Your Closing Table Checklist For House Flipping

What to do When Getting Ready to Close On a House Flip

If there’s anything Tarek and Christina seminars have taught, it’s that flipping a home takes a lot of time, sweat equity, and real money. Chances are, you put off a lot of other life tasks to ensure you get the home ready to sell and make money. Now it’s time to close on the investment and get ready for the payout for all your hard work! This is an exciting time and is a huge accomplishment.

As you make the final preparations to close, there are a few items on your checklist you need to have to make sure things go as smoothly as possible. Real Estate Elevated has put together this list for you to refer to as you close on your property.

Set Dates

Make sure all of the players involved in your sale are free to meet on a specific day of your choosing. Your realtor, broker, attorney, and anyone else must be able to meet on this day. If somebody doesn’t show up, you can look bad and risk losing a sale.

Offer to Pay Closing Costs

This gives you more insurance for the sale to go through. When you offer to take care of the closing costs, it shows buyers they can trust you and that you’re more than willing to work with them. Try to cover closing costs for all your flips. It eats into your margins somewhat, but that’s ok. Making the sale will be worth it. Just make sure you have the money available to cover these costs.

Bring Safety Documentation

Every state is different, and depending on where you live, you’ll need safety verifications or certificates to give to the buyer. Look into the laws of your state regarding inspections and safety and get the proper documentation in order. Inspection reports include looking at items like smoke and carbon monoxide detectors and even checking the foundation or plumbing. Double check everything you need, put it in a nice folder, and bring it with you.

Other Essentials to Hand Over

You should already have the cashier’s check to cover the closing costs and the important documentation, but there are other items you need to get ready to hand over. The keys are probably the most important thing here, but also any alarm and garage door codes, the garage door opener, or any HOA guidelines and codes. Have everything written down, packed away, and ready to go.

Bring a Smile

At the end of the day, business is business, but nobody likes working with a robot. Have a good attitude when you come to the table. Closing real estate deals can be a bit stressful, so try to make things easier with a positive demeanor. Even though things can go wrong at this stage, it’s important to stay calm and deal with issues if and when they arise.

As you approach your closing sale with unwavering yet calm confidence, your buyers will see this and feel more relaxed. The sale will go more smoothly. Act too tense or distracted, and your buyers might think you are up to something and the sale could take a wrong turn. Smile, be happy, be honest, open, and greet them with a handshake they will see as confident. The more they feel at home, the better the close will end.

There are a few other things to remember as you approach the closing table, like any new manuals for appliances you installed. Your buyer has expectations, so make sure you meet them.

Overall, be transparent and make sure you answer all the buyers’ questions. Make sure you’re aware of all the real estate laws in your state so you’re prepared when you come to the table. And to learn more about flipping homes, check out one of our Real Estate Elevated seminars.

Can You Make Money in Real Estate Without a License?

Drive down the street in any city, and you’ll most likely see a handful of “for sale” signs on many blocks. If you’ve ever wanted to invest in real estate, these signs might poke at you, begging you to come inside and see how you can make an investment and start flipping homes.

But how do you make these purchases—or make money in real estate—if you don’t have a license? People like Tarek and Christina of Real Estate Elevated were real estate agents before they started flipping homes, so they had a head start when they flipped a house. Having a license does give you an edge in the industry, but the truth is, you can make money even if you don’t have a license.

Find a Trusted Real Estate Agent

Chances are, you might have a friend or two from high school, college, or life in general who are agents. This thought should be a no-brainer, but many people think asking help from an agent is taboo.

It isn’t!

Real estate agents have access to a plethora of tools to help flip homes, like multiple listing services, or MLS. If you don’t have the time or money to get a license, partnering with an agent can help you locate homes that fit your budget and goals. With the MLS, they can be looking for promising listed homes that you can flip. You will have a smaller return on your investment, but you’ll also have experts on your side who can get your property listed quicker.

Short-Term Rentals

If you’re in a part of the country that’s essentially a “seller’s market” you shouldn’t be looking to invest in long-term homes. This could lead to a flop of a flip and leave you with loads of debt. Instead, look at flipping rental properties in your area.

People are always looking to rent—not everybody can afford a home. This allows you to seize a great opportunity in rental properties. This also works with vacation homes. The rise of vacation rental sites gives you a chance to list your rentals throughout the year. As more and more vacationers look for alternatives to hotels, your home gives them that alternative.

Focus your search to flip homes in cities, college towns, or popular vacation areas. You could find a great opportunity for an investment.

Working with Wholesalers

Wholesaling houses is a remarkable way to invest in real estate if you don’t have a license, and you won’t need a lot of capital. Wholesaling means professionals locate homes in the area that are undervalued. They then put them under contract. Under these specific contingencies, the owners assign the contract to another buyer within a certain amount of time—a very short amount of time.

Wholesalers seek buyers who are willing to pay just a little bit more than the price under contract, keeping the difference as profit during the closing process.

Call wholesalers in your area and see if they have a deal on a home you can flip. This is a win-win for both parties and gives them confidence in you to send you another flip later on.

These are just three simple ways to make money in real estate if you don’t have a license. Attending Tarek and Christina seminars can help you understand more of how the market works, especially if you don’t hold a license and aren’t familiar with specific real estate practices. These seminars are the perfect source of knowledge to help you get in the game of real estate investment.