Must dos for new landlords

[David Van]

Hi everyone,

I'm closing on a 4plex by end of this month and would like advice on what I should get ready before I get then (eg. new lease agreement, introduction letter, rent increase notices, etc.). Please advise. Thank you.

[Nancy DeSocio]

Hi @David Van

Congratulations on your upcoming purchase!

Of the three items you noted, an Introduction Letter is the only one I'd suggest spending any time on at this point, and you still have plenty of time for that.

In addition to what others noted, if you haven't already received copies of the existing leases, that would be next and just read/study them to understand what the current agreements are.  You might want to change those in due time, but that's not what you need to do on Day 1.

I found The Book on Managing Rental Properties to be a great help in getting started and still reference it when something comes up that I hadn't fully planned for.  

I'd also suggest breaking your research and "to do" list for the next month into manageable pieces and focus on the priority items.  For example, if all units are occupied, don't spend too much time reading up on how to fill a vacancy.

We bought our first 4-plex one year ago and am still learning all the time!  For the most part, this business can be very forgiving when making mistakes :)

Good luck on your journey!