Under Contract Dallas 5Plex- How should I handle existing tenants

[Nikki Stoddart]

Hello BP!

I am an investor from the SF Bay Area.  I am purchasing a 5plex property in Dallas, which closes tomorrow, 8/31.  I have experience with rental properties in the bay area, but this will be my first out of state investment.

I have a couple of questions for those experience with having tenants:

1) For now I plan to self-manage my units.  The only thing I'm really worried about is how to screen tenants and fill vacancies since I am out of state.  Out-of-state investors, how do you handle this?  Are there companies that you can hire just to hand off keys and show the apartments?  My leases all end at the end of January, so I have some time.  (I plan to do some remodel work in February, so would be looking for new leases to begin in March).

2) The current owners are collecting September rent, which will be credited back to me at escrow, along the the 5 security deposits.  After close, I need to introduce myself to the tenants, and I'm wondering what the best way to do this is.  In my introductory letter, I am planning to give them my address so they can send October rent.  (Currently, the owner does not accept personal checks from the tenants.  They must pay through Bill Pay/ACH transfer.  I plan to continue this).  Should I include my phone number and email address?

3) Should I buy a homeowners warranty and just have the tenants call that warranty company in case the water heater breaks, etc?  Do any Dallas area investors have luck with this strategy, or is it better to just manage maintenance and repairs myself.  Whether or not I live nearby, I would still be hiring someone to do the repairs as needed.

4) Are there any "Must Read" books on how to be a successful landlord?

I'm sure I will have a million more questions, but for now, these have been on my mind!