You just closed escrow on your first-income property and you may be wondering what's next. I've helped many first-time multifamily owners navigate ownership and the small forgotten details that come along with it. Below is a list of important things to keep in mind after buying your first investment property.
Notify Tenant(s) of New Ownership
Post written notices and provide instructions for communication on the front door of ALL occupied units. If you have the tenant(s) contact information you can also send them a text and/or email as well.
Provide contact information for Repairs vs. Emergencies?
Let tenant(s) know where and how to pay rent (who is rent payable to, where and how to pay rent, available online options, etc.)
If you don't have this already, request tenant(s) complete contact information.
Transfer Utilities and Services Into Your Name
Department of Water & Power (DWP): 1-800-342-5397 LADWP.COM
SoCal Gas Company: 1-877-238-0092 SOCALGAS.COM
LA City Popular Servicers: LACITY.ORG/MYLA311
Trash Pick-Up + Property Management (if applicable)
Set - up Gardening services
Register Ownership with City of LA Housing Department
If your income property is in the City of Los Angeles, you must REGISTER with HCIDLA in order to legally collect rent.
HCIDLA.COM provides resources, services, and information on owning Income Properties in Los Angeles.
Rent Stabilization Ordinance (RSO): HCIDLA provides an overview of the RSO, including required registration, fee schedule, and workshops to assist new property owners. Click HERE for more information.
Consider Joining Landlord Groups - AOA or AAGLA
AOA & AAGLA are both excellent resources for income property owners. They provide forms, tenant screening, free advice, and more at an affordable rate.
Apartments Owner's Associations AOAUSA.COM
Apartment Association of Greater LA AAGLA.ORG
Organize Closing and Property Documents
Compile ALL documents related to the income property including tenant files into a USB/Drive and make copies of original documents like leases, rent increases, notices, etc.
Property Management
Some income property owners realize that managing is not for them and they delegate those duties to a management company. If you are interested in exploring your property management options, we can help provide referrals!
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