Notifying Tenants I'm Inheriting

[John White]

Good Afternoon...

I'm a month away from closing on a side by side duplex that are occupied by two tenants who I'm inheriting.  When do I send them a letter, notifying them that the rent (as of May 1st) will be payable to me?  Is this something that I should involve the current owner with, or simply send the letters?  Do I send the letters now, or when I take ownership in a month?  The tenants are aware that the property is being sold, but don't yet know who I am

[Brie Schmidt]

Technically you should not be contacting tenants until you legally own the property.  We ask the sellers for tenant phone numbers and reach out a week before (with their permission) saying that we are buying the building on X date and they will be getting a letter in the mail soon.  If the seller denies us that we send a letter the day before closing and stop by the day of closing and try to hand deliver it.  This is the letter we send:

Hello! This letter is to inform you that as of Friday February 27th XXX LLC has purchased this property. We have a copy of your lease with your previous landlord and will not be making any changes or raising rent. We want this to be as smooth as a transition as possible and appreciate your patience during this time. XXX is the property manager who handles all the day to day operations of rent collection, maintenance, and repair. His number is XXX so call or text him if you need anything. Over the next few weeks he would like to meet you to make sure there are no outstanding issues or problems. We know this is late notice as March rent is due, so we are not changing any late fees for rent paid before March 10th due to the late notice. Below are the rent payment options we offer and we look forward to working with you!

Rent Payment Option 1: Deposit rent to any Chase bank location to account number XXX. Please write your address and unit on the deposit slip to ensure receipt of your rent.

Rent Payment Option 2: Mail check or money order made payable to XXX LLC and send it to XXX and Please write your address and unit to ensure receipt of your rent.

Rent Payment Option 3: Pay rent in cash at Family Dollar or ACE Cash Express Stores. Enclosed is a card with a barcode on it. Just bring it to any of the locations listed below and the cashier will scan your card, accept your cash, and give you a receipt.  It takes less and a minute and is free! 

Rent Payment Option 4: Pay Rent online direct from your checking account with Cozy. It is free to use and you can set up automatic payments so you will never have late fees! Request account access by emailing XXX