Updated over 3 years ago on . Most recent reply
Closing in approx 10 days on first rental
Good Morning all
About to close on first rental. It's a duplex with tenants already in place. Looking for any thoughts or advice for things I may not have thought of.
Still weeding through apps for management. avail, tessa etc
Do I have the existing tenants fill out an application? They are on month to month currently and by all appearances are good tenants. Fingers crossed. Will get them to a new lease once it is closed on. Finalizing lease now. There is currently a property manager however she is in her 80's and is looking to retire so she does not wish to continue. So for now will self manage.
Thoughts on introducing myself vs staying anonymous?
Any thoughts or suggestions are welcome. Thank you!!
Most Popular Reply
@Michael Kiger have you studied the landlord tenant laws of the area. When you close you give notice that you are the new owner and how to pay rent and how to contact you for repairs. The current lease runs with the property even mtm. You can have sign the equivalent lease on your documents, otherwise you have to give the appropriate notice, usually 30 days that terms are changing and if you are increasing rents.
You should have received the current leases and reviewed them. Get an estoppel letter signed by the current tenants verifying rents, deposits, and any agreements not in the current lease.
I always introduce myself as the owner. It is not hard to find out who the owner is unless it is in an llc without your name. Just be professional when you interact with your tenants.