First property, tenant occupied

[Ayanna D.]

I’m purchasing my first investment property. I will be inheriting a tenant. The lease ends July 2023. I know the security deposit should be transferred at closing. Do I introduce myself immediately after closing? What else should I know?

[Janet Behm]

Makeda,

Congratulations!

My husband repeats this nearly daily, "It doesn't matter what business (relationship) you are in... communication is the biggest challenge."

People (tenants) get annoyed when they feel blind-sided (surprised by something they did not see coming).

You want them to have a safe and comfortable home. No surprises. 

Call them on the phone to apprise them of changes in how the lease payments will be made. Ask for a time to drop by and say hello. Your outcome when you meet in-person is comfort them that Their lease agreement stays the same. Then, ask them if there are repairs needed. If they have any issues, take swift actions to resolve them. 

You are establishing that you care for them and are committed to their comfort and safety. Leave the lease payment information with them along with a way to get in touch with you.

If they are late with a payment, take the same swift action you did with repairs. If they get away with it once, you have to potential of a "life-of-the-lease" problem.

In Utah we have a "Three Day Or Quit." It gives a strong message and usually eliminates any future problems. 

Good Luck!