Long term inherited tenant with no lease

[Brad E.]

Hey guys I'm in contract on a property that has a tenant with no lease.  There is supposedly a property manager but I dont know what kind of property manager operates with out a lease in place.  

Anyway, I am told he pays on time but his rent is about $150-200 below market.  I ran into this tenant during the property walk through and I could tell by his behavior he did not want to play nice.  

He said he has been there for over 20 years.  Not sure how much truth there is to that.

Here is my concern... given this tenants attitude and length of stay I'm a bit worried about being able to get him to sign a lease or leave.

I dont necessarily want to get rid of him if he is paying on time.  However, there is no way he stays without signing a lease.

Any tips on the best way to approach this?  Thanks in advance.

[James Wise]

Originally posted by @Brad E.:

Hey guys I'm in contract on a property that has a tenant with no lease.  There is supposedly a property manager but I dont know what kind of property manager operates with out a lease in place.  

Anyway, I am told he pays on time but his rent is about $150-200 below market.  I ran into this tenant during the property walk through and I could tell by his behavior he did not want to play nice.  

He said he has been there for over 20 years.  Not sure how much truth there is to that.

Here is my concern... given this tenants attitude and length of stay I'm a bit worried about being able to get him to sign a lease or leave.

I dont necessarily want to get rid of him if he is paying on time.  However, there is no way he stays without signing a lease.

Any tips on the best way to approach this?  Thanks in advance.

 I would attempt to get him to sign a new lease at his existing rental amount after you collect 1 months worth of rent from him. By collecting a months worth of rent from him you establish that the rental terms are generally accepted by both parties. If after you present him with a lease to sign & he refuses you can either let it slide or serve him with a 30 day notice & move him out. If he's paying you on time I am never really one to create artificial turnover but it's your call.