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Updated over 11 years ago on . Most recent reply

User Stats

13
Posts
1
Votes
Marshall Stewman
  • Investor
  • Dallas, TX
1
Votes |
13
Posts

What are the actions items needed when inheriting tenants?

Marshall Stewman
  • Investor
  • Dallas, TX
Posted

The good news is I'm getting very close to closing my first multifamily property but the bad news is I woke up this morning thinking about my inexperience regarding the differences between leasing a SFH versus inheriting existing tenants currently in the complex. I know the existing leases must remain in place until their expiration dates but I imagine I need to provide the existing tenants a "change of ownership" form, provide new mgmt contact info, provide new rules regarding repairs and policies, etc. Admittedly, I have yet to do a thorough search on what the action items may be but I don't remember any advice specific to this scenario in any of the REI books I've read. Please point me toward a good book or other resource that covers this topic. Additionally, any first hand knowledge that can be shared is even better. Thanks in advance for everyone's help.

-Marshall

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