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

19 Replies

1) Celebrate with dinner and drinks

2) Send a thank you letter to the buyer

3) Freak out because  I spent so much on dinner

4) Spend 3 hours revising my business plan

5) Visit my CPA

@Brandon Sturgill  I will let you know when I finally do one! But it will probably be close to what you do!

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:)

@Nicole Pettis   Sounds awesome...sorry for jumping to conclusions. After I posted I went and read your profile. Sounds like you are doing some great things.

@Brandon Sturgill  Thank you! Oh no worries, I haven't had time to update what I have been doing, just been busy networking, networking and more networking! Looking for houses, doing the numbers and such. You know how it is:) If we close on this one trust me I will be celebrating twice!!

Have a fabulous day!

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 : )

@Mike G.   Thanks for responding. I appreciate the fact that you can take time to reflect on the deal. I think this is something we should all be doing.

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.

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