Scored my first deal!! Some questions..

[Kristopher Shobe]

I just submitted my deposit on a rental property, so excited!! The current tenants have a lease with the current owner. When closing comes, do I take a brand new lease to the tenants and hope and pray they sign (I want them to stay) or do I present them with their current lease but just with my name instead of current owners? Then when their current lease expires which is march of next year, then present a new and improved lease. Yes I have done research. Months to be exact, but this wasn't covered.

Thank you all!!

[Jacob Sampson]

The action of a property changing hands doesn't affect the binding contract the current tenants have.  That contract goes with the property.  All that is to say, you won't do anything.  Make sure you get copies of the current lease, the apps, and the security deposit.

When the lease is up you can have them sign a new one but most leases revert to a month to month automatically and I just leave it that way.

And congrats!