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Updated over 4 years ago on . Most recent reply
How Should We Proceed?
Hello! My husband and I are set to close on 17 units tomorrow. I've been after them for the longest time to send me copies of leases and contact info for the tenants. I just received leases today, and most of them are expired and tenants are in month to month. So technically, they could all vacate tomorrow and I'd be stuck paying a mortgage with no rental income. Is it possible to bump back our closing date until I get some tenants to sign leases? How would you proceed from here? We're first timers and looking for advice!
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
@Kaybreh Mathis congrats! You will find that the length of the lease has very little to do with how long a tenant stays. I used to have longer term leases-now everybody is MTM that is all I offer. I have tenants who have occupied the same units for decades.
If I were you I'd be far more concerned about collecting the correct security deposits at closing. All the best!