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Create systems and procedures when you buy property
Home Home Real Estate
By: Alan Cowgill Email Article
Word Count: 400 Digg it | Del.icio.us it | Google it | StumbleUpon it

  

Letís talk about the systems I have for buying properties. It probably wonít 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 didnít 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 weíre 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 itís going to sound crazy at first, because youíre going to write down things that may say, "Turn your computer on" or "push star one to do the audio."

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

When you create a check sheet, youíre always going to change it. It may change week from week or month to month, but itís 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.

E. Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Since 1995, Alan has bought and/or sold hundreds of single family and small multi-family investment properties. His home study system, 'Private Lending Made Easy', shows others how to find private lenders for their very own real estate business.

His website is http://www.supercoolsystems.com

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