Buying Property w/Existing Tenant - Need intro letter template

Sandy Springs, Georgia
General Real Estate Investing
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Buying Property w/Existing Tenant - Need intro letter template

Michael Higgins
Investor · Alpharetta, GA · Member since 2022 · 20 posts · 13 votes

Closing on Friday on a duplex with one unit occupied. After closing I intend on sending a registered letter to the tenant introducing myself with payment instructions. However, since the tenant is on month-to-month lease I also intend on giving 60 days notice to increasing the rent with instructions on how to apply.  I understand the components of this notification but, it would be helpful to have a template while constructing the document.  Can anyone offer some suggestions, links or templates they have used in the past?  Thank you in advance.

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
4y

@Michael Higgins

I assume you’re self managing? Typically this would be done by a property manager. When I do not have a property manager, I typically have my attorney draft a letter to make sure that it is in compliance with the month-to-month lease And any state or local laws

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    4y

    @Michael Higgins

    I assume you’re self managing? Typically this would be done by a property manager. When I do not have a property manager, I typically have my attorney draft a letter to make sure that it is in compliance with the month-to-month lease And any state or local laws

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  • Michael Higgins
    OP
    Investor · Alpharetta, GA · Member since 2022 · 20 posts · 13 votes
    4y

    That’s correct, self managing for the short term.  Thanks for taking the time to give me input.  BTW - I lived and worked in Alexandria for 10 years, enjoyed my time there but not the  traffic :))

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    4y

    Look up your local tenancy board.  In Canada we have them-they are run by the government and they have standard forms we can use.  They might be called something different in the US.

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  • Joshua MessingerBusiness Member
    Property Manager · Poconos, PA · Member since 2020 · 443 posts · 264 votes
    4y

    Hey @Michael Higgins! 

    @Chris Seveney hit this one right on! I wouldn't recommend trying to draft up an agreement yourself without an attorney's provision. If done incorrectly you leave room for getting yourself possibly in trouble for something you didn't know what was right or wrong. 

    I hope this helps and if you ever need anything don't hesitate to reach out! 

    All the best,

    Josh 

    [email protected]484-986-5012
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