Updated almost 4 years ago on . Most recent reply
First Multi Family Purchase with Existing Leases!
Hi Bigger Pockets, long time listener, first time poster here!
I currently have a property under contract that has 2 duplexes on it (4 Units total). Each unit is occupied by tenants that have leases with several months left on them and I would like to retain them and make the transition to a new owner as easy as I can for them. What recommendations do you have for this transition? Ideas I’ve considered, but would like some feedback on: writing a welcome letter to the tenants, personal phone call to each tenant, showing up at the property to speak to as many of the tenants that I can see.
One consideration is that I am about an hour and a half away from the property and the current owner lives very close and I do plan on transitioning the tenants to online payments rather than cash or check to the existing owner.
Any advice, tips, or stories of experience will be greatly appreciated.