What to expect after Closing???

[Hendrix P.]

I am in the process of purchasing my first investment property. I just got my commitment letter today and they are working on settlement. The property is currently occupied and the tenant is on a month to month lease. He plans on staying and I would like them to stay. At what point do I have a new lease drawn up?

Also, this property is about 1.5hrs away from my home and I have not hired a management company. Should I get one asap or feel out the tenant/situation being this my first time?

[John Chapman]

First, if it's month to month, you can draw up a new lease whenever you want. Basically, the lease "ends" and renews each month automatically. Second, as to a property manager, that's a very personal decision and depends on the level of involvement you are looking for Do you have a trusty handyman and other support people on the ground already? If so, then I question what manager is going to bring to the table if you've already got a tenant in place.