Just purchased rental took over current tenants

[Mike Delprete]

I just purchased a rental property with tenants in place going month to month. I don't want to change anything just keep everything as is. I plan to introduce myself and let them know where to send rent. Is their anything else I should be doing to make this a successful transition?

[Pam R.]

@George P. - The bank didn't send me a gift, but the mortgage broker gave me a bottle of wine. It's just a nice business gesture.

@Roman Pak - I completely understand your approach. It's not about making friends with the tenants, it's about figuring out if you even want them as tenants. It's the start of the screening process, but they are already in your property. A little ice breaker gift, they get a little less apprehensive about the new owners, they talk a bit more than they were planning to, and they share how their hours were cut at work, or their girlfriend who lives there isn't the same girlfriend who is on the lease, or their son brings his dog when he visits on weekends, or their mom lives two doors down, so this apartment is really convenient for helping her out. All clues that can help you decide next steps with the tenant - do you even want to offer them a new lease?

Is the gift necessary? No, but if $20 gets you to your conclusions faster, then it's well spent.