Saratoga Springs, NY · Member since 2018 · 6 posts · 1 vote
So I am currently working on a deal that has two tenants in place who only pay $500 a month (no lease just verbal agreement). These rents are far lower than the average in the area ($750+). What actions do I have to take to put in place this new rent as well as get them on to a written lease if they choose to stay at this price increase?
Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
7y
@Connor Farrelly I would call a couple local property managers and ask them if you don't know what your local tenant/landlord laws are. Presumably you would be able to ask them to sign a lease or if they refuse ask them to leave (ie evict). Your local tenant/landlord laws likely specify how much time you must give them to be out, etc. Alternatively, you can search out a local RE attorney that specializes in evictions. They will for sure give you the run down. You don't need all the answers you just need to know where to find them!
Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
7y
If you really want them on a longer term lease you can give them the option of something like $800 a month on a month to month lease or $750 a month with a one year lease.