Inherited Tenants

[Jimmy NA]

What is your approach with tenants you get when you buy a property? Do you lay down-the-law? Tell them these are the things that have to change or a more subtle approach. I am buying 5 units. I had the owner kickout the worst 3 prior to closing. The issues I have with the remaining tenants are fairly unimportant but need to be dealt with: unregistered car, general debris in public areas (porch/yard). I know the former owner loosely managed the properties. Late rents were allowed, junk in the yard, basement, cars, etc. So, I don't want to rock the boat on day 1 but.....Thoughts?

[Frank Adams]

This is a BUSINESS reltionship and needs to be handled as such. Since you've only got two to deal with I would write it out, but deliver it in person.

Specify when rent is DUE, and when it's LATE. And the penalty for being late.

Specify what can and cannot be stored on the property. Your idea of junk laying around may be there idea of a perfectly good baby buggy.

I'm sure others will have more to add.

all cash