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Updated about 3 years ago on . Most recent reply

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Transition To Self Management - Tenant Lease Questions

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Posted

Hi all, first post here. I own two doors that have been managed by a PM until now and I'm transitioning to self managing very soon. Both places currently have tenants with several months remaining on their annual leases where the PM is listed as landlord. I'm aware lease terms can't be changed mid-lease but since the landlord name will be changed over to mine, tenant deposits will be held by me and rents will be paid to me after transition, which of the following would apply to leases:
(a) Original leases should continue entirely unchanged until they expire.
(b) Void original leases and replace with new leases with exactly the same terms and expiry dates as the originals but with my name included.
(c) Replace landlord name with my name by way of an addendum to original leases. And, can the addendum be initiated by me even though I'm not a signatory to the original leases, or does it have to be initiated by the  PM who signed the original leases?

Any suggestions greatly appreciated!

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,068
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28,061
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied

Provide your tenants with a simple letter announcing the change in management. Who you are, how they can communicate with you, and where they make payments. Let them know all other terms remain in effect for the remainder of the lease.

Don't make it complicated.

  • Nathan Gesner
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The DIY Landlord Book
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