Advice on inheriting tenants?

Question

Hello BP community,

Im an investor in southern oregon.

Last year i closed on my first property, succesfully rehabbed it placed tenants and was able to get most of my money back out!

I just submitted an offer on a duplex that was accepted, both sides are tenant occupied and there is some deffered maitenance according to seller addendum.

My plan is to complete remodel on smaller unit then lease it. Then repeate on the other side.

I havent walked the property yet but will be having inspected within 10 days.

Im seeking advice on a smooth transition, both tenants are current and on month to month.

My questions are

1. How would you approach tenants after you close?

2. Would you have then sign a new month to month lease?

3. How long would you give them to  relocate after closing. Rentals are hard to find in this area and i would like to give them a decent opportunity to find new housing.

4. Any other advice you have to give that i may not have considered...

Thankyou

Matt CARTE · Answer

@Brad Hammond

Thankyou for the reply

Brad Hammond · Answer

Hey @Matt CARTE, congrats on a couple of great deals!  The first thing you need to do with the tenants is to let them know you are the new owner/manager so they know how to pay you rent and who to contact for emergencies.  Hopefully, the seller gave them a heads up as well.  Make sure they are on a month-to-month lease and that you can do a no-cause eviction on them.  I think giving them 60-90 days' notice should be enough time.  You can always tell them they can move back in at the new rate once the rehab is done. In the meantime, I would have them sign your lease so you know what's in there.