New investor purchasing two 6 units apartment building
I am partnering up with two other partners and purchasing two buildings - 6 units each.
Closing is end of next month. I am not sure what all the things I need to do before closing since I will be managing both the buildings.
my Lender is taking care of registering LLC and everything. I am tech savvy and would like to implement some automation in the property management.
Please share your thoughts on todo list before the closing and even after the closing.
Most Popular Reply
Congrats on the purchase. Before closing, I'd make sure you understand exactly what you're buying. Review the leases, confirm the rent roll matches what's actually being collected, and make sure you have a good handle on any deferred maintenance or larger repairs that may be coming. I'd also keep healthy cash reserves for those first few months because unexpected expenses are common with a new property. As for automation, I'd get the basics of managing the property running smoothly first, then add technology where it actually saves you time.