Create Systems And Procedures When You Buy Property

Create Systems And Procedures When You Buy Property

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Let’s talk about the systems I have for buying properties. It probably won’t surprise you much but I have a check sheet for it.

It has the property address, date of purchase, purchase price, and the trustee. It also lists the private investor and how much of a loan they gave us. What happens if I have two investors? How much did they loan? It all goes on the sheet.

I have the AMQ listed. In case you didn’t know the A is amortized, M is monthly and Q is quarterly. I have the signed purchase and sale agreement. I do a title search and notify private investor to shoot the funds in. I order the appraisal. And set up a closing date. I have the closing and post signs in yard. Kevin takes pictures for the web site and we’re off to the races.

You always hear people telling you to document everything you do. Now that sounds hard and you probably get sick of hearing it. But you have to do it. It is a very important thing to do.

Get your files together, you sit down and you write step by step. Now it’s going to sound crazy at first, because you’re going to write down things that may say, “Turn your computer on” or “push star one to do the audio.”

But it’s simple and it can save your rear end. It sounds like it’s a lot of work, but once you start it, it’s going to flow.

When you create a check sheet, you’re always going to change it. It may change week from week or month to month, but it’s always changing.

We have a procedure, a check sheet and a system for everything. This includes purchasing a property. We have different check sheets and procedures for each type of real estate we buy; bank repo houses, owner financed homes, and houses from seized property auctions, and others. We can move through the process quickly and easily. We make the customer happy with these systems too.

Customer service is very important in any business. It is incredibly important in real estate.

If you have efficient systems, the customer will be happy.

About the Author:
E. Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Since 1995, Alan has bought and sold hundreds of single family and/or small multi-family investment properties in Springfield, Ohio. Alan uses Private Lenders, not banks, to fund his real estate purchases. By doing this, he has created his own private bank of $2,000,000 in funds. Alan looks for situations where the seller, the lender, and the eventual homeowner can all "Win". He is not a Realtor, but a Private Investor, author, consultant and national speaker. He has been asked to speak on the topics of ‘Investing for the Beginning Investor.’ and ‘Finding Private Lenders.’ His home study system, &lsquo



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