30 Days In

Happy New Year!

A lot has happened in the first month of managing my property. For starters, I collected my first round of rent payments! This is one of the best feelings in the world. Also, I had the privilege of meeting my three tenants. I was nervous to meet the tenants, but then I thought to myself, “Why would I be nervous about meeting the tenants? I’m the landlord.” My first impression is important, but theirs is equally important, if not more, with me. I’m the person that they will be paying rent to for the duration of their lease. This first impression is going to set the tone for the entire tenant-landlord relationship. I must say, I was nervous for no reason. I successfully distributed the new leases, setup rent payments via ACH direct deposit and provided one tenant with a notice to correct a violation – all within the first three days! It’s busy, but besides that violation, it has been a smooth transition. So far, this being a “landlord” thing, from what I can tell, is going to be a really interesting learning experience. That being said, there is nothing that has happened so far that I haven’t been able to deal with. I believe I handled my first interactions very professionally. I made sure to go through every line of the lease with the tenants so they understood what they were signing. I also made sure to send their lease copies via email the following day. For the time being, I feel like I’m doing an alright job covering my tracks and making sure to be as thorough as possible with the expectations I have for my tenants.

My next order of business was to develop my team to assist with the management of my property. I know I need a general contractor/handyman or handy woman for future repairs and projects, a real estate specific accountant for all my tax questions, and a lawyer because I will be sued eventually. (It’s not if I’m going to be sued, it’s when I’m going to be sued.) I was in luck because the following week, I had the opportunity to attend a real estate networking event for Milwaukee-area investors. After the event, I walked away with recommendations for an accountant, a general contractor, a portfolio lender and potential partners for future deals. The event was supposed to go from 6 p.m. until 7 p.m., but I was there until about 9 p.m. The conversations and the information that I was pulling from these people was so valuable that I completely lost track of time. I’m happy that I went and was able to gain networking experience with local investors. I would highly recommend branching out and speaking with different people in your area who are doing what you are trying to do. The recommendations and advice they can provide you will save you a lot of time and mistakes. I love talking about real estate, and I love being around others who also enjoy talking about real estate. I was really fortunate to have this opportunity, and I want to make sure I stay in contact with those who I met. After this great experience, I will constantly be looking for similar opportunities so I can continue to grow in my understanding of real estate investing and the best practices for what I’m trying to accomplish.

Please feel free to send me recommendations for accountants, lawyers, handy-people, etc. either by direct message or below in the comments. Any advice or recommendation is greatly appreciated! Happy Investing!

Josh