- About two weeks ago we formed our first ever corporation, an LLC to "own" real estate. It Cost: $750 on mycorporation.com, pretty easy to fill out, and we also got a Tax ID with it. It should be arriving today in the mail, which includes our certificate of formation, articles of incorporation, and Federal TaxID (FEIN).
- We executed the contract on the building we found last Friday!! There was a 3 day time limit on when we had to get the "earnest money" to the title company. Cost: $3,000. I FedEx'd it to them the same day ($21).
- Then the same day, we got a committment letter from the local bank. They requested an $800.00 check to start the appraisal process. I FedEx'd that on Sunday night ($21)
- I ordered an inspection of our potential building today ($480 for inspection, $120 for termite evaluation). I've gotta be comfortable knowing this property before I sink my life into it. The inspector will have our report this week.
Jeez, we're spending money like its going out of style!!
We also managed to find an attorney to represent us ($1000 retainer fee, and billing us $255 an hour. OUCH!!!). He is very quick at getting to us and always a phone call away, but to be honest.. I asked him way too many basic questions, stuff that I should've used a real estate broker for. I would reserve using the attorney ONLY for reviewing contracts. During the negotiation process attorneys should make you understand the language in your contract in plain english.
Also, we found a local CPA to use. I'll post his prices later.
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