Closing on first property, 12-plex in 1 WEEK!! Tips prior to taking over!? TIA

[Emmy K.]

My husband and I are thrilled and a bit nervous about closing next week on our first property--- 3 four plex's a mile from our home. A HUGE thanks to bigger pockets for helping us crunch numbers, network and give us confidence to take the plunge!

With that being said anything you Pro's recommend we do before we close? 

We are planning to leave a note on everyone's door the day of closing with new contact info, PO Box for rent, parking diagram (parking is tight and can be an issue).

We are thinking of giving everyone a $10-$20 gift card as a 'new owner' gift. We are also condidering a small cookout in a few weeks as a meet and greet, Is this odd? We are doing some exterior updates and want to let tenants know that we will work as quickly as possible. Would you notify tenants of vague plans? 

We have met w/ lawyers, bankers, etc. now I feel like we are going to get the keys and be thrown to the wolves, any tips greatly appreciated!!

Thanks in advance, now to upgrade to a BP Pro 😊

[Steve Vaughan]

Congratulations @Emmy K.!  How exciting for you guys.  When I take over a multi-family, I send a welcome letter.  In the letter I try and ease fears of massive changes in rent, tell them a little about me/us and include a contact update sheet for them to fill out.  On the sheet I also ask if there are suggestions for the place and whether they have a skill set that could aid us in accomplishing some of the suggestions or help with the place in general.  You may have a painter or an hvac person, etc living in one of the rentals!

I wouldn't send gift cards.  Easing their fears of having a completely new sheriff and rent increases is enough.  A BBQ is a nice idea, but some say getting a bunch of neighboring tenants together is like getting a bunch of your partners together.  Eventually they ask whose paying how much in rent and find things to complain and get worked up about.  

I hope you enthusiasm for LLing and your compassion for tenants continues  long into your career.  Congrats again!