First & new house hack duplex, please advise..
What have some people done to ensure a smooth conversion of a rental property to new ownership during closing? i.e. When to transfer the security & last month rent into a new account? When to meet the tenants with the old landlord? Should month to month tenants sign new lease since increasing rent and enacting late payment fees? When to call the old property management company? How to take back the basement as a non common area...
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- Real Estate Broker
- Cody, WY
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If you use the search feature, you'll find this is discussed almost every single day.
The day you close, take a letter to the Tenants that introduces you as the new owner. Give them instructions for paying rent, reporting maintenance, etc. It is highly recommended that you use this opportunity to set boundaries so they're not knocking on your door at 10:30PM to tell you the kitchen faucet has a drip.
Personally, I schedule a time to do a walk-through to document the condition of the unit with pictures and/or video. I talk to the tenant about any maintenance needs or concerns. I recommend leaving them on a month-to-month lease for at least a few months to see how they perform as tenants. If all goes well, lock them in on a one-year.
- Nathan Gesner
