Just Closed on my first property! Now what?

[Naftali Tolibas]

After all the reading, literally hundreds of Podcasts, forums, Youtube videos, offers, and rejections, I've closed on my first deal! 

Now the question is, what now? I've done the due diligence, crossed the t's and dotted the i's, and for some reason I thought that there'd be a to-do list after closing, but there wasn't. So here's what I'm going to do:

1) Let the tenant know with written notice that there is a change in ownership

2) Let them know to give me the rent (it's the 1st tomorrow)

3) Let the other tenant know in writing that we are ending their month to month lease (I need to owner occupy)

Is there anything else I am missing? Also, I want to be able to transition into online payments, do I need to wait until I renew the lease? Or can I just let them know in writing? Thanks in advance guys! 

[Andrew Campbell]

Congrats!

Yes, go introduce yourself and make sure you walk the tenant you are keeping through their lease. I would echo what @Henri Meli said and also lay down your "rules" and expectations. I used to do this with a separate printed sheet--including how you want them to pay rent, highlighting key phrases from the lease you want to reinforce, late fee policies, how you want them to contact you (maybe via text/Google voice vs knocking on your door) etc.  

The air filter change is key!  If the property is in Tucson like you, A/C maintenance & repair will likely be your biggest expense.  Changing the filters 1/x month in the summer is key to keep them performing--and allows you to get inside the unit. 

Good luck & welcome to the party!