It is no secret that flipping houses can be incredibly profitable. Unfortunately, what many real estate education programs have failed to teach in the past is how to manage the closing process to turn your deals into dollars.
Learning where and how to find great deals on properties as well as how to market to buyers are certainly essential real estate investing 101 lessons you need to pick up. However, there are many complex parts that make up a real estate transaction and unless your real estate education teaches you how to manage the closing process you could find it becoming frustrating fast.
Part of the complexity of real estate closings comes from the large number of people involved. This includes; buyers, sellers, you, appraisers, inspectors, lenders, title companies, attorneys and real estate agents. Good real estate education courses will tell you the importance of creating a system and maintaining a superior level of contact with all parties involved, every step of the way. There are many personalities involved and anyone of them can be freaking out for no reason whatsoever because they are nervous or have other issues affecting their decisions and performance. Keeping well oiled lines of communication open at all times is critical. It is also important to keep growing your level of real estate education by gaining a deeper understanding of anything that can creep up and delay or destroy your closing.
A big part of effectively managing the closing process for your real estate investing business is to make sure that all parties understand that you need to know about any issues that arise immediately. All too often lenders and real estate agents bury problems and do not notify you because they are embarrassed, afraid or just hoping that it will solve itself. If there are new underwriting conditions that arise or problems with last minute title searches you need to know the moment they develop so that you can take positive action to make sure the deal closes on time. Make sure your entire real estate investing dream team is on the same page.
