Inherited tenant not willing to sign a new lease

[Carol Kohn]

I have an inherited tenant whose lease expired 2 weeks before I closed on property. The previous owners indicated that this is a great tenant who takes care of the property and always pays rent on time. The problem is, the tenant does not want to sign a new lease and wants to only do month to month (he works in the oil industry and is not sure how secure his job will be in the future). I have told him that I can offer a 6 month lease, or if he is willing to sign a 1 year lease, I will add a 60 day break lease option. I am worried that the tenant may move out and I would hate to lose a good tenant... especially since this is a duplex in a family oriented area where tenants only tend to move during the summer. Should I consider a month to month lease? Am I being too strict?

This is my very first investment property and I am also new to land lording so any advice on this is appreciated!

[Clay Smith]

Do a property assessment (move in inspection). Take photos now. Keep repairs up. Charge tenant for damage. This will make sure he has a deposit he deems worth saving. Gives you the leverage.

Wait until April when he has no more leverage. Give him 30 days notice to vacate or sign a new lease. Do not let him stay next winter. June & July is an easy time to rent again.

Consider writing a lease that allows the tenant to exit early if his job makes him move. IF he keeps it clean, let's you show it before the move, and says positive things to prospective tenants during showings; you will give a full refund without penalty with 30 days notice and end of month move out date. And a fast deposit refund on the day of the move.