Updated over 7 years ago on . Most recent reply
First time buyer, property under agreement, what's my next steps?
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.