Verify Financial Plan

OK. Now you own the property with a lender. The first step to take, the same day of the closing if time permits, is to make a visit to the lending institution in person or by telephone if a personal visit is not possible.

You need to verify the payment amounts you will be required to make. On paper write the date and amount due for each payment for the next full year. Some lenders produce a payment schedule and even give you coupons to use with your payment. If you do not get this schedule, create your own.

Hopefully you will sell the flip in much less time than the full year, but this schedule of payment amounts and dates will prove useful should the sale not occur as quickly as you prefer.

Also establish an automatic payment plan where the mortgage amount is taken out of your job account when the payment is due. In this way, if you get busy, you'll never have a late payment or penalty to pay. Oh, and make a plan to deposit money in the job account well in advance of each pament date.