You indicated that there are no written leases. Was there ever a written lease that rolled over to a month to month tenancy under a holdover clause? Are there written month to month rental agreements? Did the property owner provide you with any documentation regarding the existing tenants? How did you determine that there are no written leases? Did you speak to the tenants directly? If so, did you get estoppel letters from each of the tenants confirming the terms of the tenancy including the amount of the rent, the due date for the rent, the amount of any security deposits, if any?
Since apparently you’ve already closed the deal, I hope you don’t have any surprises regarding the existing occupants.
I have just closed my first deal on four condos where three are rented with long time renters.using a lease purchase agreement. i need to increase rent based on market. does anyone have a form letter i can use that will incorporate this with introducing myself.
Actually, there is no written lease from any of the tenants. They have just rented month to month for quit a few years.
The reason for increase will be to update the units. All tenants want new paint and carpet. Some minor updates also.
I hope that with the increase letter I can get them to sign a lease for one year. I am also considering offering two of them the option to lease purchase from me.