Diary of a Rental Property

[Sharad M.]

Hello all,

After reading @J Scott very inspiring Diary of a New Construction, I thought it would be a good idea to start a Diary of a Rental Property to document the process I go through in my area to get a property move in ready and then get it rented.

@Joshua Dorkin I hope I have this in the correct forum, if not, can you please move it to where it belongs?

I hope this post will keep me accountable and I hope to receive some feedback on where I can improve my processes.

I will try to update this as often as I can with as much detail as possible. Here we go.

Below are some details of the property:

Asking Price - $29,900

Initial Offer - $25,000

There were multiple offers on this one and I went with my highest and best at $30,000 and the offer was accepted.

This is a 2 bed/1 bath with basement.

It last sold for $82,500 back in Oct 2005.

Expected monthly rent - $745-$845

When I purchased the property, the utilities had been shut off for more than 90 days and in my area the utility company requires a city inspection before the utilities can be turned on.

I had the city inspection this week and everything was fine and the gas and electric is scheduled to be turned on this Friday, Feb 21, 2014. I will have to schedule with the water department separately once gas and electric has been turned on. My maintenance guy is on call this Friday to meet the utility company at the house, because the utility company can show up anytime between 8 AM-4 PM with 15-20 minutes call ahead.

I will post inside pictures with rehab estimate tomorrow or Friday.