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Updated over 2 years ago on . Most recent reply

Jeffrey Zhang's profile image
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Jeffrey Zhang
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Jeffrey Zhang's profile image
Jeffrey Zhang's profile image
Jeffrey Zhang
  • Member since Oct 14, 2022
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Jeffrey Zhang
6
Votes |
15
Posts
General Landlording & Rental Properties

how to change tenants to bring rent to market price

Jeffrey Zhang
Posted

Hi,  I'm wondering how to change tenants to bring rent to market price. it's impossible to increase the rent for current tenants since there is rent control in place, the increase cannot exceed 5% annually. The current rent is $1500 and market price is $3000. Any input is appreciated. 

Los Angeles County, California
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Greg M.'s profile image
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Greg M.
  • Rental Property Investor
  • from Los Angeles, CA
  • Member since Apr 11, 2017
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Greg M.'s profile image
Greg M.'s profile image
Greg M.
  • Rental Property Investor
  • from Los Angeles, CA
  • Member since Apr 11, 2017
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Greg M.
  • Rental Property Investor
  • Los Angeles, CA
5,061
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2,164
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Greg M.
  • Rental Property Investor
  • Los Angeles, CA
Replied

For $1500 extra a month, hire an attorney. Find a family member to "move in" to the unit for the required year. Renovate the unit during this time and then list for the now $3300 rent level. 

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