Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

7
Posts
0
Votes
Frank Cannata
  • Minneapolis, MN
0
Votes |
7
Posts

MN - Looking at 4 plex, current owner does month to month only

Frank Cannata
  • Minneapolis, MN
Posted

I went and looked at a 4plex this weekend, the owner happened to be there doing some work on the property so we got to talking with him which was awesome, he has owned and managed the place himself for 13 years. 

One thing that had me confused though, he said the previous owner he bought the place from told him to only do Month-to-Month leases with tennants so that "he can avoid paying the $500 to evict them". He said he just "has to make sure he sends them a 30 day notice and he is good." He has been doing this for 13 years. Currently has one of the units rented out 4.5 years, the other unit 2.5 years, then the 2 other units have people coming in right now. 

This is in Minnesota. 

does anyone know what the benefit would be to keeping it month to month? Is he correct? or has he just been extremely lucky for 13 years? seems like everything i read says i want to get my tenants on a year lease. 

thanks in advance for the help! 

Loading replies...