Coach Carson On The Importance Of A Due Diligence Checklist

In this episode, Chad Carson shares about the importance of having a due diligence checklist for buying new properties.  Get Chad's checklist here: https://www.coachcarson.com/newsletter/  Checkout Chad's Podcast here: https://www.coachcarson.com/coach-carson-podcast/  --- Transcript   Michael: Hey, everybody, welcome to another episode of the remote real estate investor. I'm Michael Albaum, and I'm joined by my co host,   Emil: Emil Shour.   Michael: And we have a very special guest for this weekend wisdom. Chad Carson is with us again. And Chad's gonna be giving us a little bit of insight into how he does his due diligence and some tips and tricks he's developed over the years to do it really well. So let's get into it.   Chad, we were just chatting about a process that you use to close on every property that you close on, right?   Chad: Yeah, basically, I think the analogy we used was, you know, when you get in an airplane, and you see these pilots at the front of the airplane, and they're, they're walking around the plane, they're looking at things, they're testing things, they basically are going by a checklist, because who wouldn't look at a checklist to make sure you don't make a mistake before you put a huge metal plane into the air right with all these passagengers in the back? And I guess my point was, why wouldn't a real estate investor before they go buy a property with hundreds of 1000s of dollars or at least 1000s of dollars? And this might this property might be with you for a while right? And you want to make it work? Why would you not have some kind of process, some checklists that you would use when you're buying a property?   So I guess my main message is like, have a checklist, right? Even if it's like three or four things, what are the things you got to do and check those off the list, I started doing this with my business partner at the very beginning of our business, we just got lucky and read a book called The E myth, e myth mastery, I guess, just the E myth, right when we started our business, and that was that idea of checklist was like at the heart of that book. And so we just embrace that. And the idea, though, is that you can build a checklist for everything in your business, everything in your life if you wanted to. But every time you do a process, you're simultaneously doing the thing.   So you're closing on this property, you're doing the closing. But you should also be thinking about working on your business, and actually writing the checklist so that the next time you close on the business or the property or if you delegate it to somebody else, they can actually go through and do that same process as well. There's the kind of lesson itself of the closing checklist. And there's the meta lesson of just building your business around standard operating procedures and checklists. That has been so critical for everything we've done.   Michael: I think it's so interesting. And I know for me that confidence can be the like, biggest enemy here. And that Oh, yeah, I've done this 10 times, what do I need a checklist for? But to your point, I mean, that's when people really start to get complacent and mistakes get made. And so I'd be curious to know what's on your checklist.   Chad: Some of them are really mundane, like, hey, you're about to buy this property, make sure you turn on the utilities. Yeah, it's pretty straightforward, right? But I had some properties you bought and all the contractors show up and they're like, Hey, is the power on can't turn ourselves on. We'll be back in a week. Because we have other jobs, we have to get to now like, Nooo, delivering the dumpster like some of those kind of just like transitional pieces, those are definitely on there.   But even before that, I've got some items about how to like to send a instructions to the closing attorney or the title agent. That's a part of the checklist. And then there's a much more detailed checklist about due diligence. So