Becoming a first time Landlord in Wisconsin with property purchas

[Tracy C.]

Hi I'm purchasing a property on 8/31/2020 in Wisconsin that has a month to month tenant that will come with it. The current owner is using a local property management company. I'm unsure what will all happen before and after closing. Does the seller need to let the property manager go on 8/31/2020 and then I have my lease ready to give the tenant on 9/1/2020 to sign? We want the current tenant to stay and we've been told they would like to stay.  We're actually purchasing the house to eventually short term rent it but are ok long term renting it to start.
Any help would be appreciated!


Also are their any other good forums or facebook groups for Wisconsin landlords?

[Devin D.]

@Tracy C.   A few questions first.  1. Is the home being rented at market value? 2. Are you happy with the property management services? 3. Have you read the contract in place already?   Lets assume that you are not happy with the property management service and it's below market value and there is no issues with the contract in place.  Then there are a few things you need to do after you have a copy of the lease contract and landlord agreement (the contract between the owner and the property manager).  There is likely notices that have to be given for both most likely 30 days for the tenant and 60 days for the property management company.  Often especially with month to month leases there is a first, last, and sometimes security deposit collected.  If this is the case you need to know before you close who holds these funds.  Often times will be the property manager but not always, and you need to know what amounts.  The property manager should be able to give you the move-in inspection. With all that being said if it's not already been agreed you will likely be legally obligated to honor the property management contract and the tenant contract until you notify them or intent to terminate or terminate and resign under more favorable terms for yourself.  Congrats on the purchase, just make sure you have covered your bases with the seller and if you need help and don't want to use the same property manager I would recommend finding one you believe will represent you and your new asset well.  They can advice you on what you will need to know and obtain prior to closing.  It's unfortunately all to often information is restricted once a relationship is severed or is known that it will be.  This is why prior to close and notifying the current PM and Tenant it is important to get all the information you will need.