Advice: 1st Property Under Contract

[Logan Ward]

Currently going through the purchase process for my first property. The buyer accepted my offer and now all the paperwork begins. Hoping to close in early January on a side by side duplex (2) 1/1’s that will have 1 side leased out until 2022. I will live in the other side. Exciting stuff! Since this is the beginning of the journey, I am curious about a few things. I just want to know what are some things that everyone here had to deal with and learn from their first property? I want to know, what is something everyone wish they knew before having to learn it first hand?

Thanks for any feedback

[Ben Rodriguez]

@Logan Ward

Hey Logan, For sure, if you haven't started the Due Diligence portion of the process, then be proactive and get that all done quick (inspections, radon, termite) all of it.  Even if it doesn't turn out the way you expected, you'll have a better view of the future.  

Go to your government websites and make sure you are well aware of the laws governing landlords.  For instance, I live outside Nashville and there are landlord registrations and fees associated with being a landlord (not a lot of money, like $10 a year) but it's something to remember.  Then you want to have a solid lease agreement that protects you, but you will need to know what the state will and will not allow in a lease agreement, for this, definitely consult a lawyer if you don't already have a strong knowledge of contracts.  Also, hopefully you won't need it, but be aware of the rules governing tenant problems, (late payment, notification, entrance for repairs, eviction), all these things usually have a specific process to be successful in your state, so seek it out and get familiar.  Lastly, be meticulous with your documents, buy a filing cabinet if you need to, but keep everything organized so that you can references it for whatever reason.

Hope this helps.