Buena Park, CA · Member since 2016 · 31 posts · 12 votes
Hello everyone,
I'm in the closing stages of acquiring my first investment property! I just want to ask what my next steps are. I feel I have a good action plan, but wanted to check with more experienced investors just in case I'm missing anything.
Here's the situation:
Title work has been done.
Out of state investor, buying the prop in Indiana.
Buying from a wholesaler
Financed the deal with a local portfolio lender where I'm buying from.
Appraisal is being done today
Inspection next week.
Have referral for prop manager but haven't contacted yet.
Close expected 1st-2nd week of July.
I think my next steps is to contact an insurance company to get my property insured. At what point do I send the rest of the money to finalize the purchase, is it after inspection? Anything else I need to do and/or set up and look out for? Otherwise I think it'll be a smooth transaction. If you need additional details please let me know.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
8y
Insurance should be top priority followed closely by property management, the rest of the money will be wired near when you are about to close, call the title/ escrow company for specific details on when and how much. Make sure you double check their math, I have caught mistakes before.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
8y
Congrats on finding property here!
Did you visit and walk the property? Do you have any contingencies like pending inspection, etc? After the inspection gets completed I would reach out to the PM company and discuss how they screen tenants. That would be very valuable information.
Buena Park, CA · Member since 2016 · 31 posts · 12 votes
8y
Thanks for the responses,
Aaron, will definitely check out the math.
Jaron, no I personally haven't visited the property but hired an inspector. The agreement has the standard contingencies. I will reach out to the prop manager soon. Thanks!