Closing on first Quad next week. Last minute advice?

[Brian Orr]

Hey BP,

So I finally got my SFH's cleared and am about to close on my first multi family property. This is the first time I'm taking on an occupied property, and it will be self-managed. So I'm just looking for any last minute advice from you all that might help make sure I make a smooth transition into landlord and make the transition for the tenants as smooth as possible.

Any and all advice, tips and tricks are welcome

Thanks!

[Anthony Wick]

1. Make sure you get prorated rents and damage deposits at closing. 
2. I'm assuming you already have reviewed their current leases? But, review them again. 
3. I like to personally talk to all new tenants (new to me). Introduce myself, say hi, make sure they know where the new rents are to be sent. But schedule a visit/walk through. No "pop ins". 
4. Put in writing the  procedure on how to pay rents. 
5. Put in writing (get a good email and phone number) your process on how they are to report any maintenance issues. 
6. During the small chat and greeting with tenants, get a feel for if they intend on staying in the unit when leases are up. 
7. Schedule walk throughs with all tenants and units. Make a "move in" check sheet, and have them sign it. It's a chance for them to start over, unless the seller gave you a move in checklist of damage, that the tenant also signed. 
8. Fix anything on move in check sheet that needs it, as soon as possible. Set the tone right away to the tenants that you are there to run a good property. 
9. If they are on MTM leases, I give them a 60 day notice to get them under your lease. I prefer a 1 year lease, but many actually like MTM. But they still need to get under your lease after their current lease expires. 
10. Decide if you actually want all the tenants to stay or not. Is there deferred maintenance that you'd like to get started on? Again, give a 60 day notice to terminate a lease. Even if the current lease states 30 days, I like to give 60 days notice. 
11. Ask all tenants if they have any questions on the new procedures.