After the preliminary interview process of discovering the best investment strategy for you, it usually starts with a three way conference between your Empowered Investor Network™ advisor, the local market agent in the area of your choice, and you. This is where we go over the particular properties available and you decide which one you want.
Now it’s time to get you pre-qualified for a loan. Lately, more times than not, we’ve seen clients using a lender in the local area where the property is located. The advantage is that the lender knows the local appraisers, contractors, and inspectors. This choice is not set in stone though. You should feel perfectly free to go with the lender of your choice or ask us to help you find one.
Once you have the pre-qualification letter in hand, the local agent will send you the contract. You read it, sign it, fill out a few auxiliary forms (shouldn’t take more than 20 minutes) and mail it back to the local agent with your earnest money. If you haven’t heard the term before, earnest money is nothing more than a good faith deposit that insures you don’t bail out of the contract at the last minute for a silly reason.
Earnest money ranges from $1,000 to $5,000 on most single family home transactions. At that point, it’s a simple matter of letting the deal take its course. Once your offer is accepted, inspections will be done, title search, etc. When closing day gets here, you sign on the dotted line and celebrate the fact you’re now an income property investor.
The Platinum Team
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