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Updated about 7 years ago on . Most recent reply
Selling 4-plex in CO this Spring, get existing tenants on leases?
I am helping some family members prepare to sell a 4-plex in Denver, Colorado this Spring/Summer. They currently have 3 out of the 4 units rented to long term renters but they don't have lease agreements. They've been just going month to month. I assume getting the renters on new lease agreements will make it more attractive to buyers. Do you guys agree? Thank you!
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@Account Closed so no one really answered your question. The short answer is it depends. Personally I like MTM, then if a tenant doesn't suit me they get a notice of non-renewal. But that said, lenders like leases. If the units are at market rent, then leases are probably ok. Long term renters and market rents don't typically go together.
A newbie would like the leases because it gives them peace of mind. Seasoned landlords like MTM so they have control. If you think the property will sell to a newbie, get leases. If you think to a seasoned investor, status quo.
Highest prices are usually paid by newbies but if the property has some warts it can be really challenging to find a newbie who will pull the trigger.