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Updated 8 months ago,
How To Communicate With Tenants You Are About To Inherit.
Hello,
I am currently under contract on two duplexes (4 units) and am set to close next week. However, this will be the first property I have bought in which I will inherit the current tenants. I plan to be raising the rents on them because they are currently paying about 40% under fair market rent. The area I live in has no restrictions on how much you can raise the rent, but I will not be raising them all the way to what each unit should be renting for because they are great tenants. I was able to walk through each unit last week and was blown away with how nice each tenants keeps their home. So, I want to keep them in place.
With that being said, I am curious to know what the next steps are for you all in a similar situation? For example, I am wanting to send them a welcome letter introducing myself and letting them know some of the changes that will be happening in the coming months. Do any of you have a template you could share with me for this? Or is there anything else you would send them (besides getting a new lease signed obviously)?
Thanks for any and all feedback.
- Cole