What to do after you buy a property with existing tenants

[Jin Zhang]

Hi everyone, 

I am purchasing a duplex with existing tenants in it. I would like to move into one unit and rent out the other. Both units are occupied with existing tenants now. I am wondering what are the steps I should take once the purchase is closed. From my understanding, I should do the following. 

1. Give every unit a notice of change of ownership within 15 days of the closing. 

2. With the unit I would like to move in, do I still have to sign a new contract with them? They are currently under a month to month lease. Should I proceed with talking with them to see how I can help them move out without signing a lease? 

3. After the discussion, should I give them a 60 days notice to evict (they have been there for more than 1 year) or get a 30 days to move out notice from them. 

4. If I do not sign a lease with them, does it mean I could not collect the rent before they move out. 

I could not find much information online. Any clarification or advise would be greatly appreciated. Thanks everyone! 

Best,

Gin 

[Peter M.]

@Jin Zhang Send them both letters introducing yourself and where to send payment. Wait for the first month to see if one gives you problems. If so, that becomes the unit you want to move into. Give them 30 or 60 days notice depending on the existing lease and only if they don't move out do you have to evict. However if they don't pay rent you can move to evict immediately.