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Updated over 8 years ago on . Most recent reply
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First Deal under contract! Now what??
Hi BP.
So after months of analysis paralysis i finally have a property under contract. I'm a buy and hold BRRR investor (or trying to be). I'm also an agent. Property is from the MLS.
Purchase prices is 100k , but comps right now In the area are $130k-200k. It's in Decatur, GA. I believe the area will appreciate significantly in the next few years.
Property is leased, so I'm inheriting a tenant at $900 a month till April. Once lease is up, I'm confident I can get $1400-$1500 rent with some updating.
What should I be doing in my due diligence period? Right now my plans is:
1. View the property. I've driven by but I have not seen the inside yet. Pictures look promising.
2. Inspection.
3. Survey. There are some petroleum lines underground signs near the home, I want to know what the easements are.
Anything else I should be doing?
Any tips on handling the tenant, the security deposit, and the current management company? I definitely want the Tenants to vacate once lease expires. I plan to self manage so I need to get rid of the management company.
Thanks for any tips anyone can provide. I would have never jumped in without BP!