How Should We Proceed?

[Kaybreh Mathis]

Hello! My husband and I are set to close on 17 units tomorrow. I've been after them for the longest time to send me copies of leases and contact info for the tenants. I just received leases today, and most of them are expired and tenants are in month to month. So technically, they could all vacate tomorrow and I'd be stuck paying a mortgage with no rental income. Is it possible to bump back our closing date until I get some tenants to sign leases? How would you proceed from here? We're first timers and looking for advice!

[Bjorn Ahlblad]

@Kaybreh Mathis congrats! You will find that the length of the lease has very little to do with how long a tenant stays. I used to have longer term leases-now everybody is MTM that is all I offer. I have tenants who have occupied the same units for decades.

If I were you I'd be far more concerned about collecting the correct security deposits at closing. All the best!