Hi, my name is Mike Bruno. I currently am an Investment Consultant. During my talks with clients I kept on experiencing a recurring theme. My clients who are real estate investors are all successful, very enthusiastic about talking about, answering questions about real estate, and are eager to share their learning experiences. I am closing on my first four unit rental property later this month. Needless to say I am very excited and at the same time a little nervous. My immediate need/questions are around what are the best practices as soon as I sign on the dotted line and receive the keys to the property? Is there a checklist of sorts? I believe I should meet with the tenants, introduce myself, explain my honest intentions. Should I also act like I am renting out the apartments for the first time? Meaning do a walkthrough with renters as a base point for condition of property? Should I also have them fill out an application so I have all their personal information on my forms and filed? Lastly, what about rental agreements can the existing owner rental agreements with tenants suffice or should I execute new ones? Any an all help is greatly appreciated.
