Steps for Brand New Landlord

2 Replies

4 unit. All have current leases in place. Two units are up end of Sept. Two are up end of March. One of my favorite books is "The First 90 Days" and I'd like to take a similar approach. I was thinking somebody on here would already have a good process I can use :) Also, if there's any good podcast episodes that reference this topic, would love any suggestion!!

What I'm thinking: 

1. Day One: Meet with current tenants. Prepare questions ahead of time to learn about the current processes, their intentions on the lease, etc.

2. After Meetings: Create an agreement (not a new lease) of expectations for maintenance processes, rent collection, eviction process (hopefully not applicable).

3. After that meeting: Notify tenants of rent increases (rents are low compared to comps). Set them up in Cozy management software

4. I know I'm missing more steps :)

@Michael Reilly

Between Day 1 and 2 I'd do some smaller value add project like painting the exterior or vestibule, changing some common area floor and lighting, paint a fence, etc - this is to show you care and want to improve it for them and will our in some $ or sweat equity.