Inherited tenants and new leases.

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BP family!!! My wife and I are getting close to closing on or first rental property, a duplex. The building is coming with tenants on both sides. One side has 3 people on the lease and 4 beds, and the other has one person on the lease and 2 beds. I have met 3 of the 4 or 6. Both leases will last 7 months after the closing, however the rents are far below market. Current 900, market is 1350. My basic understanding was that when you buy the property you buy the leases. Although today while listening to Mike Butler's Landlording on Autopilot it was mentioned that if the tenants agree you could sign new documents. Is it possible that if I can get them to agree, we could possibly get them onto a new lease with a slight price increase? I would most likely try to keep the move out date for April, because at that point I will want to get in to rehab. Thanks for all of the advice!

@Joshua Hively (1) Yes, you have to honor the existing leases.  (2) Why would a tenant sign a new lease with a "slight rent increase" that has the same move-out date?  That's more of a rhetorical question.  Best to tell them now that when their lease ends you're going to be rehabbing the units and raising the rent to market rate.  If you're lucky they might just move out early!  Between now and April starting meticulously planning your rehab.  If you think you're going to be spending quite a bit sent up a Pro Extra Account at Home Depot and the equivalent account at Lowes.  You'll get some good discounts.  And take the time to find yourself a good contractor if you're not planning on doing the work yourself.

If you are keen on getting into the properties to rehab, you could try to offer some money for a mutual release, otherwise you need to honor the lease as written.

DM me if you'd like to discuss options.  Congrats on the purchase!