How does a Fix and Flip project get created?
Download MarkdownAutomatically, when a Fix and Flip deal closes. When a property whose exit strategy is a flip closes, its rehab project opens in the Fix and Flip portfolio (https://app.closemagnet.com/transactions?view=flip), one project per clos
Automatically, when a Fix and Flip deal closes. When a property whose exit strategy is a flip closes, its rehab project opens in the Fix and Flip portfolio (https://app.closemagnet.com/transactions?view=flip), one project per closed cycle, without anyone spinning it up by hand.
If no project appeared, confirm the deal's exit strategy was a flip and that it has closed. For an older transaction from before this feature, a financial manager can run a guarded repair that creates only the missing project. The project opens on the Overview tab of an eight-tab workspace.
Links to the app require your CloseMagnet login.
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- When does a transaction coordination workfile get created?Automatically. One workfile is created per property, the moment the deal exists (and by the time it is under contract), so coordination never depends on someone remembering to spin one up. You never create it by hand.
- What date should I enter first on a workfile?The ratification date, on the workfile's Overview tab. The deadline engine uses it to compute most task due dates, so setting it correctly puts the whole schedule on the right timeline.
- Why are there two earnest-money deposits on a deal?Because a wholesale or double-close deal has two: the seller-side EMD you put up, and the buyer-side EMD your buyer puts up to you. Losing track of either is a common way deals fall apart.
- How do external emails to sellers and buyers get sent from a workfile?Never automatically. You trigger a one-click template, then a compose-before-send modal shows you the exact email with merge fields resolved, an editable subject and body, a fixed recipient, and a wire-fraud warning footer that is