Closing Today- Advice For Taking Over 4 Tenants

[Dan Kelley]

I'm closing at 2:00 today on a 6 plex building with 4 occupied units. They are a mixture of leases. The one unit has been occupied for like 8 years and is currently on a month to month/verbal agreement. 1 unit is 4 months into a 1yr contract. I believe the other two are on m2m contracts.

What are your suggestions for starting communications with the tenants?

I'd like to meet all of the tenants and go in with a contact sheet of some sort and get updated phone numbers, names, email, etc. I'm planning on trying to get everyone to pay online through Buildium, or deposit rent directly at my bank. I want to eliminate the need to visit the property to collect rent. I'm wondering if I should also open a P.O. box though for those who still wish to mail checks? I'd almost rather just stick with Buildium and my bank though.

Any tips/pointers to make this as smooth a transition as possible? Should I send out a letter first to inform everyone of the change in ownership and to give them my info?

I own the property through an L.L.C., so my plan was to pitch it as if my LLC is a property management company who owns the building and I am simply the building manager. I'd like to avoid having them know that I am also the owner.

Give me some tips please! Thanks!

Dan