rent increase
Just some advice..... I have a property that is rented to neighobrs of a friend. their house caught fire just as this property became availible. My original offer to them was to just move in for what it cost me to pay for the place (plus $50 a month). thinking I was helping a family in need for a short peroid. I gave them a 6 month lease and later found that the rent checks come directly from the insurace co. had i know that I'd have charged "fair market value" and now it seems like they will not have the repairs done on their house for.....I don't know problaby at least 12-16 mothns. my question is: What are the odds of the insurance paying the additional incerase in the monthly rent? I'm gona increase by $300 a month, after the 6 month lease is up. But should I expect to be looking for new tenents or will the insurance see that as an acceptable increase for a month to month? any thoughts?