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Updated about 4 years ago on . Most recent reply

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28
Posts
12
Votes
Dan Miklosz
  • Chicago
12
Votes |
28
Posts

Closing on my first property, now what?

Dan Miklosz
  • Chicago
Posted

Hey every, just am closing on my first investment property in Milwaukee!  Very excited to be in the long distance real estate gang, but am curious if people have any pointers after I close.  

Software suggestions?

What should I not forget to do tax-wise?

Basically I'm looking for any tips in building the foundation of my portfolio that I can scale!

Most Popular Reply

User Stats

180
Posts
161
Votes
Adam Gollatz
  • Rental Property Investor
  • Milwaukee, WI
161
Votes |
180
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Adam Gollatz
  • Rental Property Investor
  • Milwaukee, WI
Replied

I assume its a buy and hold rental? Are you self managing or do you have a PM? You want to find out what tasks you are even remotely good at and which ones you arent and then get the ones you arent good at off your plate ASAP. Software is typically expensive and can only really be supported at scale. I think cozy is good for rent collection (and free) and then start organizing a google drive to store your documents (leases, check in/out sheets, misc PM documents, closing statements, receipts, w9's, insurance docs, entity information, etc). 

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