What to do with inherited tenants?

[Felix Renaud]

Hi everyone!

I am buying my first investment property in the next months and the duplex is fully rented. I have talked with the tenants and they seem like good minded people. Do you guys have any tips on how to manage inherited tenants to avoid unwanted problems. Do you send out different forms, letters, etc?

Thanks for all you help!

[Kyle Scelza]

Congrats on your first rental property Felix. What I have found works best is not trying to completely rock the boat when you first come in. Buying the duplex I assume is a long term investment, keeping good tenants will be in your best interest. Use this time to walk through each unit and see if there is anything that needs repaired/fixed. This will show you have their best interest in mind. If rents are low and you plan to bring them up to market rent be upfront with them but also be considerate. Gradually increase rents if it is a large increase that is needed. These two tactics have helped keep my inherited tenants happy and I'd like to think is some of the reason they have renewed the lease with me. Best of luck on your real estate journey, enjoy the process.