All Forum Posts by: John Krischer

Thank you Andrea! Based upon past experiences we intend to get all of this information and do the usual "new tenant" background check to get all of this information but good to see that our thoughts on what is needed were confirmed by you :-)

Anyone else have any things that we should be aware of? Anyone have any examples of best practices we can utilize? We plan to write up a "tenant guide" that outlines options for payment of rent, rules that we would like them to follow as to cleanliness and maintenance, who to contact and how and in what type of situations. A list of vendors to use for services after contacting us will be part of this.

Any thoughts of creating an LLC to hold our properties? We plan to get an umbrella policy that will cover these new properties in an amount equal to the value of our current assets, does anyone have any guidelines or links to how best to handle this?

John

We just entered into contract for a duplex rental property with existing tenants, want to ensure we get everything needed from the current owners that we may want/need, Thinking of things like the rental history, the tenants leases, the background check info on them, the documentation on any of the property fixtures (fridge, range, dishwasher, washer.dryer, etc) etc etc

Also, for any security deposit from the tenants that the owners have, best to have them return that to tenants and we get it from them? Thinking of starting fresh with a background check, a new lease (they are month to month at present), letting know our rules and giving them our version of the "tenant guide" with what to do in case of XXX, how to pay rent, etc.

Checked BP for articles and such but didn't find anything relevant, suspect its out there or if not can someone shed some light on things to ask for, watch out for, etc"

Thank you in advance, have found BP to be an amazing resource, just finished listening to every podcast to date and now the reading starts!

John