're going to have your Lease (or any other paperwork you might sign) reviewed by an Attorney before you use it, you may want to determine who that attorney will be.

    This attorney will also probably review your Contract to Buy and Sell Real Estate.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

    Asset ProtectionDream TeamDream Team - Post-ClosingLeasePaperworkUltimate Nomad ChecklistWeek 54

  24. Meet with Contract and Paperwork Attorney to go over Lease
    Once you've read through the Lease and highlighted sections you have questions about, take your questions and meet with your Contract and Paperwork Attorney and go over your questions about the Lease.

    Mark this task as complete once you feel comfortable with the Lease.

    Dream TeamDream Team - Post-ClosingLeasePaperworkUltimate Nomad ChecklistWeek 44

  25. Determine your Plumber
    Decide which Plumber you will use to do a should you have plumbing issues with your property.

    You can ask your Real Estate Broker for recommendations.

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

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 19

  26. Determine your Flooring Company
    Decide which Flooring Company you will use to do carpet or other flooring on the property.

    You can ask your Real Estate Broker for recommendations.

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

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 21

  27. Determine your Handyman
    Decide which Handyman you will use to do a should you have general maintenance issues with your property.

    You can ask your Real Estate Broker for recommendations.

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

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 18

  28. Determine your Painter
    Decide which Painter you will use to do painting on the property.

    You can ask your Real Estate Broker for recommendations.

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

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 22

  29. Determine your Roofer
    Decide which Roofing Company you will use to do roof related work on the property.

    You can ask your Real Estate Broker for recommendations.

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

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 23

  30. Determine your HVAC Company
    Decide which HVAC Company you will use to do a heating and air conditioning work on the property.

    You can ask your Real Estate Broker for recommendations.

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

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 24

  31. Determine your Electrician
    Decide which Electrician you will use to do electrical work on the property.

    You can ask your Real Estate Broker for recommendations.

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

    Dream TeamDream Team - Post-ClosingDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 20

  32. Determine your Credit and Background Check provider
    Determine who you will use to run credit and background checks on your tenants and tenant-buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingTenant ScreeningUltimate Nomad ChecklistWeek 43

  33. If you haven't done so already, determine your Credit and Background Check provider
    If you have not already done so, determine who you will use to run credit and background checks on your Tenants and Tenant-Buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  34. Research local landlord-tenant laws for your city, county, and state
    Take some time to research the landlord-tenant laws for your city, county, and your state.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  35. Make sure you have adequate cash reserves
    Make sure you feel comfortable with the cash reserves you have for your rental property.

    Most CPAs will recommend you have between 6 months and 12 months of your mortgage payment, taxes, insurance and maintenance reserves for your property.

    If you do not have this amount saved for your property, make it a goal to work on building up your account to have that for each rental property you have.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  36. Attend local landlord meetings
    Find your local landlord group and attend meetings to stay abreast of the rental market and network with other landlords.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

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