Taking over a duplex

[Alan Davidson]

I am closing on a duplex soon.  Duplex is occupied.

One renter has a lease in place.  

One renter is on a month to month lease.  I want make this a one year lease.

How do I communicate with these renters that I've purchased the property?  Phone call?  Letter? In Person?

I know its such a basic question.  Help.

[Amanda G.]

Hi, Are you local? Who is doing your property management? The previous owners should have shared the tenants contact info at closing, if not before. I would call and introduce myself as the new property manager. Let the renter with the lease know that your company is going to honor it (you legally have to, but lots of people don't know that). Tell the others that you want to get them set up with a lease (if that is true- are they tenants you want to keep?). Set up a time to do an inspection and let them show you the annoying things they have been meaning to tell the previous owner. And if you haven't read Mike Butler's book on landlording, that might be worth doing (I have no financial relationship with the man, just like his book). Hope that helps!