Inheriting Tenants : To-Do List

[Lee Whitford]

I close on my first property tomorrow! Does anyone have any tips or "To-Do" Lists when inheriting tenants? Also, how early can i request the tenants to sign a new lease (ow what is the process in general when inheriting tenants?) I know the previous lease stands (expires Jan 2, 2023) but can I ask them to sign a new one now, if they intend to stay. The main reason is the inheriting documentation is all spanish and I would like to get english ones as well. Is there any other advice or to-do for a new investor when inheriting tenants?

Thank you all!

[Bjorn Ahlblad]

Next time ask earlier-you are closing tomorrow! You have to respect the current leases and their duration. You can insert your name in place of the current LL ask tenant to initial. Provide them with new payment info. Longer term get rid of any foreign language leases. Who really knows what they say; interpretations will easily differ. So when they expire give tenants a local english lease and ask tenant to get a reading by a trusted friend or family member. Any security deposits belong to you on closing. If tenants are responsible for utilities have them continue. Let the utility company know you are the new LL. Get LL and liability insurance. All the best! Get driver's license and Social Security Card copies. Learn the local LL/Tenant laws. All the best!