When you first move on that initial investment property, things begin to move rather quickly. You’ve done your initial homework with your team and made your decision based upon the acquisition price, the costs to rehabilitate, your financing costs and the cash flow. You will notice very soon that a lotthird party services of moving parts suddenly start to move.

A lot of them. Beyond the efforts of those around you there are several third party services that come into play. Some you choose and some are chosen for you.

Who can you choose on your own? Besides those already on your team, you can certainly choose where you get your funds. Either a private lender or a traditional mortgage can apply but it’s you who directs the business. You can also choose the property inspector but that’s the individual already in your contacts.

But the lender also has third parties needed to close your transaction and some you can choose but most you cannot. Your lender will order an appraisal and a credit report. The appraisal must be ordered through an appraisal management company who will handle the order, receipt and delivery of the report. Likewise the credit report is ordered and delivered. Neither of these important documents can be ordered by you—the order must come from the lender.

While you may have a say with the title search, it’s likely the lender has its own preference. A private lender will almost always require using their selected firm while a traditional bank may give you the opportunity. The escrow agent is also selected by the lender.

Your insurance agent is of course entirely your choice. And you can decide on the type of loan program you want, the term and how much you’d like to borrow as long as you meet the minimum down payment requirements. Yet overall, most of the third party services are ordered entirely outside of your realm. If you’re not sure which ones you can select, ask your agent and your lender for advice.