What do YOU do about leases when acquiring tenant in a purchase?

[Michelle Pietras]

Hi!

We just closed on our first 4-plex on the 1st. All units are occupied with 2 under year long leases and 2 m-t-m leases.

We want to send out lease renewals to the m-t-m renters to get them on our lease with a few options on lease terms. 

Wondering a few things:

-wait and see what type of renters they are for month or so before sending out a renewal offer under our lease?

-do you send a copy of our lease for them to review with the lease renewal letter?

-increase rent a bit? (they are under market value)

Do you prefer year long lease renewals or m-t-m? Pros and Cons of each?

I'm second guessing my thoughts on everything and would love to hear how other handle their lease terms with their renters!

TIA!