Purchasing a house hack in a rent control area (Santa Ana, CA)
I'm looking at purchasing a duplex (owner occupied) in Santa Ana, CA. The unit that we will move into will be delivered vacant. The other unit will stay rented to the tenant that has been there for 12 years. The second unit is well under market rents and they are on a month to month lease. What are my options, if any, to be able to get the second unit closer to market rent?
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@Anthony Salazar I would suggest having a conversation with the tenant. during the 1v1 dialogue you can share with them that you are looking to raise the rent closer to market value and share with them a timeline in which you plan to do so. This gives them the upfront knowledge of your plan and allows them to exercise their month to month lease to move out. My bet they wont since its so well under market. It would be hard for them to find another place at a similar price.