Few things are more exciting than your first investment property. You’ve made a big step and purchased your first home to flip. But before you can get started with the renovation process, you’ll need to close on the house. Closing is the process of making sure everything is final, with the seller, with your real estate agent, and with the bank. It’s a process that can be time-consuming, but it is an essential step to making sure that everything is processed correctly.
Your First Investment Property: Get Approved by the Bank
One of the first steps you need to do is make sure that you get approved by the bank for your mortgage payment. You will need to bring your credit score, the debt you owe, your monthly income and proof of employment, and how much you can put down for the house. However, even after you get approved, you must stay on good terms with the bank by keeping your credit score constant. Most lenders require you to have a credit score of at least 680 in order to get approved, so you’ll need a good credit score to begin with. But if that score falls, the mortgage lender can put a stop to the mortgage loan and prevent you from closing on your house.
Have a Thorough Home Inspection
After you are approved, you’ll need to make sure that a thorough home inspection (and home appraisal) are conducted before you buy the house. You’ll want to make sure that everything is approved and inspected for possible errors. One of the major things to know is there are several common foundation repairs that may need to be made before you buy any house. You want to make sure your house is inspected thoroughly before you close on it.
Your First Investment Property: Have a Final Walkthrough
In addition to a thorough home inspection, you’ll want to make sure you do a final walkthrough. This is usually done 24 hours before closing on the house. During the final walkthrough, you personally walk through the house and double-check that everything is as it should be for this house you’re about to close on to make sure that you’re aware of everything and that everything meets your expectations.
There are other steps you’ll also need to take to close on a house, but these three are crucial steps that should not be left out. Doing these things will help to make sure the buying process goes smoothly.
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The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education, and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agents, brokers, investors, hedge fund managers, rehabbers, wholesalers, and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that it does not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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