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Updated over 6 years ago,
What to do after purchasing an investment property?
Hello fellow biggerpockets!
I'm trying to figure out what I'm doing right and/or wrong after purchasing a new investment property. Especially since I want to pickup another property really soon. Details:
- I have two 4-plex that I self manage and do all the repairs myself.
- After closing on the deals, I keep the inherited tenants, keep the lease agreement from the prior landlord and give a notice to the tenants that I'm the new landlord and where to send the rent payments.
- I didn't do a review of the condition of the place with the tenants.
- I don't do a new credit check on the tenants.
- The units in each property are under market when I purchase it and I've been increasing rent by about $50/year in order to not shock the tenants. Unless a tenant moves out, then I go in and renovate the place and bring it up to market.
Questions:
How does everyone else handle a new investment property purchase?
Do you sign new lease agreements, do a walk through, run credit checks or get rid of the current tenants?
What am I doing right and/or wrong?
Any suggestions or insight to how you handle your property will be helpful. Thanks everyone.
Puthy Pan