New Landlord Newbie question

2 Replies

Hi all! I finally made it to the landlord list, in the process of closing my first 5 units multi family deal, very pumped! But I also know there will be tons of things I need to figure out and am wondering if any of you experts/ seasoned landlord can shed some light.

So here is the situation. The seller of this property recently passed away so it's quite difficult to get any info beyond 2016 and I don't think the property manager is doing a great job book-keeping. I want to know first, for TAW tenants, do they usually sign a contract? Or who would store their info? And also if I need to move in one unit, what's a good way to tell them and how many weeks notice you would give them?

Secondly, what are the operational cost for a property, besides utility (electricity, water), sewage, snow, garbage collection, lawn maintenance, regular maintenance, property management? Did I miss anything? And if I want to switch a property manager, would I need to go get all these info and transfer to the new manager? or they would coordinate between themselves? It's all trivial questions but I just want to get a sense of how it is usually done.

What's something I need to be aware of before closing? I closed a few single family deal before for my clients but never done multi-fam.

I appreciate all the feedbacks!

Dennis,

First off Congrats on the purchase!!

I did not see taxes and insurance on your list of expenses, norba CapX for future maintenance expenditures. Good to know what has and hasn't been doing me done on the property, any warranties, licenses, etc...

Each tenant should fill out an estoppel letter prior to closing date with their lease dates , deposits and how much they pay in rent. 

You should get a copy of rentrills, leases, applications, keys etc.... from the current property manager. The current manager should transfer over all security deposits to the new manager

Thank you Kim for the input, very informative! As for the estoppel letter, do I reach out to the tenants myself? Or should I ask the seller agents to do it?

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