I am officially a landlord!

[Narelle Myke]

I have been a member of BiggerPockets for several months now and have been super quiet in the forums. I guess I have been quietly learning and absorbing as much information as I can :-) but my plan is to become more active and engaged on the site.

Well, I am happy to announce that I closed on my first investment property today located in Newark, NJ!! It is a duplex, "newer" construction, and one unit is already occupied. I will be managing the property myself in order to learn the business. Next up is cleaning the vacant unit and getting a (great) tenant.

I am really excited about what 2014 has to offer and am looking to network with investors from Newark, NJ!

[Narelle Myke]

@Gerald K. I definitely reviewed the existing lease and original application before closing. I received a credit for the February rent as well as the security deposit. The tenant has a one year lease which expires in July and I've already notified them of where their security deposit is being held per the state law.

I did not have proof that the tenant was paying their rent on time and that's an oversight I won't forget on the next deal. However, I can say that I received March's full rent payment from the tenant within the specified timeframe in the lease. As for the second unit, I currently have it on hold for a family that brought copies of their pay stubs with them to the walk through and have passed my reference checks.

So, so far so good! I appreciate your recommendations and will be joining a landlord association for sure. Newark, NJ is an "interesting" place to invest in and so having a network of other experienced landlords will be essential to my success.