New Landlord - Qs on Tenant Lease Strategies
Hi Everyone,
New to the community and glad a resource like this exists. My wife and I recently purchased our first property in Oakland, CA by the MacArthur BART train station if anyone is familiar. It's a duplex so we're occupying one of the units (~2month now) and inherited tenants that have been month-to-month for nearly year (was on a year lease while with the previous owner). It's worth mentioning that our tenants are a roommate situation (3 total) and 1 of the original tenants was replaced shortly after the original lease expired. We have a sneaking suspicion that another of the original tenants is planning to leave and we're curious about what strategies there are to best protect ourselves (ie. should we ask the current occupants to resign a year lease? can they stay MTM indefinitely given Oakland's tenant protection laws?).
Besides the specific question above, looking to connect with fellow Oakland landlords in seek of advice/mentorship. My wife and I (and 8 month old) are excited and curious to begin our real estate journey.
Thank you!
Jim