Buying my first duplex
Hi all I have been a creeper for years but Thursday I close on my first duplex! I got an absolute steal on it but with it came tenants paying less than half of market rents (and they have heat and electric included). I am told there are no security deposits by the seller (someone living in CA).
I am going to remove the tenant, do a quick reno and then list the two units at market rents. I would love tips and tricks about eviction and first steps once I own my first building.
My current plan is to introduce myself and drop off a flyer alerting the tenants of a change in ownership. It would also say that I would be by on the 1st of June to collect rent and introduce myself. June first I plan to issue my 30 day notice to vacate after collecting their June rent (no leases). I also need to replace all the locks with tenants who likely aren’t happy with me at that point. Any tips or tricks for things I should do or consider as I start this endeavor would be greatly appreciated. There is also a pipe that has a slow leak in the basement. Do I need to address that immediately or can I deal with that after eviction?