250 | HOW TO WRITE A BUSINESS PLAN
Title to the Property
As evidenced by the preliminary title reports and policy of title insurance issued to me
by Chicago Title Insurance, I presently own the property. The escrow closed on October
3, 2009 at the Third National Bank. A copy of the escrow documents and title policy are
available upon request. I bought the property for a total price of $60,000, by making
a down payment of $5,000 in cash with the seller, Mr. and Mrs. Timothy Jones of 2336
South Whale Drive in Joliet, agreeing to carry back a $55,000 mortgage on the property.
The mortgage calls for monthly payments of $800 until October 3, 2010, one year from
the close of escrow, when the entire remaining amount of $52,500 becomes due and
payable.Costs to Remodel the Property
As previously discussed, the house needs new plumbing and wiring, a new roof, and
other repairs, including replacing most of the windows, refinishing the floors, and
making improvements to the kitchen to make it marketable for the $120,000 value. I
plan to have the electrical and plumbing, floor, roof, and kitchen work done by licensed
subcontractors and to do most of the additional cosmetic work myself.
Here is a summary of the low bids I have received so far to the portion of the work to
be completed by outside contractors. Copies of the bids are available on request.-4-