Just Got My First Property Under Contract. Whats Next?

[James Nix]

Hey Everyone, 

I just recently got my first Duplex under contract two days ago. Very excited but trying to be pro-active with everything I figured I come here and post a question to get info on this particular process. So if anybody can give feedback on these various questions it would be greatly appreciated.

1. So other then the home inspection & appraisal what else should I be doing during this time before closing date? 

2. Other then the landlord forms for my state that I got off of BP is there any other documents that you think I will need?

3. I will be owner occupying the property & there are tenants already living in the two units. I did not receive the leases for the tenants yet but figuring if they are on month to month I would have to tell one of them to move. How would you go about handling this?

And truthfully anything else you would like to share about this process please do it will be extremely helpful. I have a great Agent which is an investor also that have been holding my hand through everything already but I know more help would always be a good thing.

thank you in advance 

[Michael Craig]

@James Nix congrats, you are making a good move! 

How are you funding this deal? Are you getting a loan? If so be sure to follow all steps from the lender in order to be approved.

You will want the tenants in agreement with you ASAP (not with the old lease), so if they are month-to-month and you decide which tenant you want to have living on your premise, be sure to have your own lease drafted and ready to go under agreement - this will convey the message that you are the new landlord. You may want to continue month-to-month in the beginning since you haven't screened the tenant. This will make it easier to get rid of them if you decide you do not want them living at your house.

To get an existing tenant out you will need to provide them with a notice of non-renewal, stating that their lease is terminated and they need to move out within a certain amount of time (this applies only if they are month-to-month). If their lease is still valid you will need to wait until it expires to provide them with the notice of non-renewal. 

Be upfront with the existing tenants and tell them your motives. They may agree to moving out on their own terms. 

Again, congrats and finish strong!