Investor · Tampa, FL · Member since 2015 · 103 posts · 29 votes
Hi, I recently acquired a new triplex (florida) in a c- neighborhood. All of the tenants were on a month to month basis with the previous owner. This is my first experience with month to month tenants. It sounds like they are going to pay, in the advent that they do not, how will this affect the eviction process?
What are the major differences between a leased tenant being evicted and a month to month person being evicted?
At first glance, it sounds like I actually have more power because the tenant doesnt even have a signed contract saying that they live there. On the flip side of that, it sounds like it may be more difficult delivering notices, and officially getting them out?
Part 2: Based on the responses, should I want/force them to be on a lease? What is the advantage to having them on one?
Real Estate Broker · Chicago, IL · Member since 2015 · 1k+ posts · 2k+ votes
9y
@William Howley The first part will be dependent on your local laws, which I'm not familiar with so I won't address that. Keep in mind that in most places, even if someone is just squatting you can't simply run them out, you still have to evict them if they possess the premises, so not having a written agreement isn't that much of a game-changer.
Part 2 - I don't personally like to use a lease unless the person is "collectable", and in a c- neighborhood most people aren't. In those cases, I find a lease binds me more than it binds the tenants. Tenants without a lot to lose will up and leave when they are ready anyhow, and throwing the lease in their face that you'll sue them won't change their mind if they know you can't get any $ out of them even if you do win. Plus, if a tenant turns bad for any reason, you can simply not renew their tenancy when they are MTM vs. hoping they've violated the terms in some way so you can terminate it with a standard lease.
Real Estate Broker · St Petersburg · Member since 2014 · 2k+ posts · 2k+ votes
9y
@William Howley there really isn't much of a difference with regard to evictions unless/and possibly if it's for something other than non payment of rent.
In a C class neighborhood, you should probably see how they pay and act before signing them on a lease. I only caution you to get them on leases after that, especially if you look to refinance next year