Untitled Page

What to do after acquiring your rental property


1) Contact your real estate management company agent and make sure the management contract is signed and in force. Be sure that they are proceeding to market your property for prospective tenants.

2) Make arrangements for utilities name transfers either by you or your management company. Be sure this is done to prevent extra charges that you may incur if the builder shuts off services in their name.

3) Be sure that mail being sent to your new property in your name is forwarded to your desired mailing address. Don’t let important correspondence get lost or misdirected. Go to the USPS website and do a “Change of address”, DO THIS JUST BEFORE ESCROW CLOSES, that way you can get any mail that may be sent to you prior to the close.

4) Create a file folder for your properties to organize and keep important records.

5) Set-up a business checking account to send and receive payments related to your properties.

6) Get a fax machine or an equivalent device so you can send correspondence such as letters you received from your association regarding problems at your property to your management company. Remember this also allows you to receive important correspondence as well.

7) Within 30 days you should receive all your closing statements, if you do not contact your escrow company or attorney find out the status of your paperwork.

8) Be sure that the association management company has your contact information so they may send you association updates, keys to any community access gates, remote controls to front access gates, association dues billings, etc.

9) Once you have confirmation that your property is rented make sure that the utility services are out of your name. Have your management company tell your tenant to switch over services to their name ASAP. If you don’t do this your tenant may not call the gas, electric, or water services and all the tenant’s utility usage will be billed to you.

10) Do ALL your accounting for your investment portfolio the same time each month. It’s easier to keep track and remember if all rent checks have been received and all mortgage payments have been paid out. Rent payments are usually received near or by the middle of every month, deposit all checks together at least a week before the end of the month that way you are assured that you will have sufficient funds to pay out to your mortgagers. Pay your mortgages at the beginning of each month. This is only a suggestion but a method that works.

11) Be sure to thank your team members for helping you achieve a successful close to your investment purchase. You may not be aware of this but the jobs of agents, escrow officers, builder representatives, etc are often thankless and your expression of gratitude will go far in business relations and improve the services rendered to you in the future. GO TEAM!!!



Tell a Friend.