First time buyer, property under agreement, what's my next steps?

Question

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.

Aaron K. · Answer

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.

Cosmo Lee · Answer

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!

Jaron Walling · Answer

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.