So we come in as new owner, there’s much to do as well as taking the opportunity related to our tenants to do at this time of transition with the them. New communications to them, rationale for rent increases once leases renew etc. Anyone have a landlord checklist you are using when taking over a new investment property?
@Sam Teifke 's list is good, I'd add a 3 way communication between the current owner, existing tenants, and yourself.
The lease says X, Y and Z. Does everyone agree to that?
Is there some agreement that isn't in the lease that someone believes should be there? (1st floor tenant shovels snow / the hallway lights are tied to apartment 4B's electric bill so the tenant only ever pays $35/month / etc)
Quadruple check the money situation BEFORE closing. Lease says there should be $3000 in security deposits coming to the new owner. Does the current owner have them readily available?
@Sam Teifke I agree 100%. This is why you need to have the extended communication with everyone involved. Each and every place I have purchased with tenants has come with some sort of off-the-books deal associated with it. Verbal agreements are enforceable if they can be proven. My recommendation for the communication is to note everything AND get it into the lease via addendums, I should have been clearer on that.
People don't mind change, though they tend to hate surprises.