Task List: Flip
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!
Sign & Execute Contract
This should be completed by broker and investor. The contract, disclosures and any other documentation can be found in Dotloop.
Earnest Money Delivery
Earnest Money should be delivered to appropriate party and we will upload a copy or receipt to Dotloop.
Submit Sales Contract to Lender
Make sure your lender has a copy of sales contract, disclosures, and addendums.
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.
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.
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.
Contact Rehab Crewe
- Let them know you have closed.
- Inform them of days when utility companies will be at the property to activate.
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 Dotloop.
- 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.
*Quality control inspector is NOT a licensed home inspector. They are visiting property to report rehab progress, cosmetic condition issues and property preservation.
Order Grass/Snow Service
Make sure to keep your investment looking at it’s best by ordering Grass/Snow service.
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.
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.
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.
*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.
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.
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.
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!
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.
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.
At the time of closing make sure to deactivate utilities.
Cancel Quality Control
Make sure to notify quality control that home is closing. Please notify them a few days prior to closing.
Cancel Grass/Snow Service
Please notify Grass/Snow service that home has sold. This should be completed a few days prior to closing.
Cancel Vacant Property Policy
Cancel this after the property has successfully closed. Most insurance companies will prorate cost.
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.
On to the Next One!
Now it’s time to start looking for the next one. As always we are here to help!