Inherited tenants lease expired in 2009...

[Mike Wallace]

A seller of a 4unit accepted my offer contingent to inspection/lease review. I just received a copy of the leases, only 2 units are currently occupied. One expires at the end of 2013, the other expired at the end of 2009, but the tenant still lives there.

I assume they are month to month? What would you do in this situation?

Thanks.

[Account Closed]

After making sure they are tenants you want to keep, I would have the month to month people sign a lease, or at least a new monthly rental agreement. The original one they signed is probably outdated and missing a lot of things. I agree with Bill Gulley, make sure they are paying close to market value. Since their lease expired in 2009 I bet they are paying way less than they should. It may be time to fix that.