When leases end

Rehabbing, Fix and Flip, Rental Properties
1

When a lease ends, do you renew the lease, or just let it go month to month? If you renew the lease, how do you do this?

I am currently buying a quadraplex and one of the tennat’s lease ended in June, and she is currently month to month. This will be my first rental property.

Thanks ;D

2

Travis,

My leases give the tenants the option after a year of good tenancy of signing a new lease or going month-to-month.

You need to read the former owner’s lease contracts. Although, if she is currently month-to-month, she will still be month-to-month AFTER you purchase.

I would offer her a new lease.

Keith

3

Most leases have wording that describe what happens with the lease ends. By default, most roll automatically month-to-month unless another agreement is reached. I believe most states’ landlord-tenant laws have a month-to-month agreement if no written agreement exists.

I always offer new leases 30-60 days before the old one ends.

4

Thanks for the info. ;D