Before

The Before checklist are the things that Nomad should do prior to buying a property.

It is part of the three major checklists that we have:

We have a similar set of Before, During and After checklists for the things that real estate agents working with Nomads should use.

Before Checklist

The following are my recommendations for tasks that Nomad should complete before purchasing their first Nomad property.

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Complete the "Before" checklist for tasks that you should do before you start buying a property:

https://learntoberich.com/before/

Mark this task as complete when done.

ASAPBefore ChecklistsUltimate Nomad ChecklistWeek 1

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Read the "Before for Real Estate Agents" blog post on

https://learntoberich.com/before-agent/

Mark this task as complete when you're done.

Before ChecklistsFor Real Estate AgentsSponsors

Buying Process Overview

The following is a flowchart outlining the major steps in our Buying Process Overview.

buying-process-overview-nothing-selected

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Watch the recording of the live presentation of "Get Your First Deal Done" available on:

https://learntoberich.com/get-your-first-deal-done/

Mark this task as complete once you've watched it.

ASAPBuying Process OverviewClassesGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Buying Process Overview for Nomads" available on:

https://learntoberich.com/buying-process-overview/

Mark this task as complete once you've watched it.

ASAPBuying Process OverviewClassesGet Your First Deal DoneNomad BasicsOptionalUltimate Nomad ChecklistWeek 1

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Read "Benefits of Becoming a Client" blog post on:

https://learntoberich.com/benefits-of-becoming-a-client/

Mark this task as complete when you're done.

ASAPBuying Process OverviewFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

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Meet with James for lunch to discuss working with him. You can request a meeting by scheduling an appointment on his calendar:

http://JamesOrr.com/meet/

Mark this task as done once you've selected a Real Estate Broker to work with.

ASAPBuying Process OverviewDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 1

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Complete the "After" checklists:

https://learntoberich.com/after/

Mark this task complete when done.

After ChecklistsBuying Process OverviewUltimate Nomad ChecklistWeek 13

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Buying Process Overview: First Meeting

Many of the things that we will be encouraging you to do will be in the First Meeting with your real estate agent stage.

A good real estate agent will see how much detail you want. There are clients that want an immense amount of detail (which I am happy to provide). Other clients prefer to have just the big picture and they’ll get detail as we go. Again, I’m happy to do that as well.

When clients meet with me in Northern Colorado, I gift them copies of two of my books (the client does not pay for them) and we discuss the following.

buying-process-overview-first-meeting

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For clients of James Orr, Realtor in Northern Colorado, he usually gives them a copy of his "Northern Colorado Real Estate Advisor" book at the first meeting.

Others can see a copy of it at:

https://www.amazon.com/Northern-Colorado-Real-Estate-Advisor/dp/1512173142/

Local clients... mark complete when you've received a copy of the book. Others, can mark this complete.

First MeetingUltimate Nomad ChecklistWeek 1

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For clients of James Orr, Realtor in Northern Colorado, he usually gives them a copy of his original "Nomad" book at the first meeting.

Others can see a copy of it at:

https://www.amazon.com/Nomad-Mr-James-Orr/dp/1518868959/

Local clients... mark complete when you've received a copy of the book. Others, can mark this complete.

First MeetingUltimate Nomad ChecklistWeek 1

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Clients of mine get special access to password protected VIP resources on JamesOrr.com like recordings of previous NCREIG classes and charts and market stats.

Register for a free account on JamesOrr.com:

http://JamesOrr.com/register/

Then, email James at jamesorr@gmail.com and let him know the email you used to create your account and ask him to upgrade you to VIP status on JamesOrr.com.

Once he manually upgrades you to VIP status, he will reply to your email and you will have access to class recordings and market stats.

Class recordings: http://jamesorr.com/ncreig-classes/
Chart maker: http://jamesorr.com/chart-maker/

Additional links to charts are located on the homepage of JamesOrr.com as well: http://jamesorr.com/

First MeetingUltimate Nomad ChecklistWeek 1

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Clients of James Orr also get free Premium Nomad access.

Register for a free account:

https://LearnToBeRich.com/free/

Then, email James at jamesorr@gmail.com to let him know what email address you used to register on LearnToBeRich.com and ask him to upgrade you to Premium Nomad.

Once he manually upgrades you, he will reply back and you will be able to access the Premium Nomad content including dynamic checklists (like this one you're reading right now), Nomad Calculator and recordings of over 40 Nomad classes.

First MeetingUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Paperwork" checklist:

https://learntoberich.com/paperwork/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting PaperworkUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Professional Services Provided" checklist:

https://learntoberich.com/professional-services-provided/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Professional Services ProvidedUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Your Real Estate Goals" checklist:

https://learntoberich.com/your-real-estate-goals/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Financing" checklist:

https://learntoberich.com/financing/

Mark this task as complete when done.

ASAPFinancingFirst MeetingFirst Meeting FinancingUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Receive Property Lists" checklist:

https://learntoberich.com/receive-property-lists/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Analyze Deals" checklist:

https://learntoberich.com/analyze-deals/

Mark this task as complete when done.

Analyzing DealsASAPFirst MeetingFirst Meeting Analyze DealsUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Write Offer" checklist:

https://learntoberich.com/write-offer/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting: Write OfferMaking OffersUltimate Nomad ChecklistWeek 1

During the First Meeting with your real estate agent, you will discussing a number of important topics. Here’s a flow chart showing the most common.

first-meeting-with-real-estate-agent-nothing-selected

Buying Process Overview: First Meeting: Paperwork

first-meeting-with-real-estate-agent-paperwork

During the Paperwork stage of the First Meeting with your real estate agent, you’ll want to make sure you cover the following with your real estate agent.

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Read "Benefits of Becoming a Client" blog post on:

https://learntoberich.com/benefits-of-becoming-a-client/

Mark this task as complete when you're done.

ASAPBuying Process OverviewFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

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Complete the "First Meeting: Paperwork" checklist:

https://learntoberich.com/paperwork/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting PaperworkUltimate Nomad ChecklistWeek 1

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Sign up for Dropbox with "Extended Version History" feature at:

http://Dropbox.com

"Extended Version History" keeps copies of old versions of your files longer than just 30 days in case you accidentally delete something and don't realize it right away.

Mark this task complete when done.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

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Once you've signed up for Dropbox make sure it is installed and working on your computer for saving all your real estate related files.

Here is the recommend folder structure for Nomads to be setup inside Dropbox:

  • "REI Folders"
    • Folder for each property and LLC/major entity
    • Example: "Main St LLC" (one folder for each LLC/major entity)
    • Example: "1234 Main Street" (one folder for each property)
      • "1. Purchase Docs"
        • "YYYY-MM-DD - PROPERTY STREET ADDRESS - FILE DESCRIPTION.pdf"
        • Example: "2018-04-21 - 1234 Main St - Buyer Settlement Statement.pdf"
      • "1.1 Refinance" (if applicable, but make it now)
      • "2. Trust Docs"
      • "3. Property Info"
      • "4. Mortgage"
      • "5. Taxes"
      • "6. Insurance"
      • "7. HOA"
      • "8. Expenses"
      • "9. Tenant and Property Mgmt Info"
        • Example: "Smith, John and Suzy" (one for each tenant group)

Mark this task complete once you've setup Dropbox and your folder system within Dropbox on your computer.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

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If you're going to have the paperwork for working with your Real Estate Broker, Contract to Buy and Sell Real Estate (or any other paperwork you might sign) reviewed by an Attorney before you sign it, you may want to determine who that attorney will be.

This attorney will also probably prepare or review your Lease.

Ask your Real Estate Broker for a recommendation.

Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

Asset ProtectionDream TeamDream Team - Pre-ClosingFirst Meeting: PaperworkLeasePaperworkUltimate Nomad ChecklistWeek 1

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Receive a copy of "Definitions of Working Relationships" or whatever the equivalent is in your local real estate market.

James usually provides this via DocuSign for you to sign electronically along with:

  • "Exclusive Right-To-Buy Listing Contract"
  • "Professional Services Provided"
  • "Brokerage Disclosure Regarding New Construction"

Mark this task complete once you've received it.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Read the "Definitions of Working Relationships" to prepare to discuss it with your Real Estate Broker.

Mark this task complete once you've read it.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Discuss the "Definitions of Working Relationships" with your Real Estate Broker including:

  • That there are several ways you can work with a Real Estate Broker: where they represent the buyer, where they represent the seller and where they act more like a referee not representing either buyer or seller but helping coordinate the purchase and sale.
  • If you want a Real Estate Broker to represent you as a Buyer, you will need an "Exclusive Right-To-Buy Listing Contract".
  • James prefers to work with you as a Buyer's Agent when buying so he can represent you and your best interest and give you advice throughout the transaction and beyond.
  • If you refuse to sign one, I will need to mark down that I gave you a copy and that you refused to sign.

Mark this task as complete when you understand the "Definitions of Working Relationships".

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Your Real Estate Broker will typically send over the "Definitions of Working Relationships" with the other documents for you to sign via DocuSign.

Sign these by click on the link in your email and you will receive a copy of the signed documents via DocuSign.

Mark this task as complete when you've signed your documents from your Real Estate Broker via DocuSign.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Save copy of "Definitions of Working Relationships" to your Dropbox folder using the filename format of:

"YYYY-MM-DD - YOUR NAME - Definitions of Working Relationships.pdf"

Where YYYY = the year, MM = the two digit month, DD = the two digit day of the month and YOUR NAME is your actual name.

For example, mine might look like this:

"2019-04-03 - James Orr - Definitions of Working Relationships.pdf"

Mark as complete when you've saved it to your Dropbox.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

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Receive a copy of Exclusive Right-To-Buy Listing Contract or whatever the equivalent is in your local real estate market.

James usually provides this via DocuSign for you to sign electronically along with:

  • "Definitions of Working Relationships"
  • "Professional Services Provided"
  • "Brokerage Disclosure Regarding New Construction"

Mark this task complete once you've received it.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Read the "Exclusive Right-To-Buy Listing Contract" to prepare to discuss it with your Real Estate Broker.

Mark this task complete once you've read it.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Discuss the "Exclusive Right-To-Buy Listing Contract" with your Real Estate Broker including the following:

  • Your obligations in the "Exclusive Right-To-Buy Listing Contract".
  • Your Real Estate Broker's obligations in the "Exclusive Right-To-Buy Listing Contract".
  • The term of the agreement. I prefer to use 1 year or when you a buy a home, whichever comes first. Of course, see the note about terminating early below.
  • The types of houses and service area your Real Estate Broker is to show you.
  • How your Real Estate Broker is paid and why we often say the Buyer is obligated to pay (it is so we can negotiate getting the payment from the Seller or Seller's Broker).
  • How to terminate if your not happy with your Real Estate Broker. 99% of my agreements are written such that a Buyer can terminate with just an email to me at any time.

Mark this task as complete when you understand the "Exclusive Right-To-Buy Listing Contract".

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Your Real Estate Broker will typically send over the "Exclusive Right-To-Buy Listing Contract" with the other documents for you to sign via DocuSign.

Sign these by click on the link in your email and you will receive a copy of the signed documents via DocuSign.

Mark this task as complete when you've signed your documents from your Real Estate Broker via DocuSign.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Save copy of "Exclusive Right-To-Buy Listing Contract" to your Dropbox folder using the filename format of:

"YYYY-MM-DD - YOUR NAME - Exclusive Right-To-Buy Listing Contract.pdf"

Where YYYY = the year, MM = the two digit month, DD = the two digit day of the month and YOUR NAME is your actual name.

For example, mine might look like this:

"2019-04-03 - James Orr - Exclusive Right-To-Buy Listing Contract.pdf"

Mark as complete when you've saved it to your Dropbox.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

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Receive a copy of "Brokerage Disclosure Regarding New Construction" (also known as "Risks of New Construction").

James usually provides this via DocuSign for you to sign electronically along with:

  • "Definitions of Working Relationships"
  • "Exclusive Right-To-Buy Listing Contract"
  • "Professional Services Provided"

Mark this task complete once you've received it.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

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Read "Brokerage Disclosure Regarding New Construction":

https://learntoberich.com/brokerage-disclosure-regarding-new-construction/

Mark this task as complete when you've read it.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

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Discuss the "Brokerage Disclosure Regarding New Construction" with your Real Estate Broker.

  • The contracts that builders use are typically different than the contract the we use when buying a resale home from a Seller in the MLS or a FSBO.
  • The builder contracts tend to be very pro-builder whereas the contract we use elsewhere tends to be pro-Buyer.
  • Each builder contract is unique to each builder and is written usually by their attorney. Real Estate Brokers do not get training on the builder's contract and so we rely on the builder to explain it. If you have questions you may want to hire your own attorney to review it.

Mark this task as complete when you feel you understand the "Brokerage Disclosure Regarding New Construction".

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

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Your Real Estate Broker will typically send over the "Brokerage Disclosure Regarding New Construction" with the other documents for you to sign via DocuSign.

Sign these by click on the link in your email and you will receive a copy of the signed documents via DocuSign.

Mark this task as complete when you've signed your documents from your Real Estate Broker via DocuSign.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1

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Save copy of "Brokerage Disclosure Regarding New Construction" to your Dropbox folder using the filename format of:

"YYYY-MM-DD - YOUR NAME - Brokerage Disclosure Regarding New Construction.pdf"

Where YYYY = the year, MM = the two digit month, DD = the two digit day of the month and YOUR NAME is your actual name.

For example, mine might look like this:

"2019-04-03 - James Orr - Brokerage Disclosure Regarding New Construction.pdf"

Mark as complete when you've saved it to your Dropbox.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

IMPORTANT NOTE: In other real estate markets you will likely have different forms than the Definitions of Working Relationships, Exclusive Right-To-Buy Listing Contract and Professional Services Provided paperwork that I provide to clients in Northern Colorado.

Buying Process Overview: First Meeting: Professional Services Provided

first-meeting-with-real-estate-agent-professional-services-provided

During the Professional Services Provided stage of the First Meeting with your real estate agent, you’ll want to make sure you cover the following with your real estate agent.

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Complete the "First Meeting: Professional Services Provided" checklist:

https://learntoberich.com/professional-services-provided/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Professional Services ProvidedUltimate Nomad ChecklistWeek 1

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Receive a copy of "Professional Services Provided".

James usually provides this via DocuSign for you to sign electronically along with:

  • "Definitions of Working Relationships"
  • "Exclusive Right-To-Buy Listing Contract"
  • "Brokerage Disclosure Regarding New Construction"

Mark this task complete once you've received it.

ASAPFirst Meeting: Professional Services ProvidedPaperworkProfessional Services ProvidedUltimate Nomad ChecklistWeek 1

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Discuss the "Professional Services Provided" with your Real Estate Broker.

Mark complete when done.

ASAPFirst Meeting: Professional Services ProvidedPaperworkProfessional Services ProvidedUltimate Nomad ChecklistWeek 1

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Save copy of "Professional Services Provided" to your Dropbox folder using the filename format of:

"YYYY-MM-DD - YOUR NAME - Professional Services Provided.pdf"

Where YYYY = the year, MM = the two digit month, DD = the two digit day of the month and YOUR NAME is your actual name.

For example, mine might look like this:

"2019-04-03 - James Orr - Professional Services Provided.pdf"

Mark as complete when you've saved it to your Dropbox.

ASAPFirst Meeting: Professional Services ProvidedNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

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Your Real Estate Broker will typically send over the "Professional Services Provided" with the other documents for you to sign via DocuSign.

Sign these by click on the link in your email and you will receive a copy of the signed documents via DocuSign.

Mark this task as complete when you've signed your documents from your Real Estate Broker via DocuSign.

First Meeting: Professional Services ProvidedPaperworkUltimate Nomad ChecklistWeek 1

Buying Process Overview: First Meeting: Your Real Estate Goals

first-meeting-with-real-estate-agent-your-real-estate-goals

During the Real Estate Goals stage of the First Meeting with your real estate agent, you’ll want to make sure you cover the following with your real estate agent.

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Complete the "First Meeting: Your Real Estate Goals" checklist:

https://learntoberich.com/your-real-estate-goals/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

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Define your goal for your next Nomad property to move into that will ultimately become a rental after at least a year.

A suggestion might be: Purchase a Nomad property that will ultimately be a rental in the next 3 months.

Mark this task as complete when done.

ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

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Define your goal for your next owner-occupant property to move into.

A suggestion might be: Purchase an owner-occupant property that I will move into within the next 3 months.

Mark this task as complete when done.

ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

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Define your goal to buy an additional non-owner-occupant rental property without a partner.

A suggestion might be: Purchase an investment rental property (without a partner) in the next 3 months.

Mark this task as complete when done.

ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

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If this is for a partnership, define your partnership goal.

A suggestion might be: Purchase an investment rental property with a partner in the next 3 months.

Mark this task as complete when done.

ASAPFirst Meeting: Your Real Estate GoalsGoalsPartnershipsUltimate Nomad ChecklistWeek 1

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During your meeting with your Real Estate Broker discuss your goals and your plan to achieve them.

Some common discussion points include:

  • What you're committed to achieving (not just wishing you could achieve)
  • Finding an owner occupant property
  • Finding a Nomad property
  • Nomad investing plan to acquire rentals and/or catch up for retirement
  • Finding a buy and hold property
  • Finding a properties where you can put a Lease-Option Tenant-Buyer in it
  • Finding a fix and flip property
  • Finding creative off-market transactions
  • Model Nomad with calculator and on-going discussions
  • Clients can schedule a time with me to discuss their personal goals regularly

Mark this task as complete when you've discussed your goals with your Real Estate Broker.

ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

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Take an afternoon and create your own "Future Narrative" of what you'd like your life to look like.

Reference the following resources for more information:

You'll be reviewing your "Future Narrative" weekly.

Mark this task as complete once you've created your own "Future Narrative".

ASAPFirst Meeting: Your Real Estate GoalsFuture NarrativeGoalsUltimate Nomad ChecklistWeek 1

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You're much more likely to follow through on your goals if you plan out when you'll do the steps to achieve them.

So, take a moment to schedule out on your calendar when you'll actually do the tasks for this week on your calendar. Make an appointment with yourself to do them. If you need to reschedule one, reschedule it (don't delete it).

Mark this task as complete when done.

ASAPFirst Meeting: Your Real Estate GoalsUltimate Nomad ChecklistWeek 1Week 10Week 11Week 12Week 13Week 14Week 15Week 16Week 17Week 18Week 19Week 2Week 20Week 21Week 22Week 23Week 24Week 25Week 26Week 27Week 28Week 29Week 3Week 30Week 31Week 32Week 33Week 34Week 35Week 36Week 37Week 38Week 39Week 4Week 40Week 41Week 42Week 43Week 44Week 45Week 46Week 47Week 48Week 49Week 5Week 50Week 51Week 52Week 53Week 54Week 6Week 7Week 8Week 9

Buying Process Overview: First Meeting: Financing

first-meeting-with-real-estate-agent-financing

During the Financing stage of the First Meeting with your real estate agent, you’ll want to make sure you cover the following with your real estate agent.

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Complete the "First Meeting: Financing" checklist:

https://learntoberich.com/financing/

Mark this task as complete when done.

ASAPFinancingFirst MeetingFirst Meeting FinancingUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Financing Nomad 101" available on:

https://learntoberich.com/financing-nomad-101/

This class covers the different types of financing available and which ones we consider for Nomad. It goes into detail on Down Payments and much more.

Mark this task as complete once you've watched it.

ASAPClassesFinancingFirst Meeting: FinancingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1

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As a pre-curser to discussing the specific loan programs with your Lender, you may want to get a feel for some of the big picture loan types we use. Discuss these with your Real Estate Broker.

  • Nothing down loans like USDA and VA. VA loans require VA benefits but can also be used to purchase single family homes, duplexes, triplexes and fourplexes if you owner occupy at least one of the units.
  • Conventional financing like 1% down payment for your first owner occupant purchase, 3% down payment for purchases #2 and #3, then 5% down payment for purchases through #10
  • FHA 3.5% down payment programs which can be used to purchase single family homes, duplexes, triplexes or fourplexes if you owner occupy at least one of the units. FHA is also one of the easiest loans to qualify for should you have some credit challenges.
  • Non-owner-occupant loans with as little as 15% down payment with Private Mortgage Insurance (PMI) or 20% down payment without PMI.

Mark this task as complete when done.

FinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

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When you write an offer you'll need to come up with Earnest Money when you write the offer. It is typically applied as part of your Down Payment so it is NOT in addition to a Down Payment. It is typically about 1% of the purchase price but it is negotiated between Buyer and Seller.

Offering less Earnest Money than the Seller is asking for will typically weaken your offer.

That means for the following home prices, Earnest Money will typically be approximately:

  • $100,000 home - $1,000 Earnest Money
  • $200,000 home - $2,000 Earnest Money
  • $300,000 home - $3,000 Earnest Money
  • $400,000 home - $4,000 Earnest Money
  • $500,000 home - $5,000 Earnest Money

If you're trying to buy a home with little or nothing down, it would help if you had Earnest Money to put up with your offer and if you did not use it at closing for Closing Costs, you could get a refund of your Earnest Money at Closing.

If you don't have Earnest Money, it will be harder to negotiate getting a Seller to accept your offer so we might need to be much more flexible in house selection to find a Seller willing to accept an offer with little or no Earnest Money.

Mark this task as complete when done.

Earnest MoneyFinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

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You'll typically need your Down Payment at the time of Closing, but the Lender will likely need to know the source of your Down Payment.

Your Earnest Money will apply toward your Down Payment (plus any closing costs you might have for your loan). For example, if you needed $15,000 for Down Payment and you put up $3,000 for Earnest Money, the $3,000 would apply toward the $15,000 so you would need $12,000 more for Closing plus any additional closings costs.

This is the time to start thinking about where you might get your Down Payment from and how much you have to work with.

Mark this task as complete when done.

Down PaymentFinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

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Once you have your contract accepted there are some common expenses you might need to pay while you're under contract and at Closing to buy the property.

Here are some examples and some really rough estimates of what they might cost:

  • Home inspection (paid to Home Inspector you hire if you decide to hire one) - about $250 for interior only condo to $375-$500 for single family home, more for multi-family properties
  • Radon test (paid to the person who does your radon test which may be your Home Inspector) - $100 to $200
  • Sewer scope (paid to the Sewer Scope company) - $200 if there is a sewer cleanout or more if they need to go in through a toilet
  • Meth test (paid to Industrial Hygienist) - $1,000 and up if you decide you want to test for meth.
  • Mold test (paid to Industrial Hygienist) - $300 and up if you decide you want to test for mold.
  • Appraisal (paid to the appraiser usually via your Lender) - usually about $500 to $800, can be much more if there is a rush fee, multiple trips or multi-family property
  • Closing Services Fee (paid to Title Insurance Company for preparing and presenting all the paperwork for Closing) - usually about $300 and is negotiated in the contract as to who pays (Buyer or Seller or split 50/50)
  • Loan Closing Fee (paid to Title Insurance Company for presenting your specific loan paperwork to you at Closing to get the loan) - typically about $350 (and not negotiated in Contract; it is a Buyer cost if they're getting a loan)
  • Owner's Title Policy (paid to Title Insurance Company and typically required by lender to get the loan) - varies based on purchase price and time since last refinance but you can estimate about $1,200 for $300K property without a new loan in past 5 years. It is negotiated in Contract but it is common to negotiate to get the Seller to pay for this.
  • Lender's Title Policy (paid to Title Insurance Company to insure the Lender for your loan) - typically about $400 to $500 depending on purchase price and this one is not negotiated in Contract and is always a Buyer expense.
  • HOA Transfer Fee (paid to the HOA) - Who pays it is negotiated in the Contract. It ranges from $0 to $500 or more depending on the HOA. It is common to see about $250ish.
  • HOA Status Letter Fee (paid to the HOA) - Who pays it is negotiated in the Contract. It ranges from $0 to $250 or more. It is common to see it about $150ish.
  • HOA Capital (paid to the HOA) - The amount varies depending on the HOA, but it is a Buyer expense all the time. Buyer may get it back when they sell. It is common that it can be about one or two months of HOA dues but can vary widely from that.
  • Condo Questionnaire (paid to HOA) - Usually if you're buying a condo and the lender requires it for the loan. It can vary a lot, so we'd need to call the HOA to find out the amount.

Some of these expenses are optional but strongly recommended like Inspection. Some of these expenses are optional and rarely done like meth tests. Some are negotiated in the Contract between Buyer and Seller like who pays the $300 or so Closing Services Fee or Owner's Title Policy. Some are required if you're getting a loan. Some you can ask the Lender to increase your interest rate (which will raise your monthly payment slightly) but give you a credit you can use to pay some of these up-front expenses; this allows you finance some of them over time. Sometimes, you can negotiate to get the Seller to pay some of them as Seller Concessions when you submit your offer.

Discuss these with James to talk about it especially before writing your offer if you're trying to minimize your out of pocket and buy a home with little or nothing down.

Mark this task as complete when done.

Down PaymentFinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

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Once you have your contract accepted you'll typically authorize your Lender to order the appraisal and pay for it.

Appraisals can run about $500 to $800.

Much more if there is a rush fee, multiple trips or multi-family property.

It is extremely rare (like I've never seen a Seller agree to it), but you can try to get Seller to pay for the appraisal when submitting your Contract. It is highly unlikely.

Mark this task as complete when done.

FinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

Buying Process Overview: First Meeting: Receive Property Lists

first-meeting-with-real-estate-agent-receive-property-lists

During the Receive Property Lists stage of the First Meeting with your real estate agent, you’ll want to make sure you cover the following with your real estate agent.

More info about this task...
Complete the "First Meeting: Receive Property Lists" checklist:

https://learntoberich.com/receive-property-lists/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Finding Properties for Nomads" available on:

https://learntoberich.com/finding-properties-for-nomads/

Mark this task as complete once you've watched it.

ASAPClassesFirst Meeting: Receive Property ListsGet Your First Deal DoneOptionalProperty SearchUltimate Nomad ChecklistWeek 1

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Talk to your Real Estate Broker how receiving property list emails and MySite works.

Mark this task as complete once you've learned about receiving properties via email and using MySite.

ASAPFirst Meeting: Receive Property ListsGet Your First Deal DoneProperty SearchUltimate Nomad ChecklistWeek 1

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Define what your property investment property criteria.

Often your investment criteria will not be easily searchable in the MLS. For example, you may want to see:

  • Certain dollar amount of cash flow with 20% down, or
  • Certain percentage of cash on cash return on investment with 20% down, or
  • Certain dollar amount below market

While James has special searches set up on JamesOrr.com for you to use to find these types of properties, it is not easily setup as an automatic search directly from the MLS.

Discuss with your Real Estate Broker if you have questions.

Mark this task complete once you know your property investment criteria.

ASAPFirst Meeting: Receive Property ListsUltimate Nomad ChecklistWeek 1

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Define what your acceptable property characteristics are. These are characteristics it is easy to search for in the MLS.

Examples include:

  • Cities you'd be willing to invest in
  • Minimum (and maybe maximum) number of bedrooms
  • Garage or no garage
  • Mobile homes? Condos? Townhomes? SFH? Multi-Family (2-4 units)? Commercial multi-family (5+ units)?
  • Price? Minimum? Maximum?
  • Property age? New construction?

Discuss with your Real Estate Broker if you have questions.

Mark this task complete once you know your acceptable property characteristics.

ASAPFirst Meeting: Receive Property ListsUltimate Nomad ChecklistWeek 1

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Send the investment criteria you determined in a previous task to your Real Estate Broker so they can set up a search in the MLS to send you properties.

Mark this task complete once you have sent your criteria to your Real Estate Broker.

Analyzing DealsASAPFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

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Discuss with James how searching for properties on JamesOrr.com works including:

  • How to use pre-defined searches from the Homepage
  • How to setup your own searches
  • How to setup for properties by monthly payment
  • How to setup for properties by cash on cash return
  • How to setup for properties by ratio of price to taxes (to find potentially under-valued properties)

Mark this task complete when done.

ASAPFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

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Discuss with James why you should use ColoProperty.com to check any properties you find on other websites before contacting James about them.

Websites like Zillow, Realtor, Trulia, Redfin, etc can have inaccurate or delayed data.

ColoProperty.com is the direct interface to our local MLS and so it is the most up-to-date website for checking property status, pricing, etc.

If you're going to use other websites, please check ColoProperty.com before emailing James about it to make sure the info from those other websites is correct.

Mark this task complete when done.

ASAPFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

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Have your Real Estate Broker set you up to receive automatic property search emails with properties that match your criteria.

Usually this means telling your Real Estate Broker:

  • Cities you'd consider (or in some cases parts of specific cities)
  • Attached, detached or both
  • Minimum beds and bathrooms
  • Price max (and maybe a price minimum)
  • Garage requirements
  • Any other requirements that Real Estate Broker can set up a search for

Mark this complete once your Real Estate Broker has started to send you automatic property search emails.

ASAPFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

Buying Process Overview: First Meeting: Analyze Deal

first-meeting-with-real-estate-agent-analyze-deal

During the Analyze Deals stage of the First Meeting with your real estate agent, you’ll want to make sure you cover the following with your real estate agent.

More info about this task...
Complete the "First Meeting: Analyze Deals" checklist:

https://learntoberich.com/analyze-deals/

Mark this task as complete when done.

Analyzing DealsASAPFirst MeetingFirst Meeting Analyze DealsUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Analyzing Deals 101: an Intro to Cash on Cash Return on Investment" available on:

https://learntoberich.com/cash-on-cash/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 2

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Watch the recording of the live presentation of "Analyzing a Deal with Brian's Spreadsheet" available on:

https://learntoberich.com/how-to-analyze-a-deal-with-brians-spreadsheet/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 4Week 56

More info about this task...
Define what your acceptable property characteristics are if you haven't already done so.

Remember, these are characteristics it is easy to search for in the MLS. Examples include:

  • Cities you'd be willing to invest in
  • Minimum (and maybe maximum) number of bedrooms
  • Garage or no garage
  • Mobile homes? Condos? Townhomes? SFH? Multi-Family (2-4 units)? Commercial multi-family (5+ units)?
  • Price? Minimum? Maximum?
  • Property age? New construction?

Discuss with your Real Estate Broker if you have questions.

Mark this task complete once you know your acceptable property characteristics.

ASAPFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 1

More info about this task...
Download a copy of Brian William's Deal Analysis Spreadsheet and save it to the Dropbox folder for this deal/purchase.

https://LearnToBeRich.com/spreadsheet/

Mark this task complete when done.

Analyzing DealsComputer SetupFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2

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Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

If the deal looks interesting after analyzing it, request a showing.

Mark this task complete once you've analyzed deals for the day.

Analyzing DealsCash FlowFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

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Watch the recording of the live presentation of "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" available on:

https://learntoberich.com/lowest-monthly-payment/

Mark this task as complete once you've watched it.

Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsMaking OffersUltimate Nomad ChecklistWeek 58Week 6

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Decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on an Insurance Agent to use.

Analyzing DealsDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

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Call your Insurance Agent and get an Insurance Quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

You'll modify this slightly based on the price of the property you're analyzing.

You may want to discuss with your Insurance Agent additional coverage for Loss of Rent.

Your Insurance Quote typically varies based on your credit score and the deductible amount you choose.

Mark this task complete when you have an insurance estimate to use when analyzing deals using Brian's Spreadsheet.

Analyzing DealsASAPFirst Meeting: Analyze DealsNet Operating IncomeUltimate Nomad ChecklistWeek 2

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If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then setup your search page on JamesOrr.com.

Talk to James to have him show you this and get it set up for you.

Mark this task complete when it is setup or if you decide you're not doing this.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2

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If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then after James sets up your search page on JamesOrr.com you will want to customize with your specific investing criteria.

Mark this task complete when you've customized your Lease Option Search Page on JamesOrr.com.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2

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If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease-Option, then after James sets up your search page on JamesOrr.com you may want to purchase and setup a custom domain name for it.

The custom domain name will allow you to use that domain name on your marketing and have it URL frame the page James set up for you.

Ask James and he can usually get you a domain name and set it up for you for about $10 per year.

Mark this task complete when you've purchased a custom domain and had it set up for your Lease-Option Search Page on JamesOrr.com.

Analyzing DealsASAPFirst Meeting: Analyze DealsLease OptionMarketingOptionalTenant BuyersUltimate Nomad ChecklistWeek 2

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Your Real Estate Broker can provide you with a list of recommended Insurance Agents. You're welcome to choose any Insurance Agent you want whether they are on the list or not.

Mark this complete when done.

Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2Week 61Week 9

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If you have already done so, decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on an Insurance Agent to use.

Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2Week 61Week 9

Buying Process Overview: First Meeting: Write Offer

first-meeting-with-real-estate-agent-write-offer

During the Write Offer stage of the First Meeting with your real estate agent, you’ll want to make sure you cover the following with your real estate agent.

More info about this task...
Complete the "First Meeting: Write Offer" checklist:

https://learntoberich.com/write-offer/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting: Write OfferMaking OffersUltimate Nomad ChecklistWeek 1

More info about this task...
Watch the recording of the live presentation of "Making Strong Offers that Get Accepted" available on:

https://learntoberich.com/making-strong-offers-that-get-accepted/

Mark this task as complete once you've watched it.

ClassesFirst Meeting: Write OfferMaking OffersMarket StatsUltimate Nomad ChecklistWeek 59Week 7

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Watch the recording of the live presentation of "Low Ball Offer Case Studies" available on:

https://learntoberich.com/low-ball-offer/

Mark this task as complete once you've watched it.

ASAPClassesFirst Meeting: Write OfferMarket StatsUltimate Nomad ChecklistWeek 59Week 7

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Discuss with your Real Estate Broker what is required when you're ready to write an offer.

Here is most of what is required as a guide to discuss:

  • Full name(s) as you want it to appear on title
  • Offer price
  • Seller concessions amount (if any)
  • Earnest money amount and when it is due
  • Down payment amount and when it is due
  • Loan type or types you are considering to buy the property
  • Days until you close
  • Any dates and deadlines that are a concern from you that differ from the norm
  • Loan pre-approval letter
  • Who's paying the Closing Services Fee
  • Any due diligence documents you require
  • Anything you might want to do to make your offer stronger

Mark this task as complete once you understand what is required to write an offer when you're ready.

ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

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Receive a completed copy of the "Contract to Buy and Sell Real Estate" from your Real Estate Broker so you can see how it might look filled out in a generic way.

Mark this task as complete when done.

ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

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Read through the generic completed version of the "Contract to Buy and Sell Real Estate" with a pen and a highlighter. Highlight sections you have questions about and write down your questions on the contract itself.

Schedule time to meet with your Real Estate Broker, Attorney and CPA as needed to get your questions answered.

Mark this task as complete when done.

ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

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Once you've read through the "Contract to Buy and Sell Real Estate" and highlighted sections you have questions about, take your questions and meet with your Contract and Paperwork Attorney and go over your questions about the "Contract to Buy and Sell Real Estate".

Better to do this well before you have an offer you're about to make so you don't delay making your offer and miss out on a property you really want.

Mark this task as complete once you feel comfortable with the "Contract to Buy and Sell Real Estate".

ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

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Once you've read through the "Contract to Buy and Sell Real Estate" and highlighted sections you have questions about, take your questions and meet with your Real Estate Broker and go over your questions about the "Contract to Buy and Sell Real Estate".

Better to do this well before you have an offer you're about to make so you don't delay making your offer and miss out on a property you really want.

Mark this task as complete once you feel comfortable with the "Contract to Buy and Sell Real Estate".

ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

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Once you've read through the "Contract to Buy and Sell Real Estate" and highlighted sections you have questions about, take your tax related questions and meet with your CPA and go over your questions about the "Contract to Buy and Sell Real Estate".

Better to do this well before you have an offer you're about to make so you don't delay making your offer and miss out on a property you really want.

Mark this task as complete once you feel comfortable with the "Contract to Buy and Sell Real Estate".

ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

Buying Process Overview: Pre-Showings

buying-process-overview-pre-showings

Once we get past the First Meeting, I consider that to be part of the During checklist which covers the active buying of properties.

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Sponsor Content

There is additional content on this page that is shown to Sponsors only.

Sponsors are usually Real Estate Agents and Lenders who'd like to work with Nomads in their local market.

Click here for more information on how to become a Sponsor.

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IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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