Closed on the Rental Property
I hold the keys to my new rental property!
We are very excited to get started down this new avenue of active/semi-passive investing. Currently the right side is rented and the left side just emptied out which is perfect timing. Now we can do some needed updates and fixes so the house will be as worry free as we can make it.
I want to spend the money now so I will not need to do so later.
Immediate to do list:
- Switch the electrical over
- Call the town and make sure the water and sewer are switched over
- Switch over the gas
- Meet with handyman on work that needs to be done, ask about having him on call?
- Make sure adequate insurance is in place
- Open a business bank account for checking
- Separate accounts for deposits
- Let tenant know where to send checks
I wonder how people who own multiple rentals keep track of the deposits? I can’t believe they will have a separate account for each deposit. So interest must be calculated somehow if the deposit money is co-mingled. Things to learn and find out.
We got to meet the owners this morning. Very very nice couple. They owned this place for 45 years in total. For 15 of those, they lived on the left side (looking at that house from the front) and then rented both for the next 30 years. Many updates to the home. New metal roof only 3 years ago, new insulation just last year. New furnace on one side only 3 years ago. Vinyl siding just to name a few of the care free features.
The wall paper needs to come down and the rug needs to be torn up and replaced. Going to start a new spreadsheet to keep track of the purchases.
I don’t have the LLC set up yet, but that is on the list of things to do after our immediate list.
Time to make some calls!
Here’s to learning all about real estate – learning by doing!