Rental Property Investor · Milton, FL · Member since 2017 · 1 post · 0 votes
Hello fellow BP people. I have pulled the trigger and purchased a 4-plex right around the corner from my home. I close January 2nd and would like to introduce myself to the existing tenants. Does anyone have a letter they use in this scenario. Also I would like to have some suggestions on what information I should get from the tenants about themselves. I have to honor the one remaining lease with one of the tenants, the rest of the tenants all have lapsed leases and are month to month. I plan on leaving well enough alone for a few months till I get a feel for the existing tenants and then having them all sign new leases one at a time. This has be a learning experience the first time. I hope it is the first of many.
You can introduce your new lease at any point in time, given proper notice, for those on M2M leases already. I would strongly advise you keep all tenants on M2M going forward to allow you maximum control over your investment property. A term lease will place the tenant in control.
Send out the new leases with your letter of introduction including your contact information, and where/how they are to pay rent. Ask that they sign the new lease but do not be concerned if they do not. A letter of non renewal will quickly change their mind. If they refuse the new lease should still becomes effective regardless.