Just bought a 4-Unit in LA - Question regarding existing leases

[Tony Kim]

Hello,

I just closed on a 4 unit property in the city of Los Angeles with existing tenants. During the escrow process, I received estoppels from each of the tenants attesting to an existing lease agreement with the prior owners.

Do I need to get the tenants to sign any sort of updated lease agreement?

I searched some of the old threads and the answers appeared to go both ways. Based on what I could gather, it appears that it isn't critical to get any new documentation signed because the terms of the lease still apply and will transfer to me as the new owner.  However, the thing that bothers me a bit is that the original lease agreements explicitly state that the terms of the agreement are between the tenant and the prior owner.

Can someone definitively state whether or not I need any sort of new documentation? I intend to keep the tenants there as long as possible because the rents reflect current market rates and each tenant keeps their units nice and clean. Also, not sure if this is relevant, but 3 of the units are Section 8.

Thanks!

[Thomas S.]

First you need to get hold of your state landlord tenant regulations. They will contain everything you need to know to manage your business. Assuming you can get up to speed quickly you will have the answers to proceed otherwise you should probably hire a PM company and a lawyer to deal with your tenant issues.