New Landlord Questions

[Travis Lewing]

Hi everyone!

I am closing on my first deal tomorrow (Thursday 3/5) and am wanting to get any tips I can to make this transition as smooth as possible. The duplex I am purchasing is already rented so I will need to get these tenants to sign my lease as soon as their lease with the current owner is up. One lease is up currently and the other at the end of April. I am going to be raising rents to make the comparable to the market and so that they are profitable with the reasoning for this being that I got the seller to fix some things for the tenants. Any advice or steps that I need to take care of will be appreciated. It's just all becoming real and I want to be ready.

Thanks.

[Karl B.]

If the seller agreed to do any repairs to the property you will want to view the property prior to closing to make certain the repairs were done (and done properly).

Also make certain the current tenant security deposits are transferred to you.