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Updated over 3 years ago,

User Stats

9
Posts
2
Votes
Kimberly Roth
Pro Member
  • Home Stager
  • denver, CO
2
Votes |
9
Posts

Inheriting tenants in a new duplex

Kimberly Roth
Pro Member
  • Home Stager
  • denver, CO
Posted

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

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