Inheriting a Tenant On Month To Month

[Jack Bier]

Hey everyone!

I'm very excited because I am purchasing my first investment property! It's a small house in the Cleveland, OH metro area. I am inheriting a tenant that has been in the home for 6 years, who is currently on a month to month lease.

I'm going to ask for a copy of the lease(that was in place before MTM), their payment history, and the security deposit.

My questions -

-Should I make them re-sign another lease once I take possession of the property?

-Is there anything else I should keep in mind, in your opinion?

Thanks!!

Jack

[Joe Splitrock]

Originally posted by @Jack Bier:

Hey everyone!

I'm very excited because I am purchasing my first investment property! It's a small house in the Cleveland, OH metro area. I am inheriting a tenant that has been in the home for 6 years, who is currently on a month to month lease.

I'm going to ask for a copy of the lease(that was in place before MTM), their payment history, and the security deposit.

My questions -

-Should I make them re-sign another lease once I take possession of the property?

-Is there anything else I should keep in mind, in your opinion?

Thanks!!

Jack

 Have them sign a lease with you, but have the term be month-to-month. A lease term protects a tenant more than it does a landlord.