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Updated about 6 years ago,

User Stats

20
Posts
7
Votes
Matt Connolly
  • Rental Property Investor
  • Norfolk, VA
7
Votes |
20
Posts

First Duplex Under Contract. Now what?

Matt Connolly
  • Rental Property Investor
  • Norfolk, VA
Posted
I recently got my first duplex under contract and close on it mid December. Both units are 2/1 and about 800 sq ft. One unit is vacant and just needs a coat of paint. The other unit is occupied on a month to month section 8 lease for about $400 under fair market rent if not more. I plan on not keeping the section 8 tenant and cleaning up that unit as well. This duplex is located right behind a college and a big military town. All the numbers come out great. My next big hurtle is getting all my rental documents and leases in order. My question is, is it worth it to buy state specific documents online and then have a lawyer review them, or just sit down with a lawyer and start from scratch? Any other advice for this about to be new landlord is also greatly appreciated!

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