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Updated over 6 years ago,

User Stats

8
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0
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Puthy Pan
  • Investor
  • Seattle, WA
0
Votes |
8
Posts

What to do after purchasing an investment property?

Puthy Pan
  • Investor
  • Seattle, WA
Posted

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

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