Updated over 5 years ago on . Most recent reply
Help me make sure I've covered my bases on my first deal.
I'm finally about to close on my first deal!
Its an out of state 2 unit multifamily property we found from a seller that was about to be foreclosed on. The house is rent ready but needs light rehab, nothing too crazy. My wife and I plan on using rentredi to screen and manage tenants. We are planning on acquiring several properties here in the next few years and decided to form an LLC. We were planning on getting a real estate attorney to create a rental contract for potential tenants and we are about to start looking for CPAs to help us better understand taxes in regards to our investments.
I've got a solid agent, our broker has locked down financing for us, we have a PM in our back pocket if we decide we want to go that route. At the current time we don't have a contractor/handyman to help us fix up the property, we've got our sites on an attorney and a CPA to help us navigate the legal realm.
With that, my question to BP is what am I missing or need to consider going into my first property? What are things you wish you did or thought of going back to your first deal?