Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

15
Posts
16
Votes
Kyle Kline
  • Real Estate Agent
  • Southern Pines, NC
16
Votes |
15
Posts

Initial inherited tenant conversations

Kyle Kline
  • Real Estate Agent
  • Southern Pines, NC
Posted

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! 

Most Popular Reply

User Stats

28,105
Posts
41,119
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,119
Votes |
28,105
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied

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.

  • Nathan Gesner
business profile image
The DIY Landlord Book
4.7 stars
166 Reviews

Loading replies...