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.

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


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.

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