I'm closing on 2 new single family properties in the next week.
These are 5 things I'm doing to get ready for closing day
1. Getting Insurance ready to go
This is where loyalty doesn't pay off. I have used a few different brokers this time around and gotten quotes from 740$ for a year to 1900$ - yes for the same house - shop around.
2. Getting contractors in place a few days prior to close
1 property is tenant occupied- the other needs lots of work. I am meeting with a GC and landscaper. Time is money and the last thing I want to do is scramble on closing day.
3. Opening 2 new savings accounts
I'll use these to hold deposits. And accept and send out payments for both properties. The more organized you are - the better when it comes to tax time.
4. Sourcing supplies
Looking at flooring, landscaping & light fixtures. From the initial inspection , I'm looking at a 13k renovation on the vacant property. Costco, Sam's, Lowes, Wayfair are all places I source from. I also have a local scratch & dent place that I use.
5. Getting services set with the city.
A few days prior to closing I'll start scheduling my turn on's. I'll also schedule a bulk trash pick up for the day after demo day.