Taking over a property with tenants, what do I send them?

7 Replies

I'd love some examples of information you guys put on letters to tenants of a property you took over. I thought I would put our contact info such as, where to send payments, how reach us via telephone, what to do in case of emergency and possibly a little about ourselves. I thought I would also include a letter for the renters to fill in contact info for themselves and include a self addressed envelope for them to send it back to us. 

A few of the tenants are currently not under lease and are doing month to month. We'd like to address this as we like all of our tenants to be under contract. Would it be appropriate to do this within the first contact with those tenants? How long should we give these tenants to get under contract?

One property is residential and one is commercial. Does any of your answers vary based off which type of property it is? 

As always, I appreciate the BP community and all you do.

Your ideas are good.  I always make my first contact in person.  It's more friendly/personable and  I can get a feel for the residents  (I never call them tenants) and see the property.  I also ask if there is anything that needs my attention.  If they are month-to-month when I acquire the property, I take a lease with me to our first meeting.  If they do not want to sign a lease, I give them a 60 day notice to move.

Hope this helps.

I agree that what you have sounds good. I recently purchased an out of area duplex, and the first thing I did was send the tenants a letter to let them know that I was the new owner, and to provide them with my contact info. In that letter I asked them to provide their contact info and said they were free to contact me if they had any questions or concerns. Once they responded with their contact info, I followed up with an email and explained where to send the rent, etc. Then I eventually stopped by to meet them in person when I was in the area.

I attempt to meet in person and get their contact info in person as well as provide our contact info.  I follow it up with an introduction letter, lease, tenant application (make sure no criminals but I ignore credit check on inherited tenants and so far have not been burned).  There really is nothing special about our introduction letter as it mostly explains who we are and tries to create a tenant/landlord relationship with expectations (we also do not immediately raise rents even when significantly below market - we are terrible at raising rents so miss out on some cash flow).  

@Jeremiah Hilliard

Unfortunately, I don' have a welcome letter.

You probably know all  this already, if so, just ignore this post, but besides the meet and greet action, you need to provide the tenants with important information like:

Where does their security dep. reside now?

You need to give them a copy of the lease reassignment doc

In case the building is pre 1979, you need to make sure they have the EPA lead paint brochure. The previous LL might have slacked there but now you are responsible for that. You also need to provide copies of any lead paint docs concerning the property itself, ie lead paint discovery and remediation.

Of course, you need to get signatures from your tenants to confirm they received these docs. Also, get signatures that you inspected all smoke detectors and CO monitors.

If the tenants are month to month, they probabnly signed a lease initially. You are still bound by this lease.

The above is stuff you need to provide in NC, it will be different in other states.

Thank you all with the great advice. I was able to find a very well written letter online and I used it as a guide. I liked a few personal touches they put in. I will try and post it here later in case anyone ever runs across this post and needs something similar. 

@Andreas W.

I do some, but not all, of those things. I'm going to check the Florida laws to see if they required me to do the things I'm not doing and I'll add it into my standard practices. Thank you so much