Initial inherited tenant conversations

[Kyle Kline]

I am closing on my first deal today, 5 unit apartment complex in North Carolina, and have 3 inherited tenants on month to month leases at well below market value ($200-300) and am looking for some advice on how people handled their first interactions and what they wish they would have discussed sooner.  I am not planning on raising rents during this pandemic, but do you think it is a good idea to mention that after this is over I am going to raise the rents or just wait and have that conversation later? Here are the talking points I have so far and would love more input and advice from some other landlords. 

1) introductions and exchange of contact info 

2) New month to month leases signed with me 

3) discuss things they see could improve from the previous landlord to make things run smoother 

4) How to pay rent and the system I am using (Cozy) 

5) Potential rent increase after covid????? 

Thanks in advance for the suggestions and I am excited to get started on my real estate investment adventure! 

[Nathan Gesner]

A simple, short introduction letter with instructions on how they can contact you, report maintenance, and pay rent. Tell them their current lease remains in effect for the time being.

When COVID clears, I would hit them with a 60-day notice to vacate. Get them out and put in tenants you've personally screened, under your lease, and paying market rent. If a tenant insists on staying, they should still have to apply, go on your lease, and pay market rent.