First Property Checklist: New Investor Closing Next Week

[Account Closed]

Hi everyone –

I’m a new investor less than a week from closing on my first duplex. One side is occupied with a tenant I’m inheriting (currently on a month-to-month lease) and I’ll be living on the other side. I’ve spent the last few months reading books and listening to a ton of podcasts (3-hour commute helps). I made a list of things I’ve done so far, but want to make sure I’m not forgetting to do something. Thanks for any advice and guidance!

• 1)Researched crime data, median household incomes, population growth, school rankings, etc.
• 2)Inspection of both units/verified the age of HVAC systems
• 3)Appraisal
• 4)Obtained a signed copy of the current lease for the tenant that I’m inheriting
• 5)Obtained a copy of the cleared rent check, verifying the amount they’re paying
• 6)Received an estoppel signed by the tenant and landlord, detailing the terms of the lease/rent amount
• 7)Received State of Connecticut, Dept. of Consumer Protection Residential Property Condition Disclosure Report
• 8)Verified property tax with the town
• 9)Checked civil court/housing court records for any cases involving the current landlords/tenants and checked for any cases linked to the property address itself
• 10)Obtained the water bill for better estimates of utility payments
• 11)Purchased insurance (HO-5) and added $1M liability coverage
• 12)Had contractors come to the property to give renovation/repair estimates
• 13)Researched current comparable rents in the area and received rental comps from the realtor
• 14)Sat down and spoke with the current tenant to find out her plans going forward and learn about any complaints that she has about the property/current landlord
• 15)Addendum to P&S that seller cannot have the current tenant sign a new lease prior to closing; must remain month-to-month
• 16)Sat down and spoke to my former landlords (who I really respect and enjoyed renting from) and colleagues who are landlords to hear about their experiences
• 17)Went through all the forms that came with the Book on Managing Rental Properties and made them specific to my property and Connecticut (notice to vacate, rent increase, application, move-in checklist, late rent notice, employment verification, etc.)
• 18)Met with a lawyer and had him review my lease, application and other forms
• 19)Met with an accountant to discuss tax strategy
• 20)Created a profit/loss statement and spreadsheet for tracking expenses
• 21)Went to the local police department and received an in-house CAD report of all calls (emergency and routine) for the street and the specific address
• 22)Met with the tenant’s Housing Choice Voucher caseworker
• 23)Received a copy of the “passed” HCV annual inspection
• 24)Submitted all paperwork to the Housing Authority
• 25)Scheduled contractors to begin work the day after closing
• 26)Contacted the utility companies to transfer service into my name
• 27)Set up a separate checking account for property income/expenses
• 28)Set up a separate savings account for the security deposit