Updated over 10 years ago on . Most recent reply
Gentrification in action
I've encountered a moral dilemma and wanted to ask BP members about their thoughts. My grandfather bought a single-family residence which has been rented by the same man for the past 30 years, he always pays on time, but is paying at least half the current rental rate for the area, furthermore, if repaired the house would be worth several hundred thousand dollars.
The tenant, possibly a veteran, lives off His retirement and could not tolerate a raise the rent, And is too old to be able to move after 30 years in the same house. Are there any creative ways to bring this property to market value while avoiding being the heartless landlord that kicks this poor man to the curb?
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Does your grandfather still own it @Hyuma Leland? If so then it would be up to him and my guess is he will let him stay.
Leaving this old guy there won't hurt the property value, it only postpones the time for when you capitalize on the area.
The bottom line is what is most important to you?