Investor / Real Estate Agent · Oklahoma City, OK · Member since 2015 · 324 posts · 157 votes
9y
I would revamp your lease to include after lease period is up, it goes to M2M basis, have an attorney to review it to ensure its rock solid. If you are already increasing the rent, and the current tenants are okay with that, have them sign another year lease so they are locked in at that rent rate.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
9y
All you have to do, is write up something that says that Landlord and Tenant of property at such and such address, under the lease dated such and such date, agree to extend said lease for one more year, until such and such date, under the same terms, except that rent will be such and such for the next year until such and such date. Both of you sign it. Easy peasy. You can even just do it via emails back and forth. As long as there is a "writing" of your agreement, that's good enough, and if you have emails that prove you're in agreement, that's in "writing."
Sterman, MI · Member since 2017 · 378 posts · 306 votes
9y
I use a one year lease the first year. It begins on a specific date and terminates on a specific date. The next year I sign a new M2M lease for one year that starts on a specific date and terminates on a specific date. That way I can change anything in the lease that I want. I am always looking for updates on my leases from ideas on here and anywhere else.