First Property - Relation With Current Tenants
I should be closing on my first property this week. It is three duplex's (6 rental units) that are located together.
How do I introduce myself to the current tenants and have them start paying rent to me instead of the former landlord? According to the current owner - most of the tenants have been paying him with cash by coming to his home to make the payment. Most of them are day laborers and do not have bank accounts to write a check with. Most of the tenants speak no or very little English.
I have considered going to each unit on Saturday morning to introduce myself - maybe even with a short letter/flyer with my name, address, and phone number on it. I would have somebody do this for me in Spanish one side of the flyer, English on the other.
The current landlord (who goes to church with me and I am fully confident is being honest with me) has told me that the current tenants have been excellent about paying on time and taking care of the property. All six of them have been there for close to a year or more with no problems. One family even prepaid and then left for two months to go back to Mexico. They returned and have continued to pay on time. Basically they are mostly good, hard working families that are new to our country.
With good tenants there currently I want to start off with a good first impression with them and keep the good tenants for as long as possible. I know that with this type of lower rent unit (and with any rental) there is great potential to have big tenant problems.
Thanks again for the help!
The proper thing to do is to send them each a formal letter introducing yourself. However, I'd suggest your friend go with you the day of closing and knock on each door - take a spanish speaking person with you if you want.
Make sure they have your ## for problems and your expectations for rent collection.