I finally closed on my first duplex after listening to bigger pockets for countless hours and overcome my analysis paralyses
I have a tenant living on the other side
Any ideas on how to meet my tenant for the first time and how to let him know there is a new landlord(property manager)?
And how to set his payment to me from now on?
Thanx for taking the time to answer a newbie
Send a courtesy letter or call them before knocking on the door to introduce yourself. In my opinion people are a little Covid sensitive right now, rightly so.
I sent a letter to my inherited tenants setting out options for payment, how to contact me, that I'd be around to meet them in the coming weeks, and that the lease they had remained in force. I felt like they had more uncertainty about new ownership than I did, so I just wanted to reassure them and set the tone.
@Harith Hadi I agree with @Michael King , in our current coronavirus scenario, I too suggest reaching out to your tenant before hand before making a visit to the property. I would send them an email stating that they now have a new landlord and also mention that you would like to meet them in person, if possible. If they do say yes to meet, do take all the necessary precautions, wear a mask/gloves,etc; to keep yourself safe and your tenant feeling secure. As far as rent payments go, I would look into some free property management software options, so that you can collect your rent online from now on.
Not to sound like a Parrot, but @Michael King has the right idea here. And to Dave's point, it is a phenomenal idea to look into a platform that gives you that option for contactless rent payments. There are some great DIY rental management platforms out there to consider. Keep in mind that the sooner you're able to make the switch to a contactless payment system, the better. The right one will allow the tenants the ability to connect an account (even a credit union account) to their profile within that system so they can transition to making online payments. And while some tenants might be reluctant to go that route, the right online payment processing tool can help you mitigate some of that pushback by incentivizing on-time, online payments (ie. in accordance with the CARES Act, most online rent collection companies that do offer reporting aren't able to report for any late payments or negative notes that would have occurred from April 1 through September 31; but on-time rent payments can be positively reported).
Still keeping the rental experience front of mind, you may not need it right now (since it sounds like you're inheriting tenants) but a platform that also offers listing to 10+ major sites, comprehensive tenant screening, digital leases, contactless online payments, and maintenance tracking means that you're going to be more familiar with it as your tool of choice so when the time comes that your on the hunt for that next tenant, you'll be super prepared, keeping all of your bases covered. Either way, I hope this info helps! Best of luck to you! @Harith Hadi
@Harith Hadi I'd think long and hard before you do anything.
We have a standing challenge to owners to logically prove that there are more positives to a tenant knowing you are the owner, versus only introducing yourself as the property manager.
Everyone usually thinks that letting the tenant know you are the owner is akin to letting the tenant know who's the boss. All it really means for the tenant is now they know who they can tell their sob stories to and get to make an emotional decision that benefits them and hurts you.
Of course, you may ask yourself, how can you pull that off living next door? Have all your mail sent to a PO Box and get the property out of your name into an LLC. Then you technically are just the property manager as the LLC will be the owner.
@Harith Hadi Knock on their door in your birthday suit at 2 am with a plate of cheese Danishes to welcome them as your tenant. Be sure to explain you baked them yourself and insist that they eat one with you.