First Deal - Am I missing anything?
I'm in the process of closing on a propery in East Michigan. the property is as follows
- 1960 13X70 on it's on land
- Lot is 5,000 square feet
- It's on town water and sewer
- It currently rents out for $400/month
The asking price was $19,000 and I bargained it down to $13,000 to account for trailer, being a 1960 having no value.
I secured premise liablility insurance and I plan on having the property deeded under it's own LLC. The insurance is in my name, at least the quote is anyway. I'm not sure whether I need to have that refelct the LLC or not.
Other than the insurance/LLC question, I'm wondering if there are any other issues I should be looking to tie up.
Thanks in advance for any input,
D