how to handle inherited tenants??

[Brunno Goncalves]

I'm closing on a 4 family and have 3 units already rented on below market rents, and they are TAW. They are living there for quite some time. 2 of the units are occupied by the same people for over 2 years, and one for over 8 years. 

Looking for advice on how to go about this. I will need to increase rents, and I do want to get them under a lease and not TAW. 

Thanks in advance for any advice.

[Andrew B.]

first, do not put them on a term lease. you did not screen them and will likely have to remove them.

next, get them on a written month to month lease ASAP. this gives you more control over what they can and cant do, and helps you protect your investment. you will also want to immediately raise rents to market, or damn near close