buying a triplex with tenants /leases in place

[Patty Capson]

I am about to close on my first triplex. All units are leased with months left. Can I change/add anything to the lease or do I have to stick it out until new leases are in place? I want to make the property no-smoking and make the tenants clean up their yards. One tenant is a horder...How do I approach that?  

[Nathan Gesner]

An existing contract transfers with the sale and should be followed by all parties, including the new owner. You should provide an introduction letter explaining some basic changes, like your name and contact information, how to pay rent, how to report maintenance issues, location of their deposit, etc.

You can change the contract if all parties agree so I always recommend asking the tenants if they would agree to changes. They may be fine with it. As long as everyone agrees, you can make changes or even write an entirely new contract.