Inheriting A Good Tenant...How To Introduce Myself, Etc...

[Raquel L.]

I'm closing on a property in a few weeks in Georgetown, TX. I'm usually ALL about property management, but this property is in good condition, in a good area, and with a stable tenant that wants to stay.

I've self-managed two properties total, but one was an easy-to-manage white collar condo type deal, and the other is still in my property--a friend, so no hassles there.

I've never self-managed in TX, nor do I know the laws/in/outs, etc. BUT...I'd like to learn, and I have a voracious appetite for books, etc--so diving in isn't a problem.

Here are my questions:
I've already met the tenant--when I do a property inspection, I like to be physically present in order to learn about the inspector (if they're new), what to look for, and to inspect the tenants/get a list of "issues" from them. I ask the tenant to write a list of all the property flaws/things that need fixing. This works as a nice negotiating tactic with the seller, and it also gives me some insight into the tenant and their plans with my soon-to-be property. Okay, rambling..back to questions..

*How do I introduce myself as the new landlord to them?
*Do I send them a packet of info on where to send the rent, etc?
*I will be doing some repairs (good will, some are "unnecessary" but I like to get things in order to keep a good tenant HAPPY, and to dissolve their concerns about a scary new owner)... so, after the repairs are completed, should I do another walk-through with them in order to have an updated move-in sheet?
*Is there a generalized protocol on all this?
*How can I educate myself about the landlord/tenant laws in Texas?

Feel free to scare me out of this or talk me into it... it's something I feel is important to learn at this point in my investing career....

:) Thanks!!

[Mike M.]

Chapter 92 of Texas Property Code.

I'm inheriting what appears to be good tenants in a couple weeks. We talked for a bit during the home inspection. I'll visit with them shortly after I take posession to go over expectations, payment addresses, repair requests, etc. I believe good communication is key to successful landlording.

Mike