Question: Transferring leases into my name

[Joeski Trotter]

Hello Bigger Pockets community,

We are new to this community and look forward to advice and eventually contributing.  For now, we are looking for information.  My partner and I recently purchases our first 4-plex.  We would like to know how to properly transfer the leases from the tenants to us so that we receive the rents from now on.  Any advice will be much appreciated!

Thank you, 

Joe and Wendy.

[Cassi Justiz]

Hey @Joeski Trotter, 

So most of the time you will have to honor the current lease terms of the leases. What I would recommend is to send each tenant a letter with instructions on where to send their rent and an effective date. If you are doing an online payment option, you can explain that as well. You'll also want to include any specific instruction like maintenance requests instructions, etc. 

If your tenants are on month to month leases, then you can give notice and start changing over the leases to your terms.