What are the First Five Things You Do After a Property Sells?..

19 Replies

Promotion
Ashcroft Capital
A national multifamily investment firm
Three Reasons Investors May Prefer Real Estate
Read three reasons why investing in real estate private placements may provide several advantages.
Read More Here

1. Do Nothing

2. Look for another house

3. Check my bank account to see if the wire came in already

4. Call the title company about my wire

5. Do nothing.

Sorry I don't celebrate its just another house.. Not a big deal

@Brandon Sturgill Oh no, when we moved to Milwaukee five years ago we rented for awhile. Then when we were serious about getting into REI, we bought a foreclosure with a 203k loan. And while that was going on, I started the Local Meetup here in Milwaukee and have been running that while working to find a private investor.

Took me about a year, but I finally found someone that wants to work with me and we just put an offer on a house yesterday, however there are 10 other offers, so just waiting to hear back. Competition is tough here in Milwaukee, foreclosures in good areas are going quick, so if you don't have the cash right then and there, then you will loose it.

Yes, I have been posting a lot because I like to help and it keeps me focused on my goals:)

1. Terminate property insurance policy

2. Notify gardener/pool service that the house is sold

3. Update property spreadsheet/Quickbooks

4. Post before and after photos

5. Evaluate what we learned - good and bad

1) celebratory fist pump and/or karate kick once I hear that the buyer's have finished their part of settlement

2) have assistant call and make sure utilities out of my LLC's name

3) tell insurance company to cancel insurance

4) make sure I got da money

5) do profit reconciliation

1) gift to new buyers

2) sigh of relief everything went though smoothly

3)project/budget recap of things that went well and didn't - how to improve on those for next time

4)Post pics (still need to do this on some)

5)Revisit goals to see where we are and be already preparing for the next house : )

Promotion
Marko Rubel
ATTENTION INVESTORS
Get Deals 100% Funded – No Credit, No Banks, No Job Verification
New Unlimited Funding® program for investors: low-interest, without banks or shark lenders.
Check availability

1) Cancel property insurance

2) Cancel electric

3) Make dinner reservations

4) Check to make sure the check did not have a stop payment (happened Wed)

5) Allocate the money

It depends on the gift, the last house the new owners really liked our barstools that we used for staging so we threw those in for them. We also give out chocolates at closing to them as well as the agents and closing company.....not anything huge but it helps you stand out to others in the biz.....thank you @JScott for the tip!

Originally posted by @Brandon Sturgill:

@Walt Payne  Thanks for posting...bummer about the check. Any recourse?

 They screwed up the taxes. Then they gave me an hour to get them a check for the difference. They did a stop payment, then after it was verified, afternoon of the next day, they wired the money. So it was not a major delay.