Introduction and first investment home purchase

[Corbin Jones]

Hi, everyone! This is my first big post on BP. I should've posted my intro a while ago, but I'm finally getting that done now. I'm Corbin, and I live out in New Jersey as a district manager for Mazda North American Operations. I really love cars, especially the German makes. It's definitely fun working in the automotive industry, but I'm drawn to the hopes of managing my own business in the future. In the meantime, I am working toward financial independence. I've been reading a ton of articles on BP, as well as listening to many of the podcasts over the past year and a half.

I'm 27 and unmarried as of yet, but hope to have a family one day. Since I have extra money after my living expenses are paid, I have decided to invest in real estate. My best friend, Casey, is a realtor in the Milwaukee, Wisconsin area. We grew up in northern Wisconsin together (Wausau), so that is why I am investing in Milwaukee even though I no longer reside in Wisconsin. I love Wisconsin (and its cheese and beer) and hope to live there again one day. Go Packers!

Next Friday, I finally close on my first deal. I don't even own a primary residence yet - I rent, because I plan on transferring to the Midwest as soon as an opportunity arises with my current company. I'm starting out small so that I can learn, but I hope to scale quickly through gaining more and more knowledge in the process of owning my first rental property. The single-family home that I'm purchasing is on the north side of Milwaukee in a safer area, and the reliable tenant has been living in the property for five years. The current owner is selling the home so that he can scale up. The loan is being secured through conventional financing, with 25% down. I will have to write a new lease for the tenant, who is currently month-to-month. A few of the questions that I have are:

1. What is the best proposal for lease term length? 1 year? 6 months? Monthly?

2. How do most of you accept payment and what would you suggest? Is Zelle a good choice? I currently pay my landlord through Venmo. 

3. Which forms do I need the tenant to sign as soon as the home is in my possession?

4. Do you have any other suggestions for me as I dive into my first investment home?

I look forward to hearing from some of you and learning from you as well! Feel free to connect with me on here or on LinkedIn. - Corbin Jones