Updated about 8 years ago on . Most recent reply
Do I have to honor and old landlords lease
Hello BP,
I'm buying a duplex and it is already leased out. The current rent rates are severely under fair market value. The surrounding rents of at least two other duplexs within a blocks radius are renting for 1k a month on each side. My question is do I have to honor the previous landlords lease?
Most Popular Reply
Yes for as long as it is in effect. If it has 6 months left then you have to continue for 6 months. Also if your area is rent controlled you may be limited to how much you can raise it. So just get a full picture and purchase accordingly.
Good Luck!
- Mike Cumbie