New MF Landlord Checklist?

Question

Hi all! Closing on my first MF this afternoon - a triplex (yay!).  This is our first time inheriting tenants as our other properties were purchased vacant...any tips for the best way to kick things off on the right foot? Any things I MUST do to insure the ownership transition runs smoothly?

My initial list:

- Get tenant deposits from seller (done)

- Get tenant leases/names/contact info (partially done)

- Send tenants intro letter/email with new landlord contact info and payment details

Anything else that you'd recommend?

David Zheng · Answer

Just a short and courteous introduction is good. New management is usually not a big deal to tenants. Just remember to look through THEIR old leases VERY well to make sure you understand it. It will definitely be different from your own and check for who pays what utilities, etc.

And also...CONGRATS! :)

Steeve Breton · Answer

Congrats on the closing.  Hope all went well.

You'll want to inform the tenants of how/where to pay rent. I give all my tenants my bank account number and tell them to deposit at the bank on first day of month, or to send electronically.  You can also have them sign a no smoking addendum and any other additional lease provisions that aren't already in their leases.  Also let them know how they can reach you (e.g. they can email you for everything but emergencies).  Set expectations about what is an emergency... call 911 for some things, call/txt you when their is leaking water or flooding).

Best of luck!

Waverley Mosley · Answer

Congrats Ericka :)

Ericka G. · Answer

@David Zheng Thanks for the advice! Very helpful...only 1 of the 3 has a formal lease, the other two are month to month.

New MF Landlord Checklist?

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