Checklists for Real Estate Investing: 6 Lists that Can Help You Organise & Save Time

Posted on 31. May, 2011 by in General

I don’t know about you but I love lists! I have lists for everything – I love to plan, write down stuff, cross it off when completed and see it all on paper.  That whole physical action of crossing stuff off my list really helps me stay organized and focused on my day to day tasks.  This got me thinking about how important checklists are for planning a successful real estate venture. We have found that creating an investment checklist has helped us to :

  • stay focused
  • buy the right properties
  • move through the process accurately
  • manage the property
  • and most importantly – protect our investments

Here’s an example of the checklists we use for our property analysis:

1. A property criteria for shortlisting – we use this list to narrow the focus of our search. It has helped  to identify the requirements we need in a property. It can be very detailed.

2. Finance checklist – this includes our application for finance and ROI calculations

3. Property inspection checklist - we use this tool when viewing a property to keep our criteria requirements forefront in our minds.  It helps us to document the layout and condition of the property, building inspection, income assessment etc.

4. A deal negotiation checklist – how we will handle a deal negotiation and when we will walk away. We have used this a lot when our emotions kick in.

5. Renovation checklist – this is usually a full renovation checklist, broken down into either a makeover (in the case of cosmetic purchases) or full renovation task by task

6. Property management checklist – how we will manage the property or whether we will be using a property manager.  This checklist can be quite detailed and exhaustive depending on the route we take.

These checklists have certainly helped us in the early days as investors.  They can easily be adapted as you go through the education process and become more active as an investor.

Told you I love lists!

Have a great week.

Jane

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