Month To Month Vs Lease
What is better to have a month to month agreement or a lease?
If I where to have the tenant sign a month to month lease and there own eviction notice if they don't pay, would it give me the ability to get them out faster than with a long term lease?
Do a search on this site. This has been discussed numerous times. There are two distinct schools of thought on this topic.
One argues that it's better to secure a long-term commitment from the tenant. This provides stability, and is sometimes seen by banks as being better then MTM leases.
The other argues that MTM leases provide greater flexibility to make changes in rents, policies, and tenants than do long-term leases. It also argues that MTM leases are not an impediment to stability and long-term tenant-landlord relationships.
I'm a proponent of MTM leases.
Although you can just give an MTM tenant 30 days notice that they need to vacate the property, if you're going to go the route of an eviction for failure to pay rent, then the process is the same regardless of whether you have a long-term lease or a MTM lease in place.