In just this past week of finding, making an offer and getting ready to close on this foreclosure, I've come up with some common sense revelations or learning experiences that I need to keep in mind:
1. The title company needs to have the last water bill up to date. So I have to go to the water company, pay them $25.00 to have them come and read the water meter at the house. (But I don't have to pay the past due - yippie!)
2. If you want to have a property in your business name and not your personal name you need to make sure you have your LLC's Articles of Organization handy. Note if your going to get into this game - make sure you have an LLC. It's not hard to do.
3. Make sure you take before and after pictures of your property. Good for your portfolio when you are looking for private funding.
4. Make sure you have a really good real estate agent who wants and will work with you and for you.
5. Check the taxes. Although the bank pays all past due taxes, remember either summer or winter taxes will be up to you (me) once you take possession. And summer taxes are the high ones :(
6. Have your money ready for closing (self explanantory)
7. Start advertising now. You never know who will need a house once your finish fixing it up. It's always good to have a list of people looking for a nice home.
8. Talk with other investors on a regular basis. They may remind you of the things you may have forgotten to take care of or just never thought about doing.
9. Keep a list of things you've done and will do (like blogging)
10.Enjoy the experience. I say that today because I know once I close on this property, I will be freaking out every five seconds!!
Like I said, it's not a hard process, it's just a lot of organization. Hope this helps. It helped me.... :)
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