Purchasing Duplex with current tenants

[Lidia Bowers]

Hello everyone!

I’m super new here. I’m excited to learn more on rental properties from you all.

I have a quick question on a property that we are purchasing. The property has current tenants. One family has been there for 8 years and the other for 2 years. They don’t have a lease agreement. They go month to month. They want to stay and they know that the rent might increase.

I would like for them to stay but with a lease agreement in place. I’m thinking about requesting an application to run a background and credit check.

When do you think I should approach them? We don’t close until 12/22.

I appreciate your input.