What should I be learning next? Help me continue my BP education.

[Jonathan H.]

Hello everyone,

Ok so Im looking to buy and hold my first fourplex and Ive been studying/reading a fair bit on this forum.

I just wanted to summarize a bit where I was in terms of education, and see if anyone can suggest what I should be learning next.

These are the things Ive learnt and what Ive done since finding BP:

1) Ive found myself a good market to buy in for what I need. (growth + decent cashflow + some local knowledge of the people and area)

2) Using a RE agent who is also an investor. Very comfortable with agent and answers all of my questions promptly and efficiently.

3) Have the option between 2 PM companies. Unsure which to chose but will determine at well before closing.

4) Found a very competent broker as well. Explains things very well and is working very hard to help me.

5) I understand the expenses associated with a 4 plex.
PM, maintenance, taxes, utilities, yard work etc. I understand the 2% & 50% rule.

6) Recently made the mistake of thinking I knew enough and was ready to buy. However, I just realized there is so much more to learn but...What is next to learn?

Do I need to find a RE attorney for my first multi-family?
Should I be reading up about the tenant/landlord act?
Am I forgetting something very basic?

Any suggestions on where I should focus my education would be greatly appreciated.

Thanks

[Joshua Dorkin]

Jonathan -
I'd start to focus on the business of being a landlord. Learn your local tenant/landlord laws, read up about property managers. dig around for information about important clauses to include in your agreements (which you should definitely put together in coordination with a RE attorney), get your tenant paperwork in order, figure out how you're going to manage your bank accounts for running the biz, decide how you're going to screen your tenants (BP offers a service for this) . . .

There's a lot to it, but you can much of it here on the site. Definitely check out articles on the BiggerPockets Blog from Peter Giardini, who writes for us about Landlord issues. You'll definitely find them to be helpful.

I think that should get you started for now.