Just bought a multi-family four-plex in cincinnati, ohio. Not sure of first steps post buying.

[Tommy DeSalvo]

Hey everyone! There are a ton of posts on BP about how to find and buy your first property. I am now a few hours away from actually closing on my first deal and I just realized I have no idea what my next steps are for immediately after closing. I know I need to have the property tax adjusted, I need to switch over the utilities that are in the current owners name. I need to send the tenants a letter stating that I am the new owner and to send me their rents. What else? Should I go introduce myself to the tenants? If anyone could give me a little check list I would greatly appreciate it because my nerves are going crazy. Thanks!!

[Nicole A.]

Make sure the seller brings the security deposits money to closing. He/She should have this money and your tenants will expect it when they move out.

I know in MD, within a certain time-span after closing, you can appeal your property tax assessment. If this is what you're talking about, just draft up a letter and propose your new number. Include data on how you came to that number (comps, recent sales, neighboring properties' current tax assessments).

If any tenants are only month-to-month, I would suggest you go ahead and have them sign a new lease. Make it any length you want. Month-to-month? Year? Your call. 

If you'll be managing the property, then yeah, it'd probably be a good idea to introduce yourself at some point. You could do it in person, or just send a short professional letter. And yes, tell them where to send rent payments. If you don't want it mailed, offer other ways to pay such as online. Or if your tenants are the cash-only crowd, see if PayNearMe service is available in your area.