Refrigerator Bought

I was able to pick up the last appliance today. I thought I got a screaming deal online when I purchased it a month ago but it came out to be even cheaper. When I went to the store today with my friend CJ (he has a truck), I decided it was wise to take a look at the refrigerators just in case the prices were cheaper. Sure enough my fridge the was $1180 was now $1099. Because I decided to check the prices, I save an additional $80.




Also, I got my window blinds for free. I was going to shell out $700 for window blinds for the entire house but apparently the construction builders messed up on the colors of walls in the new house. They painted white instead of brown. Even though it looked nice and all being white colored, I specifically asked for brown. So basically I threw a fit (I pretended) and told them how disappoint I was (I was faking my disappointed....I wasn't really mad or disappointed).
The bottom line was, I was able to negotiate with the builders because I was supposedly disappointed and threaten to drop the contract. They didn't want me to back away from closing on the house so they said they will give me all blinds for all windows for free, which is a $700+ value.
I am extremely happy with my budget on the washer and dryers, the refrigerator and window blinds. I was originally going to spend $2500 on everything but I am now ending up getting everything below $850 (with my patents paid for)
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Location:W 1360 S,Orem,United States

Sending All Papers to the Bank

Yesterday. I sent in all papers to the bank I am using that is providing the loan. Brian is my mortgage officer and I kinda notice his lips are super blue. Anyways....
I probably spent the last 5 days prior to tuning the papers in preparing everything precisely. Basically the papers I had to turn are:
- account statements of last 3 months. (this took me a lot of time since I have chase, fidelity, schwab, Pncbank and scottrade accounts)
- pay stubs of last 3 month
- tax returns of last 3 years
- intent of loan
- company history of Bentley Real Estates
- cash flow sheet
- purchase contract
- total assets sheet
It felt kind of weird basically having a compendium of your financial situation in one of the forms I filled out- savings, cash, debts, assets and liabilities are on one 8.5 x 11 inch piece a paper.
The meeting occurred yesterday at 9am. I had to miss going to work that morning because I had to prepare my documents till 8:40am, shower really quick and get to the bank by 9am. I was in a complete rush but I got there on time.

Brian the mortgage loan officer told me when I met him to submit the papers, "You are one of the most well organized customers I've worked with in a long time in submitting your papers." That was encouraging news.

Well as of right now, in waiting for my official closing date which is 5/31. There's still a lot to get done but basically I need to start finding tenants, create rental application, pick up fridge, install all appliances and create bank account accordingly to my business.

Wish me luck on closing in 5 days.




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Location:W 800 N,Provo,United States

Earlier Close Date

It's been quite a whirlwind last few weeks. In 4 weeks time, I've been to Minneapolis, Las Vegas, San Diego, Mexico and I'm flying to Cincinnati as we speak for Mother's Day.

As for the fallout of the washers and dryers, I've decided to buy average washers/dryers and refrigerator. I personally have really nice washers and dryers and it felt kind of weird that I was going to buy appliances that were almost better than mine for the rental property, which I will never use. So I decided to buy some standard appliances since it was a lot cheaper. I vowed myself never to buy anything from Sears ever again but I did buy a washer and dryer set for a very very cheap price of about $700 that got good reviews. Also it the process, I did buy a fancy looking Samsung refrigerator for about a $1000. Total with taxes I dropped close to $1800. My parents know about my investment endeavors so for my birthday, they decided to cover half of the costs of the appliances. I got some pretty awesome parents.

I am in the process of buying blinds, they are pretty standard, much like the blinds at my own house. After bargaining, to have it purchased and installed, it's coming up to roughly $400.

So all in all, I spent about $2200-2300, below my budget of $2500. If I were to buy the appliances that were more expensive, I would be over budget of $2600-2700. Since my parents are chipping in, the total is coming up to $1300-1400 for appliances and shades out of my pocket.

Photo of the blinds:



I guess I had an epiphany, I've decided to move the closing date to May 31st instead of June 15th. Since my company pays on a monthly basis, there's no reason for me to wait for the later date since I won't get another paycheck until June 20th. The most important reason why I am doing it earlier is because I am leaving to Taiwan (another vacation) on June 22nd. I want to be able to have enough time to find renters before I leave to Taiwan. I don't feel 7 days from my original close date will be enough time to find renters to move in. So hopefully having 22 days will give me enough time to find renters at my asking price of $1300 a month.

There are many lose ends I need to tie up before the closing date, off the top of my head:
- shuffle my money out of certain stock, checking and savings account to come up with the 25% down payment and closing costs of roughly $48k
- create a cashiers check for $48k
- open up business checking accounts for my LLC company
- create an excel sheet to track all monies from this investment
- prepare all Rental Agreement forms and exact verbiage (I've purchased professional rental agreement forms already)
- create verbiage for rental advertisements (I plan on advertising on Craigslist and Salt Lake News- KSL
- pick up refrigerator

There's a lot of work involved but I am definitely looking at the long term outcomes of having the possibility of my investment property go up in resale value, monthly cash flow and essentially renters paying off my mortgage.

Stay tuned.




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