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Managing Your First Real Estate Investment

 

I've settled on my first investment real estate - lets celebrate! Not so quick. First, take a deep breath. There's lot's to be done quickly. First, are there any dangerous 'situations' that need to be taken care of immediately? Are there any major repairs that need to be handled? If so, how soon - can the repairs be put off for a time? Are you handling the real estate or hiring a real estate management company? If you are managing the real estate have you met all of the tenants? Gave then something in writing about making payments, who to call for repairs, etc. Are the tenants under lease - is it current? You may want to have your 'own' lease. If so, have one 'created' - be sure it is legal in the area the real estate is located - (different areas may have different requirements). Remember to find out how much late fee you can charge and when and how much security deposit you can require, etc. You may need legal advise on the matter of a lease. Also, there may even be an 'investment club' that you can join - they usually have lots of helpful information, speakers , etc. and of course, you can speak to other real estate investors.

PAPERWORK & real estate MANAGEMENT

Have you decided how to handle all the paper work? You will need to document everything, trust me. Be it for taxes, insurance purposes, or keeping track of expenses PER UNIT, and of course, rent payments. You will need to always know who has paid rent and who hasn't. Lots of owners have rent due for each unit on the same date be it the 1st, 10th 15th or whatever. If a tenant moves in other than said date just prorate the rent. It is easier, especially when you start dealing with several renters, if the rent is due the same date. You may need to confer with an accountant - if nothing else - to get 'set up'.

I'VE PURCHASED MY INVESTMENT Real Estate!!!

I've settled on my first investment real estate - lets celebrate! Not so quick. First, take a deep breath. There's lot's to be done quickly. First, are there any dangerous 'situations' that need to be taken care of immediately?.

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Reference: Managing Your First Real Estate Investment

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