Buying Process Overview

During: Buying Process Overview

The following is a visual representation of the Buying Process Overview when buying homes as a Nomad and includes the recording of the live class of the same name below.

buying-process-overview-nothing-selected

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When you're done with all the tasks below, mark that you've completed this checklist.

Before ChecklistsBuying Process OverviewDuring ChecklistsOptionalUltimate Nomad ChecklistWeek 1


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


When you're done with all the tasks below, mark that you've completed this checklist.

ASAPBuying Process OverviewClassesGet Your First Deal DoneNomad BasicsOptionalUltimate Nomad ChecklistWeek 1


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 OverviewOptionalUltimate Nomad ChecklistWeek 1


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


Complete the "First Meeting" checklist:

https://LearnToBeRich.com/first-meeting/

Mark complete when done.

Buying Process OverviewFirst MeetingOptionalUltimate Nomad ChecklistWeek 1


Complete the "Pre-Showings" checklist:

https://LearnToBeRich.com/pre-showings/

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Buying Process OverviewDuring ChecklistsPre-ShowingsUltimate Nomad ChecklistWeek 2


Complete the "Showings" checklist:

https://LearnToBeRich.com/showings/

Mark this task as complete when done.

Buying Process OverviewDuring ChecklistsShowingsUltimate Nomad ChecklistWeek 3


Complete the "Writing Offer" checklist:

https://LearnToBeRich.com/writing-offer/

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Buying Process OverviewDuring ChecklistsUltimate Nomad ChecklistWeek 3Writing Offer


Complete the "Contract To Close" checklist:

https://LearnToBeRich.com/contract-to-close/

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Buying Process OverviewContract To CloseDuring ChecklistsUltimate Nomad ChecklistWeek 8


Complete the "Closing" checklist:

https://LearnToBeRich.com/closing/

Mark complete when done.

Buying Process OverviewClosingDuring ChecklistsUltimate Nomad ChecklistWeek 12


Complete the "Post-Closing" checklist:

https://LearnToBeRich.com/post-closing/

Mark complete when done.

After ChecklistsBuying Process OverviewPost-ClosingUltimate Nomad ChecklistWeek 13

The stages, including a brief description of what is included in each stage, are below. For more information, click through to each step or see the Before checklist for Nomads.

  1. First Meeting – This is the first meeting with your real estate agent where you discuss the paperwork required to buy and sell property in your area, the professional services that your real estate agent offers, where to get the other services you’ll need that your real estate agent does not offer, your real estate goals and formulate a plan to achieve them, how you plan to finance your purchase(s), how to get properties sent to you, which types of properties you want sent to you, how to analyze properties to make sure they’re good properties for you to buy as a Nomad, and some basic information about writing an offer.
  2. Pre-Showings – During this step you’ll discuss what you’ll need prior to going out and looking at homes. It includes getting qualified with your lender, getting a pre-approval letter, discussing earnest money and down payments plus going over a mock contract so you’re prepared to write an offer if you happen to see a great property your first time out looking.
  3. Showings – This is what to do relating to seeing properties. It includes how to request showings, what you should do to prepare for looking at homes, what to do at the showings and what to do after the showing.
  4. Writing Offer – This is the process for writing an offer to purchase a property.
  5. Contract To Close – This is the process from when you get an offer accepted up to going to closing on the property.
  6. Closing – This is the formal process of purchasing the property.
  7. Post Closing – These are the processes for what you should do after you’ve purchased your property.

Once you’ve completed the Buying Process, move on to the After checklists.

Class Recording

Watch the recording of the live presentation I did with Jassen Bowman on January 24, 2017.

Previous Recordings

Watch this live recording from May 26th, 2016 at 6 PM MST on the Buying Process Overview.

Nomad Basics

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Read the "What is Nomad?" blog post on

https://LearnToBeRich.com/what-is-nomad/

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Nomad BasicsUltimate Nomad ChecklistWeek 1

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Read "Nomad on $10 Per Hour" blog post:

https://LearnToBeRich.com/nomad-on-10-per-hour/

Mark this done when complete.

Nomad BasicsOptional

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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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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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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

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Watch the recording of the live presentation of "Looking at Houses" available on:

https://LearnToBeRich.com/looking-at-nomad-houses/

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

ClassesGet Your First Deal DoneNomad BasicsPre-ShowingsUltimate Nomad ChecklistWeek 3

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Watch the recording of the live presentation of "How to Get Down Payment for Nomad" available on:

https://LearnToBeRich.com/how-to-get-down-payment-for-nomad/

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

ASAPClassesDown PaymentFinancingNomad BasicsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Review the recording of the live presentation of "Looking at Houses" available on:

https://LearnToBeRich.com/looking-at-nomad-houses/

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

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following tips for when you go on Showings with your Real Estate Broker:

  • Wear easy to remove shoes
  • WARNING: Sellers can easily record audio (and video) of you while inside their home... don't say anything inside the home that you wouldn't say right in front of the Seller. This is especially true of offer price and strategy.
  • Arrive 5 minutes early. Some Showing windows are very strict time ranges.
  • There may be others present at the Showing.
  • If Tenants are present, we typically will ask them questions about the property.
  • Drive/walk around the neighborhood especially if you're interested in the property.
  • Consider using the +/- system to make property notes.

Mark this task as complete when done.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following with your Real Estate Broker when you you're out on a Showing and considering making an offer:

  • Meet the neighbors... tell them you're considering making an offer on the property and ask them how they like the neighborhood.
  • What appliances are included? Which are excluded?
  • What school district is this in?
  • Is the AC included? What type of heat is used in the property?
  • Where is the water disconnect located?
  • What is the age and likely need to replace or update the major, expensive items like:
    furnance, AC, roof, carpet, paint, hot water heater. You'll also check these during inspection.
  • Where are the property lines?
  • Is there adequate parking? Is it owned? Is there adequate garage spaces? Is it owned?
  • What does the HOA cost? What is included?
  • Is there anything from the current "Seller's Property Disclosure"?
  • Is there anything from previous "Seller's Property Disclosure" from past sales?
  • Where is the sewer cleanout?
  • Are there smoke/CO detectors within 15 feet of each bedroom doorway?
  • Does the house already have a radon mitigation system? Is it passive or active?
  • Will you be having a property inspection (it is recommended)? Will you be testing for radon? Mold? Meth? Termiates? Sewer scope?
  • If this is a condo, is it a warrantable or non-warrantable condo?
  • What are the secret broker comments on the "MLS Sheet"?
  • What due diligence documents are you going to want to see?
  • Are there any additional documents provided by the Seller's agent in the MLS?

Mark this task as complete when done.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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

https://LearnToBeRich.com/nomad-101/

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

ASAPClassesNomad BasicsOptionalUltimate Nomad ChecklistWeek 5Week 57

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Watch the recording of the live presentation of "Closing Real Estate Deals" available on:

https://LearnToBeRich.com/closing-real-estate-deals/

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

ClassesClosingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 61Week 9

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Read the "Catch Up For Retirement Nomad Overview" blog post on

https://LearnToBeRich.com/catch-up-for-retirement-nomad-overview/

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Catch Up NomadNomad BasicsUltimate Nomad ChecklistWeek 14

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Read the "Nomad with Lease Option Exit Book" for your city:

https://LearnToBeRich.com/book/

Mark this task complete when done.

ASAPLease OptionNomad BasicsTenant BuyersUltimate Nomad ChecklistWeek 17

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Read the "Legacy Nomad Overview" blog post on

https://LearnToBeRich.com/legacy-nomad-overview-2/

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Legacy NomadNomad BasicsUltimate Nomad ChecklistWeek 24

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Read the "Young Nomad Overview" blog post on

https://LearnToBeRich.com/nomad-overview-for-young-professionals/

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Nomad BasicsUltimate Nomad ChecklistWeek 24Young Nomad

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Watch the recording of the live presentation of "How to Acquire a Multi-Million Dollar Real Estate Portfolio with just $3,000" available on:

https://LearnToBeRich.com/nomad-just-3000/

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

ClassesGet Your First Deal DoneLease OptionNomad BasicsTenant BuyersUltimate Nomad ChecklistWeek 15

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Watch the recording of the live presentation of "Little Down Nomad Overview" available on:

https://LearnToBeRich.com/little-down-nomad-overview/

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

ClassesLittle Down NomadNomad BasicsUltimate Nomad ChecklistWeek 27

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Read the "Save For College Nomad Overview" blog post on

https://LearnToBeRich.com/save-for-college-nomad/

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ASAPCollege NomadNomad BasicsUltimate Nomad ChecklistWeek 29

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Check to see if we have local Nomad Investor Club meetups near you to connect with other local Nomads, real estate agents, lenders and other dream team members:

https://LearnToBeRich.com/meetup/

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

ASAPNomad BasicsUltimate Nomad ChecklistWeek 1

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Take a moment to look at the Nomad Class Schedule to see the live classes we have coming up near you.

https://LearnToBeRich.com/schedule/

You can also get links to previously recorded classes.

Nomad BasicsUltimate Nomad Checklist

Improvements

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

  • Consider making dynamic process charts.

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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