Closed on a Property...Need Advice on What to do Next?

[Austin Cai]

Hi BP Community!

So I've recently closed on a triplex property in Oakland that has two current Section 8 tenants. I've just started on my REI journey and have been searching online, BP, reading books and talking with my agent on what to do next. I'm the first in my family and amongst my friends to get into this business so I don't have many or any close friends that I trust to advise me on what to do. That's why I want to reach out to the BP community to understand what are some checklist steps I would need to do. From my current research, there are several things on my list already including...

1. Transfer of ownership and utilities to my name

2. Creating and issuing new lease agreements for the tenants

3. Do any renovations or fixes for the currently vacant unit

4. Market and screen and rent out vacant unit

5. Sewer lateral and sidewalk repairs 

....etc

The list goes on and on and at times I feel overwhelmed at everything I have to do in a short amount of time. It's been a great learning experience so far and I would like to see what some things that I am not aware of that I should be putting on the list as well. Any help would be greatly appreciated!

Thanks

[Lindsey Hughey]

What’s going on with the sewer lateral?  If your money is funny go to the city and just let them know you need a little bit of time. Cities are giving grace periods due to hardships people are incurring right now.  Take this from a guy that doesn’t know jack about Cali real estate law or code.