Updated about 13 years ago on . Most recent reply
First Investment property
I am about to close on my first rental property. 4 units, 65k, rents at 550/month/unit. I have several questions that i probably should've started asking a week ago. I believe all the tenants are month to month. Can I force the tenants to sign a new lease right away? Do i have to give them a 60 day notice?
It is not in the best neighborhood and can only assume that it does not have the best tenants. What is the best way to have them pay rent. To a PO box by check? have a lockbox inside the building? What are other ideas?
I plan on giving them a change of ownership letter that states rent is late on the 5th and there will be a $50 penalty. Should I also state that an eviction notice will be given on the 7th? Do these days sound reasonable.
I want to do some remodeling to attract better tenants. There are some outdoor fixes that I want to do: Install a new and secure front door, get fencing, repair half the roof (which i would wait after winter to do), some siding repair. There is also common area repairs I want to do: a couple of new water heater, new carpeting on the stairway, paint, etc. Then there are repairs in each unit I want to do: paint, carpet, and bathrooms. How much of this should be done while these tenants are there? I planned to do some of the outdoor work, but do i start on the common place work, just to get it retrashed or should I wait. As long as I am getting everyone's rent on time does it matter. All the toilets or unstable and need new o-rings (according to the inspector) should i do that while there in there?
Need as much advice as possible for my first one, even if it doesn't answer a questions i asked. Thanks