First-Time Investor Series

The First Deal Checklist

Checklist · Author: Austin Coon

Buying your first rental, flip, or house hack is exciting and a little overwhelming — there are a lot of moving parts, and skipping one step can cost you money, time, or the deal itself.

This checklist lays out the whole process in order. Work through it, check items off as you go, and text Austin when you hit a step you’re not sure about — that’s what he’s there for.

1. Get your money ready

Know what you can buy before you start shopping.

  • Pull your credit report and check your score.
  • Set a realistic budget for purchase price and any repairs.
  • Compare financing paths: FHA, conventional, DSCR, a HELOC, or a partner.
  • Get pre-approved, or pull together proof of funds.

2. Define your buy box

Clear criteria turn endless browsing into quick decisions.

  • Choose a strategy: long-term rental, house hack, flip, or BRRRR.
  • Set criteria for area, price, condition, and target rent.
  • Study local sales and leased rent comps in your target areas.

3. Build your team

The right people save you from the expensive mistakes.

  • Partner with Austin as your investor-focused agent for search, comps, and offers.
  • Interview at least two contractors or handymen.
  • Line up a property manager or leasing help if you will not self-manage.
  • Pick your closing team: lender, title company, and insurance agent.

4. Find and analyze deals

Run the numbers before emotions get involved.

  • Use a deal calculator for cash flow, repair costs, and after-repair value.
  • Walk each serious property with a walkthrough checklist.
  • Bring a contractor for repair bids on anything beyond cosmetic.
  • Run sales comps for value and leased comps for rent.

5. Make an offer

Know your walk-away number before you write it.

  • Set your maximum offer from your numbers, not the list price.
  • Write the offer with inspection and financing protections.
  • Negotiate price, terms, or credits as needed.

6. Do your due diligence

This is your window to confirm what you’re buying.

  • Schedule inspections and read the full report, plus a sewer scope on older homes.
  • Ask for credits or renegotiate based on what you find.
  • Review seller disclosures, the title commitment, and insurance quotes.
  • Confirm repair scope and budget with your contractor.

7. Get to the closing table

Tie up the loose ends.

  • Finalize your loan or wire funds to close, and verify wiring instructions by phone.
  • Sign closing documents.
  • Move utilities and insurance into your name.

8. Set up for day one

Closing is the start, not the finish.

  • Change or rekey the locks and secure the property.
  • Start repairs or make-ready work.
  • List the property for rent, or for sale if it’s a flip.
  • Screen applicants with a consistent, written, fair-housing-compliant process.
  • Set up rent collection, maintenance tracking, and a reserve account.

Common questions

What’s the very first step?

Get your money ready — pull your credit report, set a realistic budget, compare financing paths, and get pre-approved or line up proof of funds before you start shopping for properties.

How much of this can I do without an agent?

You can research your buy box and financing on your own, but partnering with an investor-focused agent for search, comps, and offers — and lining up a team early — is what keeps step 4 through 8 from becoming expensive mistakes.

What if I get stuck on a step?

Text Austin. He works with first-time investors across Indianapolis and Central Indiana through the entire process, from setting a buy box to collecting the first rent check.

Want to run this with Austin?

Bring your address, your numbers, or just your questions — Austin works through them with you before you\u2019re committed.