Existing Tenant Lease

[Keegan Tosser]

I am purchasing a SFR with an existing tenant that has been in the house for 3+ years. They are currently on a month-to-month lease paying a bit under market rent. I am okay with keeping the month-to-month and don't intended to raise rent at this point. However, I would like the option to raise it in a few months after I have addressed some of the repairs that need made.

Is there any reason or need to ask the tenant sign a new month-to-month lease with me at this point?  Or should I just keep the current lease signed by the previous owner in place? 

Thanks for any advice.  Purchasing a property with an existing tenant is new territory for me.