Just bought my first 8-plex - help please :)

[Jennifer Rysdam]

Hi all. I just bought my first 8-plex yesterday. I got a sweet deal on a contract for deed. My mind is racing on where to start. I have to get the inspection done first, but after that I have a lot of housekeeping to do. I really need forms. He was on a rural housing program, so all of the forms and processes will be different now. Please let me know if there are any great sources for sample forms. I'm in MN if that helps. I also have to get some tenants to start paying the going rate of rent or move to another low income property. That will be the tough part. As people move out I'll be renovating the units to update them. This will start with a letter to all, stating the new ownership, any new or newly enforced rules(no smoking, cleaning up after dogs, etc.), and mentioning that they have until a certain day to start paying the rent or move on. Any advice would be greatly appreciated. Thanks!

[Deanna McCormick]

Minnesota Mulit Housing Assocation is where you want to start, they have leasing forms, you can use for your property. Go online and become a member it will be the best about 200 bucks you spend.

You can get a handbook from them on landlord tenant laws but this is also available online,, just google MN state landlord tenant laws.

So first is to organize your leases, If as you said some tenants are on Section 8 or other state programs get the contact person for their case. 

Your required to give them written notice of any increase in rent or lease changes. So if they are on month to month you have to let them know prior to the first of the month of rent increase.  And if they are on assistance you may have to provide written notice also to that provider of any rent increase.

the leases the tenants had prior to you buying the building are still in effect. So you need to follow the terms of those leases for proper notice period of rent increases, or non-renewal terms if you want them to vacate..