This is the Ultimate Nomad Checklist™. Select which week you'd like to see the tasks for.
Week 2
Week 2 is about starting to look at properties and preparing to make an offer.
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
Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 2
Analyzing DealsComputer SetupFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2
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
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
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
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
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
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
Buying Process OverviewDuring ChecklistsPre-ShowingsUltimate Nomad ChecklistWeek 2
ASAPFinancingPre-ShowingsPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2
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
Ask your Real Estate Broker for recommendations.
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
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
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
ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54
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
ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54
ASAPFinancingPre-ShowingsPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2
Having a "Lender Letter" helps you get your offer accepted.
ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54
"YYYY-MM-DD - FULL NAME - Max Lender Pre-Approval Letter.pdf"
ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54
ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54
ASAPEarnest MoneyFinancingPre-ShowingsPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2
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
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
ASAPDown PaymentPre-ShowingsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2
https://RealEstateFinancialPlanner.com/how-to-get-down-payment-for-nomad/
ASAPClassesDown PaymentFinancingNomad BasicsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2
Down PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2
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
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
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
Mark this task complete once done or if you're not doing this.
ASAPCash ReservesPartnershipsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2
ASAPPaperworkPre-ShowingsPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2
https://RealEstateFinancialPlanner.com/contract-to-buy-and-sell-real-estate-in-detail/
ASAPClassesPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2
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
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
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
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
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
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
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
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
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
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
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
Mark this task complete once you've created the folder.
ASAPComputer SetupShowingsUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9
Showings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9
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
Analyzing DealsNet Operating IncomeShowings: Request ShowingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8
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
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
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
Having a Lender Letter helps you get your offer accepted.
FinancingUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Info Required
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
Ask your Real Estate Broker for recommendations.
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
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
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
ASAPContract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 2Week 54
Mark this complete when done.
Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9
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
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
Recommend that you use the name of Partnership as folder name.
Mark this complete when done.
Computer SetupPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
Mark this task complete when finished.
PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
Mark complete once you've got your list of questions.
PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
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
Mark this task complete once you understand and feel comfortable with your Operating Agreement.
ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
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
Mark this task complete once you've decided.
ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
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
ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
Mark complete once you've got your list of questions.
AccountingPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2