Strategies to Get the Lowest Monthly Payment When Buying Real Estate

The following is the outline and additional resources for the class Strategies to Get the Lowest Monthly Payment When Buying Real Estate that we taught on February 21, 2017 with Jassen as our special guest.

Watch the 2 hour and 23 minute video plus see the class outline here:

Class Outline

  • Cash Flow and Cash on Cash Return (with charts)
  • Calculating Cash Flow
  • Lowest Monthly Payment Checklist
  • Minimizing Monthly Payment with Your Lender
  • Strategies if You Own Other Property
  • Strategies When Searching for Homes
  • Strategies When Making Offers

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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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Complete the "First Meeting: Write Offer" checklist:

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

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ASAPFirst MeetingFirst Meeting: Write OfferMaking OffersUltimate Nomad ChecklistWeek 1

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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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Discuss the typical amount of Earnest Money with your Real Estate Broker.

In Northern Colorado, Earnest Money is typically about 1% of the purchase price of the property but is negotiated between Buyer and Seller.

However, offering less Earnest Money than the Seller is requesting on the MLS listing is typically considered a weaker offer.

If you're buying a property with little or no money down (especially less than what Earnest Money would be), discuss with your Real Estate Broker some possible strategies for trying to get an offer accepted in this situations. It may be harder to get your offer accepted in these situations so you may need to be more flexible in the homes you're looking at until we find a more flexible Seller.

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ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

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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.

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ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate 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 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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Read through the "Square Footage Disclosure" to see if you have any questions about information in that disclosure.

Mark this task complete once you've read the "Square Footage Disclosure".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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Read through the "Occupancy Limits Disclosure For Property Sale" to see if you have any questions about information in that disclosure.

Mark this task complete once you've read the "Occupancy Limits Disclosure For Property Sale".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

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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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Contact your Insurance Agent once you're under contract on the property and ask them to provide you a copy of the CLUE Report for the property. This gives you a history of the insurance claims made against the property.

Mark this task complete once you've received a copy of the CLUE Report from your Insurance Agent.

Contract Deadline: Inspection Objection DeadlineInspectionMaking OffersUltimate Nomad ChecklistWeek 9

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