How to let go of inherited tenants

[Rhiannon Then]

We are closing on a home and will be inheriting two tenants. One of three will be let go by the current owner before closing because this will be our primary residency. In order to qualify for our loan we need to keep the two tenants until after closing. We have another property that will be ready to rent in September that will off seat the loss off income once we move the two tenants out, but we can use this income because we do not have a lease agreement yet. The tenants rents are below market and would only contribute to most of the mortgage including taxes but not expenses. We want to move them out to remodel They are on a moth to month. Do we need to have them sign a new month to month under our names or can we just give them a thirty day notice and keep the current lease in place? We'd like them out October 1st. We do not close until mid to late August. Appreciate the feedback, Rhiannon

[Account Closed]

And BTW I didn't have to read your post 3 times. It is clear that you are a new investor, so am I. We are all here to support each other and share our experience. I applaud you, Rhia, for becoming an investor👏👍