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Updated over 8 years ago,
Ive Always Been One For Thorough Checklists...
Okay, I admit, I am one for checklists and getting everything done, then moving to the next step. I am at the beginning of a 'buy-and-hold' strategy. Just want to make sure I get my affairs in order, so I wanna run through what I am gonna be doing, and posing some questions.
1st : File the LLC that will hold the properties (I am assuming LegalZoom would work for this?)
2nd : Get an EIN number and get accounts set up at a financial institution (I heard credit unions are a better bet to do business with, any suggestions in the metro Detroit area?)
3rd : Get preapproved for a loan through a financial institution. (What kind of rates would be 'good' and what would be 'bad' as far as where the market sits right now).
4th : Find a suitable home with a higher ROI (at least 8% is my goal).
5th : Purchase said property
Does this sound like the right way to go? Or am I missing a bunch of steps? Sound off! I need you vets here for help.