Create your quick deal travel kit

Chapter 12: Step 11 of the Quick Start Guide.

Create a travel Binder with the following:

Time: 1 hour, day 3

It’s time to get prepared to do the business.  And for an investor, one of the biggest part of the business is getting good deals!  To do that we have to be prepared to make an offer on the spot!  Have a binder with everything you need to do so.  Below is a list of stuff that should be in your car with you.  Make it neat and organized because people will see it and judge you based off of what they see.  It doesn’t have to be leather, but you don’t want to have folded/crimped pages, struggle to find the right document or not have a pen that works (have a nice looking pen in there, it makes people feel good to sign with a pen that doesn’t say “I’m cheap cheap cheap” but don’t make it a very expensive pen either.

  • Some kind of binder or travel folder, and tabs to separate sections.

  • Rental applications

  • Lease agreement and rent to own option agreement

  • Purchase offer agreement.

  • Warranty Deed, quitclaim deed (get these drafted for you locally, call your title company for help – should be cheap or free)

  • Blank checks from your management company

  • W9 forms for contractors (anyone you hire signs one)

  • Contact list (with HVAC, electrician, handyman, lawn service person, rehaber(s), bank business account manager, title company, home depot, Lowes, local glass and service companies, local police stations, code enforcement office/agents, Real estate CPA, Real estate tax attorney, eviction and collection attorney).

  • Business cards.

  • Calculator

  • Call log, mileage log

  • Pens

  • Map(s)

 

TIP: Also, a separate binder with the following

  • Tenant names, addresses, contact information

  • A copy of each tenant’s lease (Better to have these scanned and on your phone or dropbox account).

A good binder is the beginning of a standard operating procedure (SOP).  In the long run, you want to have people (staff) going around and making offers for you while you do the follow up negotiations.  Eventually you want to be able to hand off everything to your staff and watch your business grow as you do whatever in life really makes you happy.

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