Your First Deal Checklist
A step-by-step guide for new real estate investors. Track your progress from curious beginner to confident closer.
Overall Progress
0%1. Financial Readiness
Review your credit score and obtain a detailed credit report
Calculate your available down payment and reserve funds
Set realistic budget ranges for purchase price and renovation costs
Research financing options (conventional, FHA, DSCR, private money, HELOC)
Get pre-approved with lenders or prepare proof of funds documentation
2. Define Your Investment Strategy
Determine your primary investment strategy (buy-and-hold, fix-and-flip, BRRRR, house hacking)
Define target neighborhoods and property types
Set price range, condition preferences, and minimum cash flow requirements
Research local market trends, rental rates, and comparable sales
3. Assemble Your Investment Team
Interview and select a knowledgeable real estate agent or connect with wholesalers
Build relationships with reliable contractors and obtain multiple quotes
Connect with a qualified accountant familiar with real estate investments
Research property management companies or plan for self-management
Establish relationships with lender, title company, and insurance agent
4. Source and Analyze Properties
Set up property alerts on MLS, Zillow, and real estate websites
Drive target neighborhoods to identify potential off-market opportunities
Run preliminary numbers using Wexwell calculators (cash flow, BRRRR, rehab estimates)
Conduct thorough property walkthrough with detailed inspection checklist
Obtain contractor bids for accurate renovation cost estimates
Research comparable sales and rental rates for ARV and rent projections
5. Submit Your Offer
Calculate your Maximum Allowable Offer (MAO) based on your analysis
Prepare offer strategy including price, timeline, and contingencies
Submit written offer with inspection, financing, and appraisal contingencies
Negotiate terms, price, or closing timeline based on seller feedback
6. Complete Due Diligence
Schedule professional property inspection within contingency period
Review inspection report and identify any major issues or surprises
Obtain updated contractor estimates based on inspection findings
Review seller disclosures, HOA documents, and title report
Get insurance quotes and confirm coverage availability
Negotiate repairs, credits, or price reduction based on findings
7. Prepare for Closing
Complete final loan application and provide any additional documentation
Conduct final walkthrough 24-48 hours before closing
Review closing disclosure (CD) and settlement statement carefully
Arrange for closing funds (wire transfer or certified check)
Set up utilities and confirm insurance policy activation
8. Post-Closing Execution
Take possession and immediately change all locks for security
Document property condition with photos and videos
Execute renovation plan and manage contractor timeline
Prepare property for market (staging, photos, listing)
Implement tenant screening process and lease agreements
Establish rent collection system and maintenance procedures
Set up accounting system and reserve funds for future expenses
Final Tip
Print this out, check off each step as you go, and update it with notes from your first deal. Every successful investor started where you are and stayed on track by following a process like this.
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