Inheriting Tenants Screening for Lease Renewal

[Nichola Dotson]

Hi!

My name is Nichola and me and my husband are closing on our first 4-Plex in Michigan today that currently has 3 tenants that we are inheriting and we will be moving into the open unit later this month. 

All the tenants are currently on month to month leases and the rent is below fair market and the screening process they went through is very shady and 2 out of 3 tenants do not pay on time. I want to send a notice introducing us as the new owners and giving them notice that in order to renew their lease they first must consent to a criminal, credit, and eviction screening under our new minimum qualifications/new lease terms for all persons over the age of 18 that live in the home and also inform them that rent will be increasing November giving them the chance to stay if they want  and meet our rental qualifications or decide if it's best for them to move.

I want to know does this seem reasonable and if there are some things I should consider before moving forward with this plan?

Thank you for your time.

[Kim Meredith Hampton]

Nichola,

I think it sounds great and congratulations on the new purchase. Smart way to start off your real estate investing