Hello i had a couple questions. If you buy a rental with tenants in place already do you have to wait until their current lease expires? If so how do you make a new lease or where can you find them and is there anything you should change right away? Lastly if there are some minor renovations that need done do you send them a letter to let them know and how long in advance should you let them know? Thanks!
Hey Faustin, you can find leases online. An example is lawdepot.com. You have to honor the old lease until it expires.
It sounds like are nervous to deal with the tenants. Don't be. They are generally good people. The tenants may welcome the repairs and not fight you on it. If they are being awkward the amount of notice required is dictated by your state and locality. Where I work in Baltimore 24 hours is required. If you decide to send a letter make sure it's registered mail.
@Faustin Hoover You can also check your state’s bar association. My state posts a lease for free online. (Though I recommend adding to that lease for other items)
Thanks for the advice everyone i appreciate it!
You can find copy of sample lease agreement online.
For renovation, you have to provide a notice to the tenant. It depends on the work to be done. How many days will it take to finish? You have to include in your letter the date of commencement and the estimated date of completion.
Bigger Pockets has leases and other docs by state under Tools > Services > Lease Agreement Packages. You may want to double check your specific state regarding limits on fees you're allowed to charge as well as what can be refundable or non-refundable.