What are the phases of purchasing and running a property?
The phases are submitting an offer, feasibility or option period, closing, rehabbing, leasing, and selling. The first 4 parts are the most involved. When you find a property you like, you will be faxing offers back and forth as changes to the offer sometimes occur. Once accepted, you will be in the feasibility period where time is of the essence. You typically have 7-10 days where you must go to the property and see how extensive the rehab will be. If satisfied, you can close the deal, take title to the property, and begin the rehab, advertise and lease. Once leased, it is simply a matter of checking your mailbox to collect the rent. There is not much to do except look to acquire your next property.
