Timing of Renewal notices/rent increases

[James M Smith]

Hello All!  I am newer to the forums and relatively new to being a landlord.  I just purchased a home from another investor and it has a problem tenant in it.  Not destructive, dangerous, etc but chronically late and always someone else's fault.  Anyway, they have been pressuring me to provide a renewal rate at which I have said I would provide it at 90 days from renewal to provide ample time to make a decision.... They seemed appalled that I couldn't give them an answer 5 months in advance.  So, What kind of time frame do you experienced folks use for renewal rent amount increase?  Is 90 days reasonable, generous, or too short of notice for a rate increase/renewal notice?

I know some areas are very strict about this so I will say I am in the Dallas/Fort Worth, Texas metroplex which to my knowledge doesn't have any requirements for timeliness of renewal notifications (just 30 days if you are terminating the lease). 

Thanks in advance,

James

[Thomas S.]

You would probably be farther ahead to send a notice of non renewal and find a good tenant. If you decide to keep him at the end of his lease keep him on a M2M lease. That way if he pays late again you can non renew and be rid of him quickly. You will learn when you are in the business long enough that PITA tenants are never worth keeping.