You Just Bought Real Estate, Now What? - EP.39

We’ve spent a lot of time on this podcast telling you how to find alternative investments — how to buy them, how to raise money for them, and more — but we haven’t talked a lot about what to do after you close. 

It’s really no exaggeration to say that a lot of stuff happens after closing — so today, we’re going to get into everything you need to know about what happens after you buy a real estate property! We talk property managers, important steps to take before closing, what you should do immediately after closing, how to go about improving or changing up things in the property, how quickly you should roll out these changes, and more. We hope you’ll join us!

Key Takeaways:

[:12] About today’s episode!

[1:04] What should you do immediately after buying real estate?

[6:50] Do you have a property manager set up before you close? And what is the property manager’s role? And what kind of revenue do you need to be taking in per year to be able to support a property manager or property management company? And what percentage of the total rent do they take?

[10:10] Should you use the building’s existing property manager?

[10:47] Other things you need to make sure you’re doing once you’ve acquired a real estate property.

[14:00] More important details to remember after acquiring a real estate property.

[14:57] How to go about improving or changing things up in the property.

[15:41] How quickly should you roll out changes? Should you give people time to settle in to the new ownership?

[18:50] How to make renters excited about change.

[20:44] If you had to raise capital to purchase this building and have investors, what should you do immediately after closing?

[21:55] Wrapping up this week’s topic.

[23:55] We’d really appreciate if you could leave us a nice review on iTunes!

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