Is a new lease needed? - I'm taking over properties w/ tenants

[Account Closed]

I'm set to close soon on properties with tenants. I've been provided by the seller what appears to be solid leases.

What're some best practices in this type of transition? 

• Does my new lease with my company's info have to mirror their terms?  Will my new lease be simply a "company name change exercise?"
• What terms can I change? 
• What terms can't I change? 

[Mindy Jensen]

@Account Closed , You asked what you can and can't change.

You can change anything the tenant will agree to. You can't change anything they don't want to agree to. So the material terms of the lease, rent amount, due date, pets, late fees, etc will most likely not be changed, as the current tenant isn't going to agree to a rent increase while the lease is valid.

They will agree to change where they send the rent payment, because if they don't pay you, you can evict them. Plan on changing nothing. Learn your state's landlord tenant laws to know when you have to give a notice of rent increase (at the end of the lease, typically 30 or 60 days notice) so you can get them to market rent for the next lease. Some states have specific laws around how much you can raise rent, so make sure you are acting within the law.

After closing, introduce yourself to them, give them your address for sending in rent (or ask them to use online rent payment, whatever you're doing) and ask if there are any repairs that need to be done.