Checklist Tags

These are the checklists related to Week 10.

These are the tasks for Week 10 of the Ultimate Nomad Checklist™.

Typically Week 10 you're under contract, finalizing negotiations on your Inspection and tweaking you financing.

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. Complete "Loan Objection Deadline" checklist
  5. Consider ARM versus fixed-rate mortgages
    In all but a small number of cases, we recommend fixed-rate 30 year mortgages for Nomads.

    However, there are two situations we'd consider ARMs.

    First, if you're buying the property and are 100% positive you're going to be putting a Tenant-Buyer in the property and you will be out of the property before the mortgage will adjust, then you can consider using an ARM.

    Second, if you're buying the property with partners and the only loan you can get with the partnership is an ARM then you can also consider an ARM. However, in this case you probably should be putting a Tenant-Buyer in the property so it probably still falls under the first reason above.

    Interest rates for ARMs (Adjustable Rate Mortgages) tend to be a little lower than the interest rates on fixed-rate 30 year mortgages. But the ARM interest rates can adjust over time causing much higher monthly payments and significant negative cash flow after the interest rate adjusts. This adds additional risk that you could have opted not to take on.

    Mark this task as complete if you have decided to get fixed-rate mortgage or an ARM.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingNet Operating IncomeOptionalTenant-BuyersUltimate Nomad ChecklistWeek 10

  6. Discuss monthly PMI versus up-front PMI with Lender
    Often for Nomads it is better to pay a one-time up front PMI (Private Mortgage Insurance) payment instead of monthly PMI on their loans.

    This may mean coming to Closing with a little more cash.

    Sometimes it means voluntarily raising your interest rate with your Lender to get a credit to pay for some or all of the up-front PMI.

    Discuss these two scenarios with your Lender to see which one makes more sense to you.

    Mark this task complete once you've discussed this with your Lender and decided which you'll pick.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingInterest RateNet Operating IncomeOptionalPrivate Mortgage InsuranceUltimate Nomad ChecklistWeek 10

  7. Consider buying down interest rate
    Talk to your Lender to see if buying down your interest rate makes sense in your specific situation.

    Sometimes, especially if you have extra cash and you plan to hold the property for a long time, it makes sense to pay additional points to get a lower interest rate.

    Mark this task complete once you've talked to your Lender about these options, analyzed them yourself and decided to buy down your interest rate or not.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

  8. Consider increasing down payment
    Sometimes if you have extra cash for down payment it might make sense to increase down payment.

    We often consider this as an alternative to to paying up-front PMI or buying down the interest rate. If we're putting less than 20% down, one way to lower our monthly payment is to put more down to get rid of PMI instead of paying the PMI up-front.

    Mark this task as complete when you've talked to your Lender about using a larger down payment and decided whether you will or not.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineDown PaymentFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

  9. Complete "Buyer’s Credit Information Deadline" checklist
  10. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  11. Complete "Disapproval of Buyer’s Credit Information Deadline" checklist
  12. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Disapproval of Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  13. Complete "Existing Loan Documents Deadline" checklist
  14. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  15. Complete "Existing Loan Documents Objection Deadline" checklist
  16. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents Objection DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  17. Complete "Loan Transfer Approval Deadline" checklist
  18. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Loan Transfer Approval DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  19. Complete "Seller or Private Financing Deadline" checklist
  20. IF OWNER FINANCING: Hire Attorney to help
    If you're buying a property and you are getting Owner Financing or Private Financing please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Seller or Private Financing DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  21. REAL ESTATE BROKER: Negotiate on your behalf regarding inspection
    If you objected using an "Inspection Objection", you will usually use an "Inspection Resolution" form with the help of your Real Estate Broker to come to a resolution to what you and the Seller agreed to regarding the inspection items.

    After the "Inspection Objection" your Real Estate Broker with your assistance will negotiate with the Seller and Seller's Real Estate Broker to find terms that are acceptable for you.

    IMPORTANT: This must be done prior to Inspection Resolution Deadline. If you have not come to terms by the Inspection Resolution Deadline and you still want to purchase the property you must withdraw your "Inspection Objection" prior to the Inspection Resolution Deadline or your contract will terminate.

    The inspection process has lots of nuance so discuss this in detail with your Real Estate Broker.

    Mark this complete once you've come to terms on your inspection resolution with a fully executed "Inspection Resolution" form, withdrawn your "Inspection Objection" or did not object at all.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  22. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" or "Inspection Resolution" and withdraw "Inspection Objection"
    If you've come to a resolution regarding your inspection concerns, then your Real Estate Broker should prepare either an "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or an "Inspection Resolution" to document the resolution.

    In addition, they should prepare your "Inspection Objection" to have you withdraw it so your contract does not terminate.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  23. IF RESOLVED: Sign "Amend/Extend" or "Inspection Resolution" and "Inspection Objection" withdrawal via DocuSign
    If you've come to a resolution regarding your inspection, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or "Inspection Resolution" to document the resolution.

    Additionally, sign the withdrawal section of the "Inspection Objection" via DocuSign.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  24. IF RESOLVED: Save "Amend/Extend" or "Inspection Resolution" and "Inspection Objection" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or "Inspection Resolution" that you signed via DocuSign to your property folder in Dropbox.

    Also, save the "Inspection Objection" that you withdrew to your property folder in Dropox overwriting the previous one.

    You'll replace the "Amend/Extend" or "Inspection Resolution" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  25. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Sign "Inspection Objection" withdrawal
    If you are unable to come to a resolution with the Seller over your inspection but you still want to purchase the property, you will need to withdraw your "Inspection Objection" prior to the Inspection Resolution Deadline.

    Sign the withdrawal section of the "Inspection Objection" that your Real Estate Broker sends over via DocuSign.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  26. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Save "Inspection Objection" to Dropbox
    After signing the withdrawal section of the "Inspection Objection" via DocuSign, save a copy of it to your property folder on Dropbox.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

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