Informing Existing Tenants I Bought the Property

[Kenneth Garrett]

I'm closing on a 4 unit in a couple days.  Currently 100% leased.  Any suggestions of informing tenants of new owner and how rent payments will be collected.  Any other thoughts greatly appreciated.  Self managing property for now. 

[Matthew Olszak]

@Kenneth Garrett

At non-reo closings, my clients usually receive from the title company a form signed by the seller explaining that the property was purchased and future rents are to be paid to XYZ entity (the buyer). For REO deals, I usually have to show up with a copy of the deed to explain my client is the new owner, assuming they haven't already seen me already, because the banks in general are impossible to work with. Inquire with your lawyer now to ensure you get something written at closing. Then, draft your own introductory letter to attach to it so the tenants know who you are and how you want things to work from now on.