Taking over a duplex

[Marty Summers]

Hi all,

We will be purchasing our first duplex in a couple weeks and I need to know how you handle little stuff that have entered my mind.  I know they say don't sweat the small stuff... so here we go.

I know this may sound like stupid questions but I would like to hear any advice on how you go about it. 

1.) When we are handed the keys from the owner after closing, what advice can you give me on how to introduce myself and let the existing tenants know that there is a new owner and I am the manager?...etc and to send their rent checks made out to our LLC company?

I believe the owner today does everything by mail, but I plan in incorporating COZY.co in the future to automate things better.    

2.) Should I have cards made up of our business name with my name on there as the property manager?  How do you all handle this stuff?

3.) Is there anything else I am missing that you can provide from your experiences??

Thank you all!!  I love this community and Website.... you guys and gals are the best!

-Marty Summers

[Laticia Braxton]

Congrats on the new investment!  Your questions are certainly not stupid.  

You should definitely notify them of the ownership changes in writing. Give them clear instructions on how they are to pay their rent. I am familiar with Cozy and it is an easy way for them to pay so you shouldn't have any problems. Their rent checks should be made payable to your LLC (assuming your business bank account is under that LLC).

You are only the property manager and not the owner (to them).  What you don't want is for them to give you the sob story for not being able to pay rent down the road as the owner.  As the PM, you are simply the messenger and the owner does not tolerate late rent payments :-)  It's always a good practice to have a highly undesirable late fee on your side to "encourage" them to pay on time. 

You should give them a business card with your contact information as the PM.  Be prepared to handle emergency maintenance calls at the worst possible times (holidays, middle of the night, before the sun rises, etc.) 

Also, when you go to meet them for the first time, perform an inspection of both units and document with pictures. Have them sign off on your inspection sheet.  If you have damage to either of the units and have to go to court, you will need to prove they caused the damage.  

Lastly, be sure to put a ticker on your calendar for their lease ending dates.  Make sure they give you proper notice in accordance with their lease.  You need to start marketing for the vacancy immediately upon receiving their notice to vacate to minimize your holding costs.

I hope I've been able to help you some.  Feel free to inbox me with any questions, I'm always willing to help!  Best of luck to you!