How to Inform Inherited Tenants of a Change in Ownership

Inherited tenants are common when purchasing real estate investments. Often, landlords will sell properties with tenants (and leases) still in place. So how do you notify your new tenants that a change of ownership is in place?
When you inherit a tenant, you often inherit a lease as well, so it’s important to know exactly what the tenant is paying for rent, their security deposit, and their lease terms during your due diligence period. If you want to notify your new tenants of an ownership change, make sure you do so professionally, so they reach out to you on your business phone, during the hours you’ve set availability at.
It’s important to get off on the right foot from the start with inherited tenants, in order to minimize vacancies, evictions, and headaches.
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Episode 110
Show notes at: www.biggerpockets.com/rookie110

[@dangeroreilly2028]

In Ohio, a new buyer is required to honor to lease in effect at the time. That could be 3 months into a year lease, or just a m2m(just examples).
Of course the option exists to negotiate an early exit if new buyer wants the tenant out soon.
Strongly agree to get copy of lease, or at least all lease terms in writing!

[@piggy5677]

If the property has 10 or less units, I suggest you introduce yourself to the tenants. Talk to them 5-10 mins and show some sort of credentials.

[@stanmoney8470]

What do I do if the existing tenants do not want to sign my new rental agreement or pay rent?

[@grandeza125]

Question can I watch the biggerspacket even on New Orleans online????

[@bridgettestokesconner9401]

Thanks

[@AnthonyCiccotto]

Great video! Im actually just about to go through this. I recently had an offer excepted on a property that has a long term tenant. However, i am purchasing in order to use it as a short term property. The seller asked me to honor the current lease which will expire in March 2022. I agreed, because the lease agreement looks like it covers all the bases. But i still have that worry of what may occur at the end of this lease, when i don't renew. So an estoppel agreement sounds great. Im definitely gonna discuss this with my attorney. Thanks guys, you are the best.
Also, what would you recommend putting in the letter, to the tenants, in regards to informing them that a new owner is taking over the property?

[@khumomaboa3652]

What should u do as a trustee (of sectional property) when there is a tenants in a property of a deceased owner not paying towards levies or rent anymore (for over a year) and we not able to find any beneficiary of the deceased. Can we evict the tenants?

[@judasplow25]

If you are not willing to meet face to face with your new tenants get out of the business because you're giving it a bad name.

[@oscare.yerena8256]

Unless you're an out of state investor.