Preparing to close on apartment complex

[Liliana Allison]

Hi BP,

I am getting ready to close on my first 8 unit apt complex. I would love any and all advice as to what to do now in order to make this a seamless transition. For example, I've read many say they send a letter with directions on how rent should be paid and new contact info. Would someone show me an example of what you used. I close on the last day of the month. Do you wait until after closing to send the letter/hand letter out? What are the best practices and/or what not to do? Maybe a mistake you learned the hard way. 

Thank you for your guidance!

[Bjorn Ahlblad]

@Liliana Allison That's exciting! Congrats and welcome to BP. I hope you did all the usual; inspected the property and paperwork. Ensured you are getting deposits and advance rents at closing. You can likely find a sample letter on the 'net. Tell the tenant who you are and how you would like to be paid Cosy, ACH, check etc. 

As leases expire you can have them sign new ones, or let the old ones continue MTM whatever you choose. Honor any existing leases and by all means write your name, LLC name etc on the old lease if it is to continue.

A mistake I made was accepting an excuse as to why I could not inspect one unit! We inspected all the rest; the one we did not inspect cost 10k extra to ready for rent for next tenant. Always verify don't trust!