First Property

[Hernan B.]

After weeks of waiting for the seller to settle his debt Im officially the owner of a 4-unit apartment building. This is my first time buying property and, obviously, the first time being a landlord. I went to the property today to drop off welcome letters- including when I expect the rent, their contact info, a pre-postage envelop, and some holiday candy. Two units were not there and I am hoping to return tomorrow to see if I can meet them face to face. Upon entering the building it dawned on me, I don't even know where to start. The seller didn't really even supply me with keys to any of the units and there is an entire part of the basement that is locked off (which i cannot get access to). The entire inside is in rough shape and could use some renovating. However, the tenants in there now are not the ones I want to keep in the long run. My plan is to see if any of them pay January rent on time. I then plan to get them out either by giving them a 30 day notice to vacate (it appears there are currently no lease agreements) or giving the a lease agreement with an increase in rent. Are these the best and easiest ways to get them out? It's winter, so i feel they will be less willing to vacate. I have heard of offering them a certain cash amount if they are out, for example, by the end of the week.

Meanwhile, I still want to start getting some of the common area fixed up a bit, for example get a secure front door (right now the front door just swings open), get the furnaces tuned up, clean the basement, get new locks, on all the doors, get new non-unit doors, get light bulb cages, etc. In your opinion is this best done by a contractor that i hire for these services or is it cheaper to call individuals my self to get these things done. I do not plan on doing much my self, maybe some picking up, but even then do I rent a dumpster to get the basement cleaned up? How do I take care of the locks, especially the ones I can't get into? Do i ask for a key from the tenants and get a copy of it or just tell them someone will be there to install new locks?

If anyone can provide me with some guidance that would be greatly appriciated.

Thanks