To-do list for taking over property with tenants - NEWBIE Help

[Matt Bailey]

I will be a NEW GREEN landlord in a few weeks.  I am buying a triplex with tenants in place.

What do you wish you would have learned before DAY 1?

What should I be doing to prepare?

Pitfalls?

Mistakes you wish you had not made?

Do you make the tenants sign any agreements when you take over?  Or just stick to the existing lease?

Do you make them aware of your rules?  And if so, do you make them sign anything?

Newbie appreciates your help!

[Stephen J Davis]

I set up a time to inspect the property and sit down with the tenant and review the existing lease with them. Line by line. You never know what type of lease they are on. I fix everything that needs to be fixed immediately. I stress that rent is due on the 1st and late on the second. I refer to the lease for when I start charging late fees. As soon as their lease expires, I get them on a new lease or ask them to leave if they are slobs or pay late. Good luck.