Investor · folsom, LA · Member since 2014 · 32 posts · 21 votes
My wife and I are in the process of acquiring two four plexes next door to each other. I have a general idea of how I plan to take over, but we need help with the process. I plan to have an estoppel agreement and standard inspections done during the due diligence period. My assumption is that at closing, we take possession of keys, security deposits, transfer any warranties on appliances, etc. Before purchase, I will develop a standard lease to be signed once taking control. My questions are:
Is it best to go month to month for a period when inheriting tenants?
What other systems should we develop before tenant introductions? (P.O Box for correspondence, Google voice number, identify potential contractors/handymen?)
Any advice is appreciated, and thank you in advance.
Are there leases in place? If so, remember that those bind you. Common thing new landlords get caught up in is assuming that they get to start with a clean slate. They don't.
My tenants know my phone number and where I live. Absolutely get contractors lined up. It is hard enough to get a plumber out for an emergency at 3:00 AM if you have a relationship; if he has never heard of you, he's likely to say he is not available.
Thank you, Richard. I will plan to check on the existing lease agreements with the estoppel agreement. I know immediately that there is a relative of the current owner rent free, so that is one tenant that I may not have very long unless a new lease will be signed.
We will start asking for contractor referrals and interviewing from there. I appreciate your time, Richard.