Task List: Flip

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Purchase & Rehab Checklist

Successful investing requires systems, we have made it predictable and repeatable for investors.
Follow our checklist so you don't miss a step!

1a

Sign & Execute Contract

This should be completed by broker and investor. The contract, disclosures and any other documentation can be found in Dotloop. View your role here:

Roles and Responsibilities

2a

Earnest Money Delivery

Earnest Money should be delivered to appropriate party and we will upload a copy or receipt to Dotloop.

3a

Submit Sales Contract to Lender

Make sure your lender has a copy of sales contract, disclosures, and addendums.

4a

Submit Rehab Scope to Lender

The lender may require rehab scope to be provided. Some lenders require rehab scope on their own form. Please verify with lender requirements.

5a

Order Vacant Property Policy

Make sure to order a vacant property policy for your investment. This is a critical step and is overlooked by investors paying cash as there is no lender requiring this item for closing. A vacant property policy should be ordered. Homeowners, landlord policies do not cover vacant homes. Please check with you insurance agent for specific requirements. A vacant property policy is usually double the cost of a homeowners policy.

Order Policy

5a1

Download the Chase WorkPlace App

Make sure to download the Chase Workplace app. We will send you an invite. Please accept and download the app on Apple App Store or Google Play. We use this to communicate with investors.

Download App

6a

Utility Activation

Once you have closed on your property, please check with your renovation contractor regarding activation date. All utilities will need to be activated for renovation team to start remodeling. They will meet with utility company at property and will coordinate this with you. You can find utility contacts for the town property is located in using the button below. Make sure to record account number as you will need this to deactivate the account on the property is sold and closed.

  • Gas/Water/Electric

*If the gas meter is missing, please follow these instructions and link:

. At the top click on Business, a drop down list will pop up, click on Builders and Developers.

2. Scroll to the bottom of the page to Service Forms, click the + on the right hand side and click on Residential Single Meter Service Request.

3. The investor will fill out that form and submit it. Once it has been submitted, they will receive a call from Nicor within 48-72 hours.

Nicor Form For New Meter

Utility Contact List

7a

Contact Rehab Crewe

  • Let them know you have closed.
  • Inform them of days when utility companies will be at the property to activate.
Order Crewe

8a

Order Quality Control Service

This is optional but highly recommended! The quality control inspector will visit property bi-weekly from purchase date to close date with end buyer. You will receive a detailed photo report after each visit. This will be sent via email and uploaded to Workplace.

  • Provides detailed photo report of property during rehab.
  • Will meet with renovation team for a final walk-through and provide photographed report.
  • Monitors property during marketing period, documented with photos.
  • Continues to visit during closing period, up until home closes.
Order Quality Control*

*Quality control inspector is NOT a licensed home inspector. They are visiting property to report rehab progress, cosmetic condition issues and property preservation.

9a

Order Grass/Snow Service

Make sure to keep your investment looking at it’s best by ordering Grass/Snow service.

Order Grass/Snow

10a

Order Staging

Many investors will stage their property prior to listing. If your home needs a little “oomph” this can do the trick. Many of our investors implement this on every project they complete.

Order Staging

11a

Complete Final Walk Through

If you have hired quality control, this will be completed by QC. If you are monitoring your own property, please schedule with rehab team prior to listing home.

12a

Order Home Inspection

We highly recommend having a home inspection company professionally inspect the property before listing for sale. There may be items that could potentially be “deal killers” when end buyer completes their home inspection. We can mitigate deal loss by completing this before listing for sale.

This is not a punch list. Use this inspection to determine if there are critical items that would deter a buyer from purchasing your property. Chase Real Estate investors get special pricing of $425.00 for the home inspection.

Order Home Inspection*

*This service is conducted by a Illinois Licensed Home Inspector

Sale & Closing Checklist

Follow the next steps to successfully sell and close out your investment. We help you make investing predictable and repeatable.

1b

List Property for Sale

Once the home is photo ready, please use the button below to list your property for sale. We do need property to be at it’s absolute best. The first few days on market are critical and a home that shows well – sells well.

After compleing the List Property form, we will send you listing agreement, disclosures and other listing documents through Dotloop.

List Property

2b

Visit Property Regularly

For investors utilizing quality control services, this is done for you bi-weekly. Please make sure to review your reports.

Investors who are doing this on their own, we recommend visiting the property at least once every two weeks to ensure property shows well and property is being properly preserved.

3b

Execute Contract With Buyer

After negotiating price and terms we will send through Dotloop contract and any addendums that may apply. Please respond to contract execution quickly. Strike while the iron’s hot!

Dotloop

4b

Review Home Inspection Issues

After the contract has been accepted and buyer completes home inspection, items may come up that will require attention. Your attorney will work with you and negotiate items until an agreed list is drafted. Please provide this list to renovation team using the Crewe button below.

Order Crewe

5b

Cancel Staging

Prior to closing, approximately two weeks you will need to notify staging company that home is nearing close date. The company will need some time to schedule movers to remove furniture.

Cancel Staging

6b

Utility Deactivation

At the time of closing make sure to deactivate utilities.

  • Gas
  • Water
  • Electric
Deactivate Utilities

7b

Cancel Quality Control

Make sure to notify quality control that home is closing. Please notify them a few days prior to closing.

Cancel Quality Control

8b

Cancel Grass/Snow Service

Please notify Grass/Snow service that home has sold. This should be completed a few days prior to closing.

Cancel Grass/Snow

9b

Cancel Vacant Property Policy

Cancel this after the property has successfully closed. Most insurance companies will prorate cost.

Cancel Policy

10b

Collect Your Profit

Review settlement statements from purchase closing and sale closing. Account for expenses such as remodeling, insurance, mortgage, and any other items not listed on settlement statements. We call them “in-between” costs.

11b

On to the Next One!

Now it’s time to start looking for the next one. As always we are here to help!