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Updated over 9 years ago on . Most recent reply

Brandon Sturgill's profile image
Brandon Sturgill's profile image
Brandon Sturgill
  • Real Estate Broker
  • from Columbus, OH
  • Member since Apr 30, 2013

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Brandon Sturgill's profile image
Brandon Sturgill's profile image
Brandon Sturgill
  • Real Estate Broker
  • from Columbus, OH
  • Member since Apr 30, 2013
Brandon Sturgill
  • Real Estate Broker
  • Columbus, OH
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General Landlording & Rental Properties

Acquiring Building with Tenants- Raising Rent $100/mo.

Brandon Sturgill
  • Real Estate Broker
  • Columbus, OH
Posted

So I am closing on a small multifamily Friday and one of the tenants has somehow managed to pay $100 under market rent for some time...do I need to give notice to raise rent...

I will definitely contact him after closing to extend the option of staying at the increased rent. Building is on Ohio....

  • Brandon Sturgill
  • 614-379-2017
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Account Closed's profile image
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Account Closed
  • Real Estate Agent
  • from West Palm Beach, Florida
  • Member since Feb 24, 2016
Account Closed's profile image
Account Closed's profile image
Account Closed
  • Real Estate Agent
  • from West Palm Beach, Florida
  • Member since Feb 24, 2016
Account Closed
  • Real Estate Agent
  • West Palm Beach, FL
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Account Closed
  • Real Estate Agent
  • West Palm Beach, FL
Replied

you need to contact a lawyer or the the very least review the lease agreements. 

You cannot arbitrarily raise rent in the middle of a lease.

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