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.
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.
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.