1st time landlord - Do I screen current tenants?

[Stephen Neto]

I am having my first 3 family closing.  Do I treat the existing tenants like new tenants and have them fill out an application just so I can have information on them?  Current landlord was not very good at paper work.  How do I go in there and set the Law going forward?

I was thinking about giving each tenant 12 self addressed stamped envelopes to me so they can put the rent check in and send to me.  Bad idea?

Also I would love if the tenants shared the water bill.  How can I do this?  Just pump up the rent $50 or so?  Do I rock the boat and ask for more money or hold on to a good tenant?

[Irina Belkofer]

First of all, you'll need all lease agreements, security deposits from the previous owners and whatever else might apply.

Then you see how these tenants are doing - according to their lease.

If they month by month already, you bring them an addendum about changing the landlord. You have to honor the lease though. Month by month is easier - give them 30 days notice about changing terms.

First, off course, they need to know that there is new property management.

I usually put in writing all that as info: new ways of paying rent, your phone number to contact etc

Then you watch who is paying late and post 3 days notice on the door. Make sure, you have the right to evict - Tenants must have relationship with you - sign the transfer PM letter with new payment account or mailing address.

I wouldn't give the envelops - that's overkill. They have duty to pay and better find envelope but they have to know where and how.

I generally just go and introduce myself, talk about the letter, that it doesn't change any terms in their current lease and everything stay the same but payment account.

If Tenants are good, make changes slowly - vacansies are very expensive