Inherited Tenant - Rent above Market - Questionable Siutation
I am purchasing a property with two out buildings. There is personal property in these buildings that may, or may not, belong to an inherited tenant. If the tenant does own this personal property, it indicates that he is doing work on-site with dangerous machinery. These tenants are paying at least $100 per month above market.
The existing month to month lease agreement has no mention of the use of these buildings. My lease agreement has a clause that personal property may not be stored outside of the apartment or designated storage areas, and that anything other than a personal vehicle is not allowed to be kept on the outside on the property. I am asking that they sign a new month to month lease, for the same rent, within seven days of me taking possession.
The seller inherited the property, so he has no idea what personal property belonged to the original owner. My purchase agreement includes all materials and equipment on-site related to the maintenance of the property.
My gut is telling me to give these tenants 30 day notice, rather than offering a new lease. It makes no sense that they would pay above market for this apartment, when there are plenty of SFH in the area for for the same amount of money, or less. It makes me wonder how they were screened, and if the reason they aren't renting someplace else is that there is an issue that would prevent them from doing so. I'm willing to talk to the tenants about removing the items from the buildings, and give them the benefit of the doubt. But still, I don't want to get into any drama about what they were promised by the seller. I also don't want the possibility to remove these items dragged out over months.