Newbie Landlord Tips

[Bianca Rodrigues]

Hi All!

Just closed on a three family with existing tenants on a lease. I have a few questions on how to go about communicating expectations we have as the new landlord.

First, how would you communicate expectations and new policies (like where to send monthly rent), should you do it via a letter, in person, etc?

The existing tenants are in place until October 31, 2023. Do we abide by their existing lease or can we give them a new one? Assuming we just follow their existing lease and then provide a new lease if they choose to renew.

The security deposit was given back to the tenants at closing, again, would we communicate via letter that we’d like to obtain a security deposit until the remainder of their lease?

Any other tips, useful software for landlords or helpful reading material would be greatly appreciated!

Thank you.