Alternative Earnest Money Deadline

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Complete "Alternative Earnest Money Deadline" checklist.

We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.

IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.

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Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13


Once your contract is accepted your Real Estate Broker should be preparing an "Earnest Money Receipt" and coordinating with you to get the Earnest Money to the Earnest Money Holder before the Alternative Earnest Money Deadline.

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Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Give your Real Estate Broker the Earnest Money with enough time for them to deliver it to the official Earnest Money Holder (as specified in the "Contract to Buy and Sell Real Estate").

This must be done prior to the Alternative Earnest Money Deadline specified in the "Contract to Buy and Sell Real Estate". The amount of Earnest Money is also specified in the contract.

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Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Once your Real Estate Broker (or in some rare cases you) delivers your Earnest Money to the official Earnest Money Holder, an "Earnest Money Receipt" is usually issued. You should get a copy.

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Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Once you have a copy of your "Earnest Money Receipt", save a copy of it to your property's folder in Dropbox with the filename formatted as:

"YYYY-MM-DD - 1234 Main St - Earnest Money Receipt.pdf"

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Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Once you receive your copy of the "Earnest Money Receipt" after your Earnest Money is delivered to the Earnest Money Holder, provide a copy of the "Earnest Money Receipt" to your Lender.

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Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

Acceptance Deadline Time


Complete "Acceptance Deadline Time" checklist. This goes along with the "Acceptance Deadline Date".

We typically use 6 PM MST for this deadline although it does vary quite a bit depending on the situation.

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Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13


This is the time portion of the "Acceptance Deadline Date". See that checklist for more information.

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Contract Deadline: Acceptance Deadline TimeUltimate Nomad ChecklistWeek 13

Acceptance Deadline Date


Complete "Acceptance Deadline Date" checklist. This goes along with the "Acceptance Deadline Time".

We typically use 1 or 2 days from the time the offer is submitted as this deadline, but will often be flexible based on the Seller's needs. We sometimes will be a little more aggressive with this date if it is advantageous for us to do so.

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Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13


While we are waiting for the Acceptance Deadline Date, your Real Estate Broker will be staying in touch with the Seller's Real Estate Broker and waiting for a reply to your offer.

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Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13


While we are waiting for the Seller to accept your offer, you should prepare yourself for providing Earnest Money which will be due immediately after acceptance.

Also, you should be preparing for getting your loan and arranging for the Down Payment you'll need for Closing.

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Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13

Next Property

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If you're planning to buy new construction for your next purchase, research the build time from the builder you're considering. Some can take 6 months or more.

So, it might be better to research this and maybe even go under contract very early to make sure you hit your ideal timeline for your next purchase.

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New ConstructionNext PropertyUltimate Nomad ChecklistWeek 26

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We're estimating you have 3 months until your home buying anniversary which means you should start the buying process now to buy your next home if you want to buy it within 3 months.

Mark this task complete once you've started another Ultimate Nomad Checklist™ for your next purchase.

Next PropertyUltimate Nomad ChecklistWeek 52

Emergency Plan

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Watch the recording of the live presentation of "Emergency Plan Workshop" available on:

https://learntoberich.com/emergency-plan-workshop/

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

ClassesEmergency PlanUltimate Nomad ChecklistWeek 50

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Watch the recording of the live presentation of "Warning: The Dangers and Risks of Real Estate" available on:

https://learntoberich.com/warning-the-dangers-and-risks-of-real-estate/

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

ClassesEmergency PlanUltimate Nomad ChecklistWeek 21

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Create your own "Emergency Plan" assuming you won't be able to talk or tell your Emergency Contacts any more than what you have written down, documented.

Once you've completed your own "Emergency Plan", mark this task as done.

Emergency PlanUltimate Nomad ChecklistWeek 50

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With the help of your Attorney create a Will that will document who is responsible for taking over should you die.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Determine who your Primary Emergency Contact will be.

You'll need their name, address, phone and email.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Email or call your Primary Emergency Contact for your Emergency Plan to tell them where your Emergency Plan is located and how they can access it should something happen to you.

Emergency PlanUltimate Nomad ChecklistWeek 51

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While having your Primary Emergency Contact listed in your business Operating Agreement will give them the ability to step in and manage your business should something happen to you, they may need a Limited Power of Attorney to manage your personal affairs.

With the help of your Attorney give your Primary Emergency Contact a Limited Power of Attorney so they can handle your affairs should you become injured or incapacitated.

Emergency PlanUltimate Nomad ChecklistWeek 51

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With the help of your Attorney, add your primary Emergency Contact to your LLC Operating Agreement as who takes over as manager in case you're injured, incapacitated or die.

Let them know they're to take over as manger if something happens to you.

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Emergency PlanLLCUltimate Nomad ChecklistWeek 50

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Make sure your primary, backup and third Emergency Contact all know the others. Send each of them the other's contact info in case there is an emergency for you and they need to contact each other.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Make sure your Primary, Backup and Third Emergency Contact all know your Attorney's contact info.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Create your own "Emergency Plan Summary" sheet and tell your Primary, Backup and Third Emergency Plan contact and your Attorney where it is located. For example, you might have a copy of it in your safe in your home and you have a key to the safe on your primary keychain.

The "Emergency Plan Summary" should list the following information at a minimum:

  • Name, address, phone and email of your Attorneys
  • Name, address, phone and email of your Primary, Backup and Third Emergency Contacts
  • List of all your properties (rentals and owner occupied)
  • List of tenants in each property and where to find their tenant file
  • List of all your bank, savings and investment accounts with account numbers, logins and passwords
  • List of all your LLCs, trusts and other entities, what is in each and who is to run them should something happen
  • List of all your mailboxes and where the key is to each
  • List of all your email accounts and password for accessing each
  • List of all your insurance policies and the Insurance Agent for each
  • List of all your Powers of Attorney, who they're with and where to find each
  • Location of your Will
  • If you've buried or otherwise hidden any treasure, a map or at least clues as to where to find it
  • Your preferred referral list for all your contractors and professional advisers
  • Documentation on your key business processes (how to run your business if you're not there)

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Store an off-site backup of your "Emergency Plan Summary" sheet in case of fire, floor or other issue with your primary copy of your "Emergency Plan Summary" sheet.

Example might be you store your primary "Emergency Plan Summary" sheet in your locked safe in your office. You could keep a backup in your safe at home.

Another example might be you store your primary "Emergency Plan Summary" sheet in your locked filing cabinet at home and your Attorney has a second copy in his locked filing cabinet in his office.

IMPORTANT NOTE: My personal Attorney suggested NOT using a safe deposit box as they can be hard for your Emergency Contacts to access should something happen to you.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Sit down and go over your entire Emergency Plan with your Emergency Contacts so they're familiar with it and how it is setup.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Make sure you update your "Emergency Plan Summary" sheet yearly.

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Emergency PlanUltimate Nomad ChecklistWeek 50

Post-Move-Out

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If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

https://learntoberich.com/property-management-mastery/

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

Post-Move-OutUltimate Nomad ChecklistWeek 45

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Complete your final accounting and return the remaining security deposit to your previous Tenant/Tenant-Buyer.

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Post-Move-OutUltimate Nomad ChecklistWeek 45

Tenant Turn-over

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If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

https://learntoberich.com/property-management-mastery/

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

Tenant Turn-overUltimate Nomad ChecklistWeek 45

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Check the fire extinguisher under the sink to make sure it is still there and still working when the Tenant is leaving the property. If not, replace it with a new one.

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Tenant Turn-overUltimate Nomad Checklist

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Record the condition of the property upon move-out so you know what needs to be done and what should be deducted from security deposit.

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Tenant Turn-overUltimate Nomad Checklist

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Have carpets professional cleaned. Deduct expense from security deposit (if your "Lease" has that clause).

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Tenant Turn-overUltimate Nomad Checklist

Tenant Turn-over Preparation

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Replace fire extinguishers to prepare for the next Tenant/Tenant-Buyer.

They have limited lifespans and it is probably cheaper to just buy new ones than to have them serviced.

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Prepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant Move-InTenant Turn-over PreparationTenantsUltimate Nomad ChecklistWeek 45

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Have AC and furnace serviced preparing for next Tenant/Tenant-Buyer.

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Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

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Your HVAC person may replace the furnace filter for you, but they may not. So, make sure you have a new furnace filter installed.

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Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

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Check for leaks under all sinks and near all water sources. Fix them as required.

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Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

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Call your carpet cleaner and schedule a time for them to clean the carpets right after the current tenant vacates the property.

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Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

Tenant Periodic Inspections

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If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

https://learntoberich.com/property-management-mastery/

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

Tenant Periodic InspectionsUltimate Nomad ChecklistWeek 45

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Check the fire extinguisher under the sink to make sure it is still there and still working. If not, replace it with a new one.

Mark this task complete when done.

Tenant Periodic InspectionsUltimate Nomad Checklist

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Check for possible leaks under all sinks and around all water sources.

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Tenant Periodic InspectionsUltimate Nomad Checklist

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Check to make sure furnace filters have been replaced and replace it if it has not.

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Tenant Periodic InspectionsUltimate Nomad Checklist

Tenant Month 1

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If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

https://learntoberich.com/property-management-mastery/

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

Tenant Month 1Ultimate Nomad ChecklistWeek 45

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Email or text Tenant/Tenant-Buyer and ask if they had any problems changing the furnace filter in the first month as a gentle way of reminding them they need to do it and verifying it was done.

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Tenant Month 1Ultimate Nomad ChecklistWeek 45

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Email and/or text your Tenant/Tenant-Buyer to remind them when rent is due and the amount that is due (especially if they moved in mid-month).

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Tenant Month 1Ultimate Nomad ChecklistWeek 45