I have my first deal under contract. Now what?

7 Replies

So I just got my first property under contract on Friday and I'm not sure what my next step is supposed to be. Could someone help point me in the right direction. 

P.S. I'm going to be flipping this house.

Flip this one...do the next one.

Joe Villeneuve
REcapSystem
A2REIC

I am new also, but what I do know is that after you have a contract you need to really work hard to:

1. Make sure your rehab estimates are very accurate and bring contractors to review the site.

2.  Get a home inspection - usually part of the contract process - make sure they look thoroughly at the home and this gives you an opportunity to get out of the deal assuming you have that in your contract even if you bought "as-is" a good realtor would have placed a clause in there to give you an out if a major issue is discovered.

3.  Line up your contractors - holding costs start the moment you bought the house.

I'm sure others have better advice - good luck.

Thanks Edward. Another question, what do I do about a title company? Do I need to find one immediately or is that something I should wait on?

@Payden Miller  the title company will hold all the docs & funds in escrow until closing, so you should be finding one now and opening escrow for the transaction. Since you're going to flip it yourself and not wholesale it you should be able to use any title company. I've heard Alpha Title is investor-friendly and I know some folks over at Continental Title from my title insurance days. 

Great! Thanks Jim. That's really helpful. Jamee and I will check those two out. 

Great advice and Jim lives in Kansas as well - this is a great site for sure.

Yeah! In fact, Jim and I have met in person a few times! A great site indeed.

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