Updated almost 18 years ago on . Most recent reply
Leases
If I purchase a 3 family and all the units are rented out and none of them are under lease agreements can I have them sign a lease agreement? The angle I was going to use is the promise that I won't raise their rent.
Most Popular Reply
Do not put inherited tenants onto a lease until you've dealt with them for a couple of months and are are sure you want to keep them. Be a shame to discover you've given a year's lease to tenants who call you at 2 in the morning to complain about the neighbors, or to a suspected drug dealer.
You can give your tenants a 30 day notice that you are switching to your own rental agreement and give them copies to sign. You don't have any leverage to make them sign. If they don't sign, you have 2 options: keep them without, or kick them out.
If you put the entire building on a year lease at the same, be aware that everybody is going to expire at the same time, and it's then possible for everybody to move out at the same time.
If you put everyone on leases, make the leases different lengths so the ending dates are staggered, yet all still in late spring or summer when it is easier to replace tenants.