Just Closed a Property Deal? Here's what to do next!
Okay… So you’ve done everything right, and your property deal has been accepted.
But now what should you do?!
I get asked this question often.
If you’re not careful with certain aspects of your deal, you can leave thousands of dollars on the table, or unknowingly set yourself up with extra work you don’t have to even do.
I’ve seen it happen to others, and I’ve had it happen to me.
DON'T END UP LIKE THE JOKER. USE THESE 5 STEPS...
“Do I really look like a guy with a plan? You know what I am? I'm a dog chasing cars. I wouldn't know what to do with one if I caught it. You know, I just... do things.” ~The Joker
Just as the Joker wouldn’t know what to do with a car if he caught it, far too many real estate investors have no idea what to do with their transactions once they’ve contracted the deal.
Ever hear of a lottery winner who doesn’t know he/she needs to pick up their earnings? Of course not! What good is that?! In the same way, you don’t want to end up with a real estate deal that you actually can’t cash in on.
So in today’s blog post, I have a simple 5-step process for you to follow upon the acceptance of your deals. This easy-to-follow process will help you avoid pitfalls and get the most out of your transaction.
- Step #1. Secure the property with a contract outlining the lowest possible price for the sale. Make sure you get as much as you can in writing. Don’t leave anything to chance or rely on verbal agreements. Be as approachable, specific and explanatory as you can be at all times during your deal, so everyone involved is satisfied.
- Step #2. Immediately get a comp search on the property, to make sure your analysis is correct – because your initial analysis of the property’s value might not be as accurate as it could be. Additionally, there are sentimental reasons why it’s a good idea to get a second pair of eyes when determining your property value – especially if you’re trying to sell a house you or a loved one has occupied. It’s simple human nature: We are usually inclined to believe what’s “ours” is worth more. And this is a great sentiment when it comes to, let’s say, raising kids – but it can get in your way when trying to make money with real estate.
- Step #3. Find a cash buyer for the property within ten days after receiving the signed contract. This might be your most important step. If you wait too long, your deal could lose steam, and it could mean that your property doesn’t net you the value you deserve.
- Step #4. Pat yourself on the back, because you are doing some amazing work! You are now entering into some elite company as a professional (and soon to be successful) real estate investor.
- Step #5. Keep me up-to-date on your challenges and success. Let’s see those deal checks!
I’ve made those mistakes and now I’m in a position to help people like you get the most out of every deal you do. So don’t be shy; feel free to post a comment below. Admittedly, it’s no Batphone… But it will work!
As a reader of this blog, you have insider REI information from some of the best in the business. As such, I want you to be successful with every single deal you do, and I take your success very seriously (and personally).
With a little bit of practice and patience, you can ensure that your deals become almost effortless, and even quite enjoyable.
At the end of the day, let’s make sure all of these steps are getting done, so that you can get exactly what you need for your business and your bank account. Don’t put any of the steps off. Go ahead and start it right now.
This stuff won’t happen for you magically. You have to catalyze it yourself. You’re almost there; don’t give up now!
You don’t want to be the big prize winner who doesn’t realize they need to actually COLLECT their earnings, right?
"Now, no excuses… Make this happen!"