I have found a property….now what?
Finding the right property and reaching a purchase agreement is an exciting time! However, as I mentioned in the previous post, the closing process is quite lengthy (unless of course you are buying your property with 100% cash). Initially, you will be very busy gathering all kinds of information out of your file cabinet to bring to the bank. Once that craziness wears off, there you sit. You can expect to wait 45-60 days to close on your investment property.
What to do while the days crawl by until closing?
Hopefully by this point, you have walked through your property a couple of times. If I know I am serious about putting in an offer on a property, I will take pictures room by room as I walk through. This allows for meticulous planning so that once you close, the organized chaos can begin! Without a list or plan, you will find yourself walking into your investment property and “wandering”. There will most likely be so much to do, you will not know where to start. You will find yourself starting everything at once and not finishing anything. Most importantly, doing things in the wrong order can lead to even MORE work. Time is money!
How do I plan? What do I plan for?
Step 1: Think big picture. Is there something in your house that is going to require hiring a professional? Businesses are often scheduled a couple weeks out to even come out to walk your property and give you an estimate. Call ahead and schedule to meet with them soon after your closing day so that work can begin as soon as possible. If your closing date ends up getting pushed back you can always push back your appointment as well. Most businesses will give you a free estimate, so there will not be any cost to you for changing your appointment.
Step 2: Start going through those pictures! Get a legal pad out and room by room list everything that needs to be done. As you are writing your list, create columns to the side of your list for “Items to buy”, “Tools to bring”, “People to Schedule”. The more organized you are, the better use you will make of your time.
Step 3: Once you have your master list- review it again, and again, and again. You should then prioritize your work. Ask yourself, “Once I have my keys, what needs to be done first?” Always go to your house with your short list of priorities of what work needs to be done next. The more organized you are, the better!
Step 4: Take advantage of your “free time”. Once you close, you will not have a spare minute!!
What other tips do you have when it comes to organizing a renovation?