So I just bought my first rental. . . now what?

[Jeremy Scherer]

I just closed on my first rental property today in Grand Rapids, Michigan! I have a property manager, tenants lined up, a small list of easy touch-up / repairs to do, and cash flow from day 1. With the help of the BP podcasts and site (and my property manager) I feel pretty confident. Now what? A little "Ready, Fire, Aim!" I know. I plan on looking into all of the tax advantages everyone keeps referring to. I also plan on hoarding cash and starting the search for the next one. Any additional input is appreciated. Jeremy

[Account Closed]

Congrats!  You're off to an exciting start!  Keep on top of the PM for awhile to make sure he is doing all the things you need, i.e. registering the property with the City of GR, arranging for the inspection, having any work done in compliance with EPA RRP rules, following fair housing laws, using forms that are actually legal in Michigan, etc.  (Ultimately, you'll be the responsible party if he fails you.)  As for the rental inspection and cert,  I'm assuming all this was done already as it needed to be before you rented the home out...unless the cert transferred from the previous owner...in which case you just needed to register the property.  PM's tell me one of the biggest surprises that owners face is the list of repairs the City cites that need to be done to get the property in compliance with the International Property Maintenance Code and the additions to that code by the City.  Keep some cash available to make these repairs if they come up if you haven't already gone through the cert process...$5K wouldn't be too little.   All the best in your new investment adventures!