check liat for my first rental property

[Jesse Bryant]

i have found a property 3/2 single fam home that i am intrested in. i was wondering if there is anyone that has a check list of things to do to complete process. i know that i will need to get the home license/inspection for rental, insurance, create llc, and get tenant rental contract. i know i am missing some things so wondering if someone can link me to another post or a check list.

[Marc Jolicoeur]

@Jesse Bryant Here is a list of items to get you started:

Acquisition:

- Register LLC with authorities

- Create LLC operating agreement

- Get EIN number

- Attorney review of LLC docs.

- Open a checking account for LLC

- Fund checking account with money for purchase, closing costs, repairs

- Final signatures on Purchase Agreement

- Shop for a loan.  Get quotes on fees and rates.

- Apply for the loan. Supply all approval documentation.

- Hire an inspector.  Do the home inspection or bring your contractors through.  

- Renegotiate terms with the seller.

- Lender will order appraisal.

- Shop for insurance.  Confirm agent name with mortgage broker.

- Review appraisal.

- Review HUD closing document pre-closing

- Wire funds to closing agent

- Walk through the property before closing with your realtor. Confirm any fixes are completed.

- Close - sign all papers

- Confirm close completed to your insurance agent

- Call utilities.   Gas, electric, water, sewer and trash.

Get Ready for Rent:

- Change the locks.  Secure the property.  Put in missing/burnt light bulbs.

- Turn on water.  Inspect plumbing and drains are working correctly.  Snake drains if necessary.

- Complete any planned renovations or painting.

- Install new appliances

- Clean everything including windows.

- Install window treatments.

- Complete city-required fixes (if necessary) 

- Apply for rental license.

- City rental license inspection.

- Complete rental license required fixes (if necessary).

Leasing:

- Create rental policies document, and application document

- Create Lease document

- Take pictures

- Place ads on craigslist and on Zillow

- Book showings

- Take applications

- Screen applicants

- Select applicant

- sign leases, take deposit

- Move-in walk through checklist

- Take the family out for diner to celebrate!