Closing Day Best Practices - Inheriting Tenants

[Brendon Bourne]

Hello. 

I am closing on a 3 unit multi-family today and am inheriting 2 tenants (one section 8). I wanted get advice for best practices on for day 1 landlording as this will be my first time being a landlord.

Any suggestions are welcome.

Also, any experience with the transition of the section 8 housing and the process with working with the housing authority to receive checks would be great.

[Nathan Gesner]

Quote from @Brendon Bourne:

Section 8 can take a while so you want to start that process early. I also recommend a written agreement with the Seller that any Section 8 funds accidentally paid to him will be transferred to you within X business days.

I show up at the Tenant's door on Day 1 and introduce myself. I give them a short letter that puts it in writing. I include instructions for payments, reporting ordinary maintenance/problems/questions, and a second method for reaching me with emergencies. Then I schedule an inspection within the first week of ownership. That's my opportunity to document the condition from that point forward, get a sense of the Tenant, and answer questions.