Steps after offer is accepted

[Maximo Jacobo]

Hello folks,

I am in the learning process of real estate investing and I have taken an interest in learning the BRRR strategy in full, to use as my main strategy . My question is, what steps do you take after a BRRR offer has been accepted?

Considering that even after I read j Scott’s book on estimating rehab cost and other books on the subject, I still have a hard time estimating rehab cost, so I would be paying contractors to walk through my properties to give me itemized bids

* Should I set up the inspection before I send contractors to give me bids ?

* Do I ask the contractors to give me itemize bids or wait until they walk through the property, then ask them to give me an itemize bid ?

* And When do I get in contact with a title company?

Thank you in advance for any help or advise

[Steve Morris]

OK, in order:

1) Read and UNDERSTAND your signed PSA for monies and times when due

2) Ask for books to verify return and completeness.  At a min, you'll be assigned any leases and need to honor them

3) Hire a prop inspector and get an idea of issues (if any)

4) If major issues, retrade with seller, if you want to go ahead.  Try to get bids on jobs at one time and then decide if you want a price adjust (recommended) or have the seller do it (may add delay and may not be to your standards).

5) Ask for title immediately and see if any problem exceptions (liens, easements, etc.) to resolve by close and what will survive closing

6) Talk to your lender and see if all the funds (your down) and their funding is lined up and what they need to do.