Updated about 4 years ago on . Most recent reply
Will buy a duplex. Current tenant re is way lower than the market
I want to buy this duplex and found out that the 2 current tenants just signed a new lease for a way lower rent than the market that will expire next year July 2022. My question is, once I buy the duplex, as a new owner, can I change their rent price? I'm thinking of increasing according to median rent range and this will help me get a decent return.
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It is my understanding that you are stuck with the "current" lease, I could be wrong so I would check with a local realtor or investor.
Another option would be to offer a "Cash for Keys" type of deal to the tenants, get them to walk away willingly. May save you a some money and time apposed to trying to raise rent and potentially evict a valid lease.