Help needed on property management change on in contract duplex

[Eric Chappell]

Hello,

I am currently in contract on a duplex and both sides are rented with the leases both ending May 31, 2019.  I have a different property management company than they currently use.  The current lease is very briefly worded and very outdated, but OK.  However, it is not nearly as protective for me and I want to make sure that the renters will be signing over to the new PM company and lease once theirs ends (if they both stay).  I want to make sure I give them enough notice, but I won't close til the end of March.

Has anyone else been in this position and do you have any suggestions as to the most smooth way to approach the management change both for the renters and for myself?

I have copies of the leases, but what else should I be asking for?  Previous background checks? (if they were even done).  I know one of the 2 renters has been there for years and the other is about a year.

The shorter term renter will have rent raised, but I want to make sure I give appropriate notice of that change as well without causing issues with the current property management company as they do not know they will not continue on in managing the property.  I don't want there to be issues before I even close.

Any help or advice would be greatly appreciated.

Thanks,

Eric

[Caleb Heimsoth]

@Eric Chappell. Have your PM company handle this post closing. Until closing you shouldn’t be doing anything with the tenants