Lease Amendments for Multi-Family Purchase w/ Established Renters

[Erik Sill]

I recently purchased a duplex which will be owner-occupied with an established renter on the other side. Do you suggest that I create my own lease for the renter's or just allow their current lease to run its course? (Minnesota)

[Tim Swierczek]

@Eric Sill The correct answer is you must keep the current lease.  If its month-to-month you can terminate the current lease and offer a new one.  If it's a term lease you must legally honor it until the end of the lease.  That being said you can always negotiate a new lease by giving them something they want such as:

A longer-term  

I short term discount (ie 25% off April), etc