First property with tenants, Please Help!

[Steve Koller]

I am about to close on my first multi family property. It is currently fully tenanted with leases ending at different times. I was wondering if anyone has any advice on this topic regarding: Developing relationships with the tenants? Having them sign new leases or not? Setting up ways for tenants to make payments? Anything I might want to be prepared for “inheriting” tenants? Any advice would be appreciated! Thank you in advance

[Andrew B.]

I hope you had estoppel agreements signed by tenant and current owner. This outlines rents, deposits, etc. so tenant or current owner cannot try to pull a fast one.

Other than that, keep everyone on month to month, written leases.

Fix anything that is an urgent need, but don't improve the property until it comes time to renew and you can raise rents to market.