First investment property purchased CT

[DANIEL BROWN]

Hi BP family, wanted to share that I officially closed on my first investment property this week. I purchased a 4plex in meriden CT and I'm currently house hacking. The other 3 units are occupied with long time tenants, 1 month to month the other 2 leases up in September and October. It was a process getting to this point (underwriting was "fun") but was very exciting and nerve wracking. BP has helped me big time from beginning to end. I look forward to learning on the job and eventually getting to the next. I hope this helps motivate anyone looking to get into the business that even amongst a pandemic it can be done. Any and all advice is much appreciated. Thanks BP fam

[Cameron Norfleet]

That's awesome @DANIEL BROWN

My advice from this point is to start creating systems for EVERYTHING. Recall what you did right and what you did wrong in the purchase process. Write it down and create systems on how it could have been done better. Going forward, look at how you handle different tenant issues that arise. After it's over, take note of how you could have handled it better and create a policies & procedures manual. Before you place your first tenant, check out the forums and the blog to find best practices. Add that to your manual. After you place your first tenant, find ways that you can tweak your tenant screening process to make it better and more efficient. These are just a few examples of things you should systematize. But you really should be systematizing EVERYTHING!. This makes it easier later in your investing career when you decide that you want to outsource your property management.