No Lease Agreements?

[Johnathan Norman]

I have a 6 unit multifamily property under contract and the owner is unable to provide me with existing lease agreements. I did manage to speak to some of the tenants and some have been there over 20 years.  The rents are all below market with plenty of opportunity to raise rates when they move. The plus side is that even if they stay my return is good given my existing purchase price. 

The question however is how do I handle things with the tenants? Should i simply have the property management company ask them to sign a new lease if/when i close?