purchase a multifamily home with tenants .. whats next

[Tom Server]

Hello, I am a new investor. I am purchasing a 3 family home that has long term tenants.

So my question is... you close on the property and take ownership..., what are your next steps:?

Is there any checklist items/templates that you have used to transfer everything and introduce yourself to the current tenants ?

[Jaryn Pierson]

Tom

Great question. Not exactly sure where you are in the purchase process but I would put an emphases on making sure you get estoppel agreements signed by all current residents.  This is a document that will detail tenant name, current rate, whether they have a lease or not, whether or not they are current, if they put a security deposit down, what utilities they pay, etc / etc /etc. They are super useful to know exactly what you're getting into regarding current residents. I would also try and get a hold of a proof of rental funds filled out by the current owner to actually verify that tenants are current and up to date. Landlord may say he's got all three units rented out at $1000 per month, but lets actually see some proof of that. Don't be afraid to ask for this stuff, it's normal due diligence and a landlord that has nothing to hide should have no problem forwarding this along.

How you navigate the conversations from there will vary from landlord to landlord. DM me and I'll send you over my checklist if you want to work off of it for next steps. Personally, I always try to be kind and professional at the same time. Treat people how they want to be treated and expect the same in return. Do everything by the book, but with a smile.

Happy investing !

Jaryn