This is my first real estate purchase and I have so many questions. I recently bought a fourplex with all units rented and got the lease info after closing. I should have required to view the leases beforehand but nonetheless I am here.
3 of the 4 units have expired leases, should I contact a PM to get them on leases? Can leases have a month to month agreement? I would be fine with M2M as long as I get a 30 day notice before they decide to move. I have set up a Cozy account for the time being to collect rent, but I feel that I am risking too much by not having a lease in place.
Does anyone have suggestions for online only lease agreements that make the process much easier? Like something where the tenant can E-sign and be done with it.Thank you
Definitely get leases on all units.
Check the current leases for automatic renewal clauses or a clause that states the lease rolls month to month after expiration.
Get a good property manager. I use KRS in Hampton Roads.
@Tyler Kastelberg I missed it earlier but found the automatic renewal clause in big bold letters, thank you.
I will get leases and check out KRS as well. Thank you Tyler!
I use digisigner(dot)com for lease signatures. It's free and pretty easy to use. You just upload the lease and then add boxes where the tenants need to sign and initial. The site emails the lease to the tenant and has them digitally sign it. It also helps me with document organization.
I use the VA lease agreements from BP for my properties. If you read through them you'll see where to change the lease term from year to month to month.
Congrats on the first deal too!