Getting My First Deal

[Erik Nordgaard]

Bigger Pockets Family, 

  I am closing on my first deal very soon! It's a fourplex in Norfolk, Virginia, right in the heart of a very popular area for young people known as Ghent. The fourplex is fully rented out and I have to give 60 notice to a tenant upon closing the deal. I can't thank bigger pockets enough for helping me get to this point and take a massive step towards financial freedom. What are some things that came up with your first multiplexes and investment properties that you never expected? Also does anyone have a checklist for what they need to start? i have leases and a secondary bank account set up. Thanks in advance! 

[Tom Valichka]

@Erik Nordgaard Congrats Erik! I just completed my first SFR buy and hold last year so i can't speak to mutiplexes, but i will give a brief on what i experienced. Are you going to live in one of the units?

1. Run every potential renter through a full background/criminal report and check credit (sounds like you already have good renters? is that right?) and make them pay a $20 application fee. You'd be amazed how a $20 application fee weeds out most people who wouldn't have qualified anyways.  I was thankful to get some good renters on my first try (knock on wood).

2. Getting the home ready to be occupied was more than i expected and i am doing all of the maintenance on my own. it's just a lot with the cleaning, i replaced a toilet, painted, replaced screens, fixed concrete, so forth. But it was fun!

Other than those 2 things, my experience has been good thus far!! Good luck to you!