Advice on First rental property.

[Abraham Christenson]

Hello. My wife and I are about to purchase our first rental property. We are looking at two currently one is a 6plex. One is a 7plex. This is both of our first time doing any kind of rentals. Im sure there are going to be a lot of learning along the way and are reading and listening to alot of good info. What we are wondering and havent come across any material on it is what is the best way to approach the transition time of ownership change of the building as far as current tenants inThe building go?

Do you just knock door to door and say Im the new landlord? Or do you prepare a packet of info for payment and contact info? Should we have them sign a new lease? Keep them going on the one they signed? Pretty sure we will be ok with new tenants as they come in and im sure this isnt that big a deal but just curious about things to watch out for as the building transfers ownership to us and tenants have to pay and deal with someone new.

Thanks for any advice.

~Abraham