This is the Ultimate Nomad Checklist™. Select which week you'd like to see the tasks for.
Week 10
Typically Week 10 you're under contract, finalizing negotiations on your Inspection and tweaking you financing.
GoalsUltimate Nomad ChecklistWeek 10Week 14Week 18Week 2Week 22Week 26Week 30Week 34Week 38Week 42Week 46Week 50Week 54Week 6
Do this at a minimum once a month.
Mark this task as complete once you've reviewed your "Future Narrative" this month.
ASAPFuture NarrativeGoalsUltimate 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 55Week 56Week 57Week 58Week 59Week 6Week 60Week 61Week 62Week 63Week 64Week 7Week 8Week 9
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
https://RealEstateFinancialPlanner.com/loan-objection-deadline/
Contract Deadline: Loan Objection DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
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
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
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
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
https://RealEstateFinancialPlanner.com/buyers-credit-information-deadline/
Contract Deadline: Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
Contract Deadline: Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
https://RealEstateFinancialPlanner.com/disapproval-of-buyers-credit-information-deadline/
Contract Deadline: Disapproval of Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
Contract Deadline: Disapproval of Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
https://RealEstateFinancialPlanner.com/existing-loan-documents-deadline/
Contract Deadline: Existing Loan Documents DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
Contract Deadline: Existing Loan Documents DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
https://RealEstateFinancialPlanner.com/existing-loan-documents-objection-deadline/
Contract Deadline: Existing Loan Documents Objection DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
Contract Deadline: Existing Loan Documents Objection DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
https://RealEstateFinancialPlanner.com/loan-transfer-approval-deadline/
Contract Deadline: Loan Transfer Approval DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
Contract Deadline: Loan Transfer Approval DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
https://RealEstateFinancialPlanner.com/seller-or-private-financing-deadline/
Contract Deadline: Seller or Private Financing DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
Contract Deadline: Seller or Private Financing DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13
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
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
Additionally, sign the withdrawal section of the "Inspection Objection" via DocuSign.
Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10
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
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
Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10