Tasks To Do ASAP When Buying a Nomad Property

There are certain tasks that we recommend you get done as soon as possible when looking to buy a Nomad property. The following is the list of tasks that we’ve tagged ASAP (As Soon As Possible) even though some of them may be in later weeks in the Ultimate Nomad Checklist.

If you can do these tasks earlier than scheduled in the checklist, that’s better.

Warning! Logging and tracking tasks is for Premium Nomads only.

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Read 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 "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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Read "First Meeting: Paperwork":

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

Mark this task complete when done.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

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

Mark this task as complete when done.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate 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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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.

ASAPClassesGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1Week 53

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Create a folder for this property purchase on your computer within Dropbox to stay organized.

Mark this task complete once you've created the folder.

ASAPComputer SetupUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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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.

ASAPClassesGet Your First Deal DoneNomad BasicsOptionalUltimate Nomad ChecklistWeek 2Week 54

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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 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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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:

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.

ASAPUltimate 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

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

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

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

ASAPClassesFinancingFirst Meeting: FinancingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1Week 53

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

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

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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 DealsNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 3

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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 "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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Define what your investment property criteria is so we can setup a property search in the MLS.

Discuss with your Real Estate Broker if you have questions.

Mark this task complete once you know your investment criteria.

Analyzing DealsASAPFirst Meeting: Analyze DealsUltimate Nomad ChecklistWeek 2

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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: Analyze DealFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

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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.

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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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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Talk to 3 Lenders to determine which one you'd like to use.

Ask your Real Estate Broker for recommendations.

You may want to consider at least reading through the Mortgage Broker Interview Questions for some ideas of what you might want to ask:

http://JamesOrr.com/mortgage-broker-interview-questions/

Mark complete once you've talked to 3 Lenders of if you've already decided which Lender you plan to use.

ASAPContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

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Decide which Lender you will use to finance your purchase.

You can ask your Real Estate Broker for recommendations.

Mark this task complete once you've decided on a Lender to use.

Analyzing DealsASAPContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

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Make an application to get qualified for a loan with the Lender you've decided you're going to use.

Some people will opt to get quotes from multiple lenders. If you're going to do this, compare everyone on the same day so the rate is the same.

Also, have the Lender you think is most likely to be the one you'll go with pull your credit and then tell the other Lenders you're comparing what your credit score is. If you decide to go with them, you'll let them pull your credit then.

If you need a recommendation for a Lender ask your Real Estate Broker.

Mark this task complete once you've applied for a loan and been approved with the Lender you plan to use.

ASAPContract Deadline: Loan Application DeadlineContract Deadline: Loan Objection DeadlineFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

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Get Pre-Approval letter from Lender for the max you can afford. We will only use this if you're unable to reach your Lender and you want to submit an offer right away. Otherwise, we will ask your Lender for an updated Lender Letter for the exact Purchase Price.

Having a Lender Letter helps you get your offer accepted.

Mark this task complete when done.

ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

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You will need Earnest Money at the time you make your offer. It can vary and is negotiated but it is typically about 1% of the purchase price of the property you're going to buy. Earnest Money typically does count towards your Down Payment.

For a $300,000 property, that means you'll likely need about $3,000 for Earnest Money at the time you make your offer. Do you know where those funds are and are they readily accessible?

Discuss this with your Real Estate Broker if you have additional questions or concerns.

Mark this task done when complete.

ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

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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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Make sure that you know the source of your Down Payment and Closing Costs.

You will need at least the Earnest Money when you make your offer. You will need the Down Payment and Closing Costs for closing.

Discuss the timing with your Real Estate Broker and/or Lender if you have any concerns.

Mark this task complete when done.

ASAPDown PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Watch the recording of the live presentation of "Contract To Buy and Sell in Detail" available on:

http://JamesOrr.com/contract-buy-sell-real-estate-detail/

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

ASAPClassesPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Read through the "Contract to Buy and Sell Real Estate". Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Contract to Buy and Sell Real Estate". You'll be scheduling time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Read through the "Lead-Based Paint Disclosure". Highlight any sections you have questions about. Write down your questions.

You'll only need this if the property was built prior to January 1, 1978 but it is good to have reviewed it ahead of time so you understand it in case you look at properties built prior to this date.

Mark this task complete once you've read through the "Lead-Based Paint Disclosure". You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Read through the "Source of Water Addendum". Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Source of Water Addendum".

You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Read through the "Seller's Property Disclosure" for the property you're considering making an offer on or after you've made the offer if the Seller failed to provide ahead of time.

Mark this task complete once you've read the "Seller's Property Disclosure".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractSellers Property DisclosureUltimate Nomad ChecklistWeek 2

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Meet with your Real Estate Broker to go over the highlighted sections of the "Contract to Buy and Sell Real Estate". Ask your Real Estate Broker your questions about the "Contract to Buy and Sell Real Estate".

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

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Meet with your Contract and Paperwork Attorney to go over the highlighted sections of the "Contract to Buy and Sell Real Estate". Ask your Attorney your questions about the "Contract to Buy and Sell Real Estate".

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

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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Meet with your Accountant to go over the highlighted sections of the "Contract to Buy and Sell Real Estate". Ask your Accountant your questions about the "Contract to Buy and Sell Real Estate".

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

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

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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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It is prudent to determine where you might get cash from if you need it to take care of unexpected expenses when buying a property as a Nomad or as a rental.

Take a moment to determine where your Cash Reserves are in cash you need money to maintain a property.

Mark this task complete once done.

ASAPCash ReservesFirst Meeting: FinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2Week 54

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With the help of your Attorney and Accountant, determine how you will take title to the Property you're buying.

Common choices include: severalty (for one person or entity), joint tenants or tenants in common.

You'll need this to make an offer.

Mark this task complete once you know how you'll take Title to the Property.

ASAPUltimate Nomad ChecklistWeek 12Week 4Writing Offer: Info Required

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Watch the recording of the live presentation of "Seller's Property Disclosure Case Studies" available on:

https://learntoberich.com/spd-case-studies/

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

ASAPClassesContract To Close: Seller's Property DisclosureGet Your First Deal DoneMaking OffersPaperworkSellers Property DisclosureUltimate Nomad ChecklistWeek 13

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Call your Lender and get an Interest Rate quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

You'll modify this as interest rates change or as your loan program changes for the property you're analyzing.

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

Analyzing DealsASAPCash FlowFinancingNet Operating IncomeUltimate Nomad ChecklistWeek 2

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Determine the entity that you'll use for Partnership. Often this will be an LLC, but meet with your Entity Attorney to discuss what might be best for your unique situation.

Mark this task complete when done.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

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Read through your LLC Operating Agreement.

Highlight sections you have questions about. Write down any questions you have.

Mark this task complete once you've read your Operating Agreement and marked up any sections you have questions on. You will be meeting with your Entity Attorney to get your questions answered in another task.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

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Once you've read through your Operating Agreement and highlighted sections you have questions about, bring your questions to a meeting with your Entity Attorney.

Mark this task complete once you understand and feel comfortable with your Operating Agreement.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

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Search for available names for your LLC on the Secretary of State website.

Mark done when you've found a name that you can use for your LLC that is not already being used.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

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Once you've looked up names on the Secretary of State website, decide what name you'll use for your LLC.

Mark this task complete once you've decided.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

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Important note: your Entity Attorney may do this on your behalf if you've hired them to create your entity.

Otherwise, register LLC with the Secretary of State by completing Articles of Organization. Save a copy of your Articles of Organization to your Partnership folder in Dropbox.

Mark this task complete once you've filed Articles of Organization.

ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

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Open bank account for Partnership.

You will likely need the Operating Agreement and/or meeting minutes to document your authorization to do so.

Mark this task complete when done.

ASAPAsset ProtectionPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 3

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Determine who you will use to inspect your new property when you go under contract.

Ask your Real Estate Broker for a recommendation.

Mark this task complete when you've decided which Home Inspector you'll use when you go under contract.

ASAPContract Deadline: Inspection Objection DeadlineContract Deadline: Inspection Resolution DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

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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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Watch the recording of the live presentation of "Nomad with Lease Option Exit Overview" available on:

https://learntoberich.com/nomad-with-lease-option-exit-overview/

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

ASAPClassesLease OptionTenant BuyersUltimate Nomad ChecklistWeek 17

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Watch the recording of the live presentation of "Analyzing Deals 201: Selling with Lease Option" available on:

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

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

Analyzing DealsASAPCash FlowClassesLease OptionNet Operating IncomeReturn On InvestmentTenant BuyersUltimate Nomad ChecklistWeek 19

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

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

Mark this task as complete when you're done.

ASAPCollege NomadNomad BasicsUltimate Nomad ChecklistWeek 29

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

https://learntoberich.com/college-nomad-overview/

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

ASAPClassesCollege NomadUltimate Nomad ChecklistWeek 29

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Watch the recording of the live presentation of "Northern Colorado Real Estate Markets Stats" available on:

https://learntoberich.com/northern-colorado-real-estate-markets-stats/

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

ASAPClassesMarket StatsUltimate Nomad ChecklistWeek 30

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Have your Contract and Paperwork Attorney prepare your Lease Option documents for your Tenant-Buyer.

Mark this task complete once your Contract and Paperwork Attorney has prepared your Lease Option documents.

ASAPLeaseLease OptionPaperworkTenant BuyersUltimate Nomad ChecklistWeek 57

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Read through your Lease Option paperwork. Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through your Lease Option paperwork. You'll be scheduling time to meet with your Contract and Paperwork Attorney to have your questions answered in another task.

ASAPLeaseLease OptionPaperworkTenant BuyersUltimate Nomad ChecklistWeek 57

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Meet with your Contract and Paperwork Attorney to go over the highlighted sections of your Lease Option documents. Ask your Attorney your questions about the paperwork.

Mark this task as complete once you understand and feel comfortable with your Lease Option documents.

ASAPLeaseLease OptionPaperworkUltimate Nomad ChecklistWeek 58

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If you're offering the Tenant-Buyer a Lease Option, determine what price the Tenant-Buyer can purchase the property from you in year 1 and year 2.

Mark this task complete when you have prices for year 1 and year 2 for your Lease Option or if you're not doing a Lease Option at all.

Analyzing DealsASAPLease OptionUltimate Nomad ChecklistWeek 55

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If you're offering the Tenant-Buyer a Lease Option, determine what is your minimum acceptable Option Fee.

Mark this task complete when you have your minimum Option Fee for your Lease Option or if you're not doing a Lease Option at all.

Analyzing DealsASAPLease OptionUltimate Nomad ChecklistWeek 55

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Determine what Rent you'll charge for the property or, if you're offering a Lease Option, what Lease Option Rent you'll charge for the property.

This is often done by researching what Fair Market Rent is.

Mark this task complete when you have determined your Rent.

Analyzing DealsASAPLeaseLease OptionNet Operating IncomeRentUltimate Nomad ChecklistWeek 55

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Determine and write out the criteria that you'll use to evaluate a Tenant-Buyer.

Mark this task as complete when you have written evaluation criteria to be in compliance with Fair Housing Laws.

ASAPLeaseLease OptionPaperworkTenant ScreeningUltimate Nomad ChecklistWeek 54

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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

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.

IMPORTANT: You are not logged in.

New? Create a FREE account

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.

Brokerage Disclosure Regarding New Construction

During: Buying Process Overview: First Meeting: Brokerage Disclosure Regarding New Construction

Brokerage Disclosure Regarding New Construction is all about understanding the risks when buying new construction that is different from buying resale homes. It is part of the Paperwork step of your First Meeting with your real estate agent.

The Brokerage Disclosure Regarding New Construction is shown below. Read More

The Ultimate Nomad Checklist

This is the Ultimate Nomad Checklist™. Select which week you'd like to see the tasks for.

Week 1

The following are the recommended tasks for Week 1 if you’re a Nomad trying to buy a home within the next 3 months using the Ultimate Nomad Checklist™.

Week 1 is about learning some of the basics of the buying process and Nomad, plus selecting your Real Estate Broker and Lender. Then, once you have a Lender, getting pre-approved for financing and getting a Lender Letter.

There is also a tiny bit of computer setup by suggesting you sign up for Dropbox to store all your files related to your home purchase and loan.


Read the "What is Nomad?" blog post on

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

Mark this task as complete when you're done.

Nomad BasicsUltimate Nomad ChecklistWeek 1


Read 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


Read the "Buying Process Overview" page:

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

Mark this task complete when done.

Before ChecklistsBuying Process OverviewOptionalUltimate 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 OverviewFirst Meeting: PaperworkOptionalUltimate 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


Read "First Meeting":

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

Mark complete when done.

Buying Process OverviewDuring ChecklistsFirst MeetingOptionalUltimate Nomad ChecklistWeek 1


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


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.

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

First MeetingUltimate Nomad ChecklistWeek 1


Read "First Meeting: Paperwork":

https://learntoberich.com/paperwork/

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting PaperworkUltimate Nomad ChecklistWeek 1


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


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


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

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1


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

Mark complete when done.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1


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

Mark complete when done.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1


Discuss the Exclusive Right-To-Buy Listing Contract with your Real Estate Broker.

Mark this task as complete when done.

First Meeting PaperworkPaperworkUltimate Nomad ChecklistWeek 1


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

Mark this task complete when done.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1


Read "Brokerage Disclosure Regarding New Construction":

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

Mark this task as complete when done.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1


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

Mark this task as complete when done.

ASAPFirst Meeting PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1


Read "First Meeting: Professional Services Provided":

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

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Professional Services ProvidedUltimate Nomad ChecklistWeek 1


Receive a copy of "Professional Services Provided".

Mark complete when done.

ASAPFirst Meeting: Professional Services ProvidedPaperworkProfessional Services ProvidedUltimate Nomad ChecklistWeek 1


Read "Professional Services Provided":

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

Mark complete when done.

ASAPFirst Meeting: Professional Services ProvidedPaperworkProfessional Services ProvidedUltimate Nomad ChecklistWeek 1


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

Mark complete when done.

ASAPFirst Meeting: Professional Services ProvidedPaperworkProfessional Services ProvidedUltimate 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.

ASAPClassesGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1Week 53


Read "First Meeting: Your Real Estate Goals":

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

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1


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


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


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


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:

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

ASAPFirst Meeting: Your Real Estate GoalsFuture NarrativeGoalsUltimate Nomad ChecklistWeek 1


Review my own "Future Narrative" to remind myself about my why, my how and what obstacles I am committed to overcoming.

Do this at a minimum once a month.

Mark this task as complete once you've reviewed your "Future Narrative" this month.

ASAPFuture NarrativeGoalsUltimate 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 55Week 56Week 57Week 58Week 59Week 6Week 60Week 61Week 62Week 63Week 64Week 7Week 8Week 9


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.

ASAPUltimate 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


Read "First Meeting: Financing"

https://learntoberich.com/financing/

Mark this task as complete when done.

ASAPFinancingFirst MeetingFirst Meeting FinancingUltimate Nomad ChecklistWeek 1


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

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

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

ASAPClassesFinancingFirst Meeting: FinancingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1Week 53


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


Read "First Meeting: Receive Property Lists":

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

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1


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


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

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


Read "First Meeting: Analyze Deals":

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

Mark this task as complete when done.

Analyzing DealsASAPFirst MeetingFirst Meeting Analyze DealsUltimate Nomad ChecklistWeek 1


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: Analyze DealFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1


Read "First Meeting: Write Offer":

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

Mark this task as complete when done.

ASAPFirst MeetingFirst Meeting: Write OfferMaking OffersUltimate Nomad ChecklistWeek 1


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


Check out the volunteer page:

https://learntoberich.com/volunteer/

Mark this task when complete.

OptionalUltimate Nomad ChecklistWeek 1

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.

IMPORTANT: You are not logged in.

New? Create a FREE account

Rental Application

During the Tenant Screening class, I mentioned and showed you the Rental Application to modify and use when taking applications for prospective tenants.

A special thank you to Brian Williams who shared his Rental Application with our local investor club. The Rental Application below is 99% from him (and his girlfriend Beth). Thank you Brian and Beth!

Here are images showing the newest version of the 3 page rental application I suggest you download to open with Excel, edit and then print and use yourself.



Download Editable Rental Application

Premium Nomads can login and download the an editable version of the Rental Application to use in their own business.

Premium Nomad Content

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

Click here for more information on how to upgrade to become a Premium Nomad.

IMPORTANT: You are not logged in.

New? Create a FREE account

And these are the spots you’ll want to edit to replace with whatever your application fee amount is, your reservation fee amount is and your contact info is.


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.

IMPORTANT: You are not logged in.

New? Create a FREE account

Closing Disclosure Checklist

Recently, I had a client discover almost a year after closing (while doing his taxes) that there was a small error on his Closing Disclosure form. This isn't a form that we typically see since it is a disclosure right from the Lender to the Buyer regarding their loan. So, having never seen their Closing Disclosure, it is not an error I would normally be able to catch for clients.

This client, who is a super smart engineer, made his own small checklist of things to check on the Closing Disclosure. He shared it with me and, with his permission, I am able to share it with you as well.

So, here is a special, simple checklist of things to check on your Closing Disclosure when buying properties as a Nomad.

Read More

Net Operating Income

Net Operating Income (often abbreviated NOI) is the income you receive from your investment after all your expenses except the expense of debt. It does NOT include your mortgage payment.

Net Operating Income then is the cash flow you'd receive on a property if you did not have a loan on it.

Net Operating Income/Purchase Price of the property is the Cap Rate of the property.

Net Operating Income Related Tasks and Resources

Read More