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

3 Replies

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.

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.

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.

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!