Buying home already with tenants - need help

[Ben Kirchner]

So I am closing on this house in a month.  The current tenants have lived there for 7 years, and were paying $750 a month.  I originally thought the $1100-1200 a month I would require for rent would have me looking for new tenants.  However, they are okay with paying $1100 on an 18 month lease.  This saves me the hassle of locating a tenant myself, or the expense of hiring a company (like I usually do) to find a tenant for me.  However, I have some questions that I'm sure experienced landlords can help with.  

I'll start by saying the tenants are hispanic.  One speaks pretty good English, but there is a bit of a language barrier that makes some things unclear when communicating.  In addition, none of the tenants have a computer, and therefore anything needed to do online becomes a problem for them.  Lastly, 2 of the 4 adults living in the house only get paid cash, and do not have a bank account.  

Am I making too many concessions?  I feel the fact they have been good tenants for 7 years (with 3rd party verification) offsets a lot of this.  My questions are what methods would be recommended for:

With them not using a computer, what methods would be recommended for application, background/credit check, income verification?

As the person buying this house on 12/1/17, I need to make the decision on if I wish to continue to allow these guys to be tenants, or give notification that I want the house vacant by closing.  By not giving notification soon, it will be on me to get the current tenants out, rather than the seller.

I appreciate all input and advice.

Ben

[Ali Boone]

I'm going to throw in something different from the rest.... one of the best things you can have as a rental property is solid-paying long-term tenants. Period. Why in the world would you get rid of proven tenants, who are even so motivated to jump $350 on their rent? I'd give anything to have those tenants in my property!

Why would them not having a computer affect you doing background checks and such? Do it through a service. Why would you need them to fill out an application? Background/credit check...I mean, maybe, but they already live there. Just check their income verification, if anything. In my opinion. All the rest is for new tenants. If you just want to ensure they are decent people, then...okay. But, seriously, long-term tenants. 

I see absolutely no reason to kick them out. And I agree about the risk of discrimination on your part. I'm not even sure I see your reasoning as being overly legit...