All Forum Posts by: Edwin G Alvarado

Hey @Edwin G Alvarado - congrats on your newest investment! 

Typically in situations where you've acquired a property with existing tenants, you'll have to uphold the previous existing lease through its duration as its a binding contract. Once the leases are about to expire, you can set forth your new lease conditions and monthly payments for existing tenants to decide whether they want to continue to live there or move out. 

If I'm in your shoes, I would advise on letting tenants know that lease reviews will be conducted prior to lease ending so they're not too caught off guard during renewal period. Ultimately you're the landlord and the person calling the shots. Often times I've seen landlords make the mistake of opening it up for discussion with their tenants. 

I will have any inherited tenants sign new leases that match whatever their current lease terms are.  This way they understand my expectations and have all the required information they need.  This is usually the time they learn about their rights as a tenant and my rights as a landlord...in a good way.  You will probably have to honor their current lease, but these laws are very state specific so check there first!

Good luck and congratulations!

@Edwin G Alvarado The leases you have in place you will need to abide by. The thing you could do is try to buy them our of their lease. Worth a shot but it may be tough to get them to consider it with rent control in LA