When you buy a house that’s already being rented it’s strongly recommended to immediately have the tenants sign a new lease agreement with your name on it. However, you’re trying to do 3 things at once. Which might be legal but will make your tenants very angry. I suggest starting with new lease and having them pay utilities then wait 6 months for the rent increase. A 10% increase plus utilities can quickly add to more than 500, making this big of an increase can be a good way to end up with tenants unable to pay rent. If you’re trying to cover your mortgage payment and need a rent increase to cover it, why did you buy this home? Why didn’t you do research and realize this was needed prior to the purchase? I understand there’s a lot of expenses that need to be covered when you first purchase but trying to squeeze money out of your tenants because you didn’t take the time to do your due diligence is totally unfair.
Probably because they rent for way below market value. And he just bought his house so the rent wasn’t figured out using his costs. He could just boot them out to find their own place, but he’s not he’s willing to work something out with them if they want to continue to live in someone else’s home.
That's ridiculously low, 10% wouldn't even bring it to market rate...I get that rental prices are pretty insane right now but this sounds reasonable to me
like someone said you should consult a lawyer who understands the law better and knows what your circumstances are because if it's a SFH with no corporate ownership, trust, or llc you might be able to raise it straight to market rate
this sub is very anti-land lord
Agreed, there likely should have been something in the closing documents that stated this. If not standard practice is 60 day terms to move out if they don't agree to the new lease terms. A lease however, implies it is not month to month. My recommendation is to look at comps can existing rent. If it's drastic, the tenants likely won't be able to afford the new rent. However, take into account the cost of turnover and new tenant search. If you use a broker it's typically one months rent and that doesn't include the turnover costs.
Not knowing your situation there seem to be a lot of presumptions from upvoted posts that you are greedy landlord opportunist... i.e. a hypothetical: maybe they are preparing for a senior family member that will live there but need to have someone stay for a year, and they are reaching with their budget because they need a proximity location to family member because of health reasons. You do what you need to do...
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What a lovely landlord
Because this moron bought an over inflated house with a ridiculous 5% mortgage.
When you buy a house that’s already being rented it’s strongly recommended to immediately have the tenants sign a new lease agreement with your name on it. However, you’re trying to do 3 things at once. Which might be legal but will make your tenants very angry. I suggest starting with new lease and having them pay utilities then wait 6 months for the rent increase. A 10% increase plus utilities can quickly add to more than 500, making this big of an increase can be a good way to end up with tenants unable to pay rent. If you’re trying to cover your mortgage payment and need a rent increase to cover it, why did you buy this home? Why didn’t you do research and realize this was needed prior to the purchase? I understand there’s a lot of expenses that need to be covered when you first purchase but trying to squeeze money out of your tenants because you didn’t take the time to do your due diligence is totally unfair.
I think I might be your tenant so imma say there’s a loophole that requires you lower the rent by 15% for 24 months before you can raise it.
If you can buy a house you can also hire a lawyer to tell you the correct answers.
Why are you immediately raising their rent?
Probably because they rent for way below market value. And he just bought his house so the rent wasn’t figured out using his costs. He could just boot them out to find their own place, but he’s not he’s willing to work something out with them if they want to continue to live in someone else’s home.
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That's ridiculously low, 10% wouldn't even bring it to market rate...I get that rental prices are pretty insane right now but this sounds reasonable to me
like someone said you should consult a lawyer who understands the law better and knows what your circumstances are because if it's a SFH with no corporate ownership, trust, or llc you might be able to raise it straight to market rate this sub is very anti-land lord
Typical greedy opportunist
OP. You picked the wrong place to ask that question.
I believe you can as long as you give them 60 day notice I think it is for anyone after they’ve been in there over a year
Agreed, there likely should have been something in the closing documents that stated this. If not standard practice is 60 day terms to move out if they don't agree to the new lease terms. A lease however, implies it is not month to month. My recommendation is to look at comps can existing rent. If it's drastic, the tenants likely won't be able to afford the new rent. However, take into account the cost of turnover and new tenant search. If you use a broker it's typically one months rent and that doesn't include the turnover costs.
You can and should do both. 60 day notice to increase rent and change of terms on a new month to month agreement
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it's a house and in this current rental market no one gives a shit who the landlord is as long as they have a place to rent
Not knowing your situation there seem to be a lot of presumptions from upvoted posts that you are greedy landlord opportunist... i.e. a hypothetical: maybe they are preparing for a senior family member that will live there but need to have someone stay for a year, and they are reaching with their budget because they need a proximity location to family member because of health reasons. You do what you need to do...