Updated about 4 years ago on . Most recent reply
Benefits or downside of a lease agreement
We just purchased a property a few months ago that we are now looking to sell. The rehab is too extensive for us to undergo at this time. There are long term renters who do not have a current lease. We have some potential buyers that would want the property, but don't want the renters. The buyers would look to BRRR the property and increase rent. They want current tenants out, or at least assurances they would vacate, before they finalize the deal.
Would love some thoughts or insights from the community on this.
Should we write up a month to month agreement and give notice to the tenants?
Try to sell and let a new buyer decide what they want to do with tenants?