110: Rookie Reply: Informing Inherited Tenants of a Change in Ownership

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

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🗓️ 4 September 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week’s question comes from Rhett on the Real Estate Rookie Facebook Group. Rhett is asking: How do you inform an inherited tenant of changes in ownership after you close on a property? 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. Here are some suggestions from Ashley: Send an estoppel agreement to the tenants so you can verify the lease Give your new tenants a welcome package with all the needed information Check your local laws about rent increase timelines Prepare for the potential of vacancy in case a tenant disagrees with the rent change/ownership change And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BPCON2021 Check the full show notes here: https://www.biggerpockets.com/rookie110 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie Episode 110.
0:07.5	My name is Ashley Care and I am here with Tony Robinson and today is a Rookie reply.
0:13.4	We have old a question from Facebook for you guys that we are going to go over.
0:18.6	So hold on before we dive into today's episode let's take a quick break.
0:23.1	Did you know that traditional homeowners insurance doesn't cover rental property in the
0:26.6	event of a claim? With so many potential risks you don't want to be on the hook for a financial
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0:51.2	a policy as early as the next business day. In the best part Stettily finds you the best rate
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1:00.3	nationwide rate them 4.8 out of 5 stars. For single-family properties to short-term rentals to
1:05.6	apartment buildings and beyond, Stettily.com makes it easy to get the best coverage at the best price.
1:10.7	So visit Stettily.com to find out how you can save with Stettily.
1:15.6	What if you could try owning a vacation rental before you buy it? With summer rookies can do
1:22.2	just that. Summer's gradual ownership model lets you pick out the perfect vacation rental with
1:27.5	their expert help. Then summer buys the home and gives you a two year option period where you can buy
1:34.3	it back. It's like a vacation rental test drive. Summer covers all closing costs and fees for the
1:40.4	upfront purchase as well as furnishing and design. Just make an initial payment and pay a monthly
1:46.9	membership fee which earns you greater equity than a traditional mortgage payment. And if you
1:52.0	decide not to buy, your payment is refundable. Summer will even handle property care, revenue
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