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Updated over 3 years ago,
Inheriting tenants in a new duplex
I'm closing on my first duplex in less than a week. There have been long-time tenants in place and I would like to keep them as they take good care of the property (mowing and snow removal) but they will need to sign a new lease (currently month to month) and pay the higher rent that will be charged.
How do I initiate the new relationship? I want to send a letter and meet them (purchasing out of state but will be there to close in person). What should I say in the letter? I figured I would wait for the news about the rent increase until I meet the tenants.
I know I need to set up new rules, set up payment information, new contacts, etc. Is there a standard anyone uses when they inherit tenants they would like to keep? A checklist of sorts so I don't miss anything with existing tenants versus brand new tenants?
Thanks in advance!
Kimberly