Does tenant sign new lease when you purchase

[Ryan Wiebe]

When you purchase a property with a tenant currently living there do they need to sign your lease agreement even if the rent remains the same? What about if you’re planning on raising rent price when you purchase?

[Kenneth Garrett]

@Ryan Wiebe

That depends on state or city law.  In my area you are required to honor the existing lease in place.  Once the lease ends then you can develop a new lease and raise rents just like a typical lease.  A MTM lease requires 30 day notice by either party to end the lease.  If you want to raise rent on a MTM again a 30 notice is required. Check your state law.