Key Steps in Closing Your Next Fix-and-Flip Property

Step to Closing Your Property

 

Ok, you have established trust with the seller and now it’s time to get down to the business of closing your investment property. Here are the steps that fix-and-flip professionals take to insure an orderly and effective closing:

 

1) Set up escrow

 

2) Arrange inspections by specialists on your team for electrical, plumbing, HVAC, chimney, well, asbestos, radon, lead paint, and insect damage (e.g. termites)

 

3) Use the inspection data to help confirm improvement cost estimates you made at the beginning of your property valuation

 

4) Order a property survey, request a settlement statement, and review the title search report

 

5) Prepare financing and arrange for property insurance

 

6) Prepare for repairs by scheduling roof, HVAC, etc., and also schedule pest control (if needed)

 

7) Prepare for improvements by scheduling your drywall, flooring, countertops, windows, etc.

 

8) Also schedule utilities, and have a locksmith ready to come out to re-key and install your keybox

 

9) Schedule your cleanout crew, and have a dumpster delivered so you can begin the tear-down part of your re-hab project

 

10) If you are working with a designer or architect, schedule that meeting as well

 

11) Sign your closing documents

 

Congratulations, you’ve acquired your investment and are now ready to go. In our next post we will look at the major stages of rehabbing your property.

 

Are you interested in faster flip loan closings, lower risk, and growing your fix-and-flip business? Get our free step-by-step Fix-and-Flip Borrowers Guide for driving ROI and growth.

 

Ready to finance your next fix and flip property? Click here to apply for a fix and flip loan or get a quick estimate.