I wasn't sure what forum to put this under and how "alerts" truly work on this site, so I am hoping that this get's out to the audience I want it to in Hartford and Tolland County as this is going to be an ongoing diary of virtually every aspect of a deal I just picked up 4-14-16. I welcome feedback, suggestions, comments, even critical feedback, as no one knows everything, and I fins value in everyone's input (even the beginner, who might see things differently with a "fresh set of eyes." I am also extremely "wordy." There is a reason for this (on my end), but I welcome you to share if you feel that my diary is just "too much" info, or if you even want "more." Most of you who have not heard about my deal already just need to know that this was a "calculated risk" purchase, with expenses NOT verified, as-is with no inspections, and a total leap of faith. The numbers were too good to pass up, even if there is some unexpected challenges along the way. I would like to thank @Joshua Dorkin and @Brandon Turner just for all that I have gotten from the podcasts, and especially Josh for having the vision to create such an excellent place for all of us investors (at ALL levels of experience) to share our experience, strength, and hope :-) My hope for this diary is to learn from my mistakes (past, present, and future), and show people that sometimes you just need to go out and "do it," and believe that the future has your back as long as you do the right thing, treat people with respect and integrity.

So here we go. Day 1 - 3. Thanks for taking the time to read:

4 Family Willington Diary

-April 13, 2016 – Purchased property for $55,000. $10,000 in cash via EMD, with remaining balance of $44,148.47 paid out via HELOC from a SFR Rental in my portfolio. For the sake of this diary, I moved $50k into my separate account for this property on the day of purchase, so that there is roughly $6k sitting in it for repairs, and security deposits (that were credited to me along with rent pro-rations) on the HUD. Replaced fascia board on rear of home near roof line (cost unknown, and other repairs are most likely required to make exterior solid) Initial visit of interior had all units at average condition, with some items that should be handled at lease end of each. More to come once leases are up with each unit.
-April 14, 2016 – One vacancy (in the best of the 4 units) and has been listed for 24 hours. 5 inquiries so far, with two –three solid candidates that have been instructed to do drive by visits prior to our first meeting. Going over three lease terms, and they are ugly. There are not even legal names anywhere in the lease(s). Signatures are there, but some illegible. The one nice part, is that I had a great working relationship with the seller, so she gave me some details about each tenant, their cell phones, etc. Rent amounts look low as well, and I will report more on those once I determine the freebies (apparently one guy is getting $50/mo off for taking out the trash) Really? I will have to deal with that, for now… Don’t want to rock the boat. I spoke with one renter tonight because he is on a 15th of the month rent cycle, which is fine with me, and tomorrow is the 15th, so he knows where to send payment.
-April 16, 2016 – Installing a For Rent sign with my Santa Realty post just for some free advertising and potential to get other qualified renters through the door. Dropping a welcome letter to the tenants explaining that the property is now owned by an LLC, and I am the acting Property Manager. This is NOT a lie. It simply removes ME from being named as the owner, and I can use "the owner" (who in essence is my wife and me as members of the LLC) as reasons for decisions, changes, etc. It just insulates me from any of the garbage, and I can build better relationships with the tenants. I think I learned this from Bigger Pockets, but I am not certain. If I did, awesome, I am glad to be sharing that I am using the strategy and helping others use similar tricks in their future endeavors.

More to come on Willington, Tolland County 4 family