After Purchase Checklist

[Matthew Krieg]

It's happening!  My offer was accepted and I am on my way to owning a duplex in Indiana!  Now while I am waiting for the inspection and finalizing insurance and funding, I want to be productive.  I was so focused on finding a deal and doing the math that I never really looked at my needs for renting or self-managing the units.

I have some time before closing and some time while I complete some minor repairs.  I'd like to continue my research, but need a bit of focus.

My list of things to research:

• Rent (I have a real good idea, based on other homes in the area) 
• Security Deposits (Need to look up IN restrictions, if any)
• Pre-Screening Tenants
• Application (Need Document and Research Fee) 
• Background Screening (was thinking of using MySMartMove)
• Lease Agreement (Document and Reseach - this is the major one for me. Looking forward to reading opinions on yearly or month to month options)
• Accepting Monthly Payments 
• Security (Outside Cameras, New locks, etc.)

What am I missing?  What suggestions can you share specific to these items (or the ones I missed)? 

I'm off to research!

Thanks!

-Matt

[Eric H.]

@Matthew Krieg Greetings,

I think you have it mostly covered.

The Book on Managing Rental Properties is a great resource. It came with a bunch of forms that are useful too.

I have used Smart Move. I like it because the tenant can pay directly to service that way you do not have to collect any money.

I would recommend having your lease reviewed by an attorney. Try contacting a local real estate attorney. If he/she invests in real estate, that individual may already have one drawn up.

I use PayNearMe to accept monthly payments.

Add ons.........Walk through/initial inspection form. Walk through entire unit with tenant on lease signing day. Make note of condition of everything, take lots of pictures, and have tenant sign form.

Welcome package. I give tenants some cleaning supplies and some wallflowers from Bath and Body Works.

Congratulations on your purchase. I wish you the best! Peace!