Below is a process map of a wholesale / fix and flip deal using some of the benefits you have as a Boston REIA Member

1. Locate the Deal-  Use Realflow

•  
• Farming
• Bird Dog
• Wholesaler
• Whoever or Whatever - But find the deal.
   

2. Perform your Due Diligence
 

• Title search with option for title insurance
• Zoning records proposed changes.
• Appraisal
• Physical inspection
• Insurance quote from Real Protect
• Realflow estimate of repairs. (Hammer Zen Accounting)
• Why are they selling?
   

3. Offer and Acceptance - It is all about the terms – Ask

•  
• Seller Financing? 100% ?
• Seller Carry Back 30% or 20%
• Subject to?
• Lease Option
• REIFA (Private Money Lenders Matching)
• Borrow from yourself (Insurance IRA etc)
• Last Resort - Use your own money.

4. Close the Deal

•  
• Get Insurance - Call Real Protect AKA Norton
•  Ask for Replacement Cost Value and vacant property coverage that    Converts when property is occupied.
• Add new property to your Personal or Commercial Liability umbrella policy

 

5. Take Title

•  Title Insurance is "Number one G.I."
•  Illinois Type Land Trust. - Preferred.
•  Subject 2.
•  Entity
•  Last Resort - In your own name.

6. Possession and Renovation 

•  
• Change the locks to Landlord Locks set up contractor key
• Get Simply Safe Alarm installed $14.99 per month with cell phone dialer. 
• Renovation Contractors - Get Three Bids
• Use the lowest bid and get three more bids
• On average 60 % of bid is labor. Negotiate buying the materials Yourself.
• Go to the Bid Room at Home Depot PRO Loyalty REIA Program and order the entire project.
• Get Discounts per REIA entitlements
• Deliver material free and get 2% Cash back Rebate
   

7. Property Management

          If managing property, consider forming a Family Limited Partnership.

8. Marketing

•           Social Media: Facebook, Twitter, You Tube etc
•           Website: Available from Realflow
•           Ask current tenants.
•           Post Flyers made with Realeflow

 

9. When contractors finished change lock cylinders with Landlord Locks.

10. Sell Or Lease.   If leasing use “Rent Perfect” for tenant screening, 

 

Join Us for the MANY, MANY Benefits 

https://www.bostonrealestateinvestorsassociation.com/membership/