Closing on my first 4-plex TODAY!

[Account Closed]

Hey everyone! 

No one else seems to care about my excitement so i thought i'd share it here!!! I'm so excited to be closing on my first "intentional" (i became an accidental landlord with a townhouse in Virginia) rental property today!! A 4-plex in Cedar Rapids, IA... i attached a picture below! I picked it up at 113k, with an interest rate of 4.650 (total loan balance of 90k). The seller is also giving me 3k at closing for cosmetic repairs. The units are 2 bedroom, 1 bath. It currently has one vacancy. I have some outside work to do on it (i.e. siding replacement and landscaping, redo the balconies) and simultaneously "flipping" the vacant unit (new carpet & linoleum, new paint, new counter-tops, new A/C unit). The units rent for 495 each, but after the flipping I'm upping the rent to about 560-595, depending on what the market will allow. 

My husband and I will be managing the property ourselves, so any hacks or tips you can help me out with would be GREATLY appreciated!  Hope you all have a great day :).

[Marcia Maynard]

Congratulations! Looks like a great acquisition! If "no one else seems to care about your excitement", surround yourself with those who do! Join a local REI group too. Don't be discouraged by nay sayers and those who are indifferent. Follow your passion!

Being new to landlording, you will need some good tools. Set good rental criteria and screen well. Use a comprehensive rental agreement and hold tenants accountable. Address problems swiftly when they arise. Look at some of the BP posts about acquiring property with tenants in place. Also, check out the resources available to you on the BP website. Take a look at the Tenant Screening/Interview questions I contributed under Resources:File Place:Other Documents. All the best to you!