Closing on Duplex with long term tenants

[Grant Francke]

Hello BP! I'm closing next week on a property that has 2 long term tenants (since March 2009). One of the tenants are older (65+). They treat and act like it's their house. Any tips on how to formally introduce my self to them? They are both on month to month and drastically under valued rents. This will be the first property we closed on with this long term of tenants In them. Thanks!

[Tyler Relph]

I would call and set up an appointment to do a meet and greet with a walk-through. Make it more of a "trying to determine what needs to be improved on" appointment. Once the walk-through happens, discuss your expectations moving forward.  Train your tenants to meet your expectations.  Business is black and white.  Raise the rent to meet market expectations and inform them that this is where the market rates are. Provide them a written 30 day notice of the change in rates and have them sign a new lease. Congrats and best of luck!