Just Bought 4-Plex that is Rented

[Brenda E.]

Hi, BPer's. 

2 months ago, we bought a single family home (our first rental!)  It was a mess and had to be repainted and all flooring removed.  But we got it done and rented.  Now my husband is seeing the benefits of rentals and decided we need more.  So, the lady we bought the house from (she has moved to Florida) also had a 4-plex in another town that we just  purchased.  It is fully rented with a couple of very long term tenants.  She also has a lady that she calls a property manager to oversee the property.  She is not associated with a company, she's just a local girl that handles any issues that may arise and checks out new applicants.   The tenants love her and I think she will be a real asset for us.  But there was no written contract between the previous owner and the property manager, it was more verbal. 

1) How should I do a contract with this person? 

2)  What are some key points you would include?Next issue:  The existing lease is very thorough but has contact info from the previous owner.

Should I:

1) Draw up another lease?  (I like the lease, BTW)  or

2)  Just add an letter to tenants about us and our contact info?

Any insights would be much appreciated

Thanks,

Brenda

[Cody Barrett]

Super awesome and congrats! Sounds like you got a wonderful opportunity on your hands.  I agree with what has been said.  I think taking ownership, keeping it professional, and staying business focused will set the bar for what you bring to the table as a Landlord since they don't know you.  A formal written agreement really helps keep things clear when situations get foggy so it doesn't hurt.  As far as the lease, use what you like and add or subtract whatever you don't but still make it yours to fit your management processes/systems etc..  You will do great with this one! 

Good luck : )