Assuming Tenants in Atlanta Purchase

[Amanda Swanson]

I am taking over a lease through a wholesale transaction that is out of state. It's my first rental property and I am looking for advice on the best way to notify the tenants where to send the rent and letting know that I now own the home. We also plan on renovating the property in February and cycling tenants and need to gain access to the property to get quotes from contractors. Any advice would be appreciated on how to handle communications of these items. The property is located in Atlanta, GA.

Thanks!

[Jingru Sui]

Originally posted by @Amanda Swanson:

I am taking over a lease through a wholesale transaction that is out of state. It's my first rental property and I am looking for advice on the best way to notify the tenants where to send the rent and letting know that I now own the home. We also plan on renovating the property in February and cycling tenants and need to gain access to the property to get quotes from contractors. Any advice would be appreciated on how to handle communications of these items. The property is located in Atlanta, GA.

Thanks!

I typically send them an official letter informing the transition of the property and also prefer way for receiving rent right after property closed. Normally also ask the previous landlord inform them the transition of the property.  Call it " change of management notice" . In it I will also confirm the security deposit amount that's also transferred. Not sure if you did this but it's always a good idea to ask tenant to fill out estoppel during DD. 

I've actually never done a full on renovation during a lease term. I typically do that in between each lease term.  I feel like everything is negotiable nowadays.  Normally in a lease you'll have the right to marketing and gain access to the house once the house is up for lease again. Maybe  you can talk to your tenant and let them know your plan. Ask them kindly to allow you show the house / gather contractor quote during a time window in one day? Have all the contractor come to the house during that time window?  Ask the tenant to leave the house for couple hours and you be there to show? 

Good luck!