Post #2: Things to Do

As a follow up to my last post to my first investment property on Independence Ave, I have about 58 days to closing, roughly 2 months.

Outside of all the mortgage funding/process/paper work. I come to realize that I need to prepare a few things to make it ready to rent it out:

Task One:
- Purchase Energy Efficient Washer/Dryer (sorry Sears you aren't getting any of my business)
- Purchase Energy Efficient Refrigerator
- Purchase Blinds for all windows

In terms of total costs, I hope not to spend more than $2500 for the above items. Since I'm purchasing the above, I'm thinking this cost will go to my $5000 budget where I set aside for home improvement/repairs.

As of right now, I'm contemplating about buying the fridge and washer/dryer now and just store it in my garage. But maybe I might wait until the week when I close on the house on 6/15- but ideally I don't want to buy appliances that week of 6/15 and pay top price for the appliances. I'm trying to get new, energy efficient appliances at a large discount as possible.


Task Two:

Create or find a really good template for the rental application, legally complying to the state of Utah. I think what I'm going to do is go online and spend the $30 to get a good template instead of me trying to type one out. I figure its safer to buy the templates instead of me doing guess work when writing the contract up then I messed and get into a legal mess.


Speaking of Legal Messes, I've read and have decided that I am going to create a company or "LLC" for every property I buy and rent out. The reason I am doing an LLC is because I don't want the renter for some reason sue me and try to go for my personal assets. So the only thing anyone can do is only sue my LLC, which is far safer than being sued on everything I have not going by creating a LLC. I have created an LLC for this property in particular. The LLC will be called: Bentley Real Estates - Independence, LLC.