Updated almost 8 years ago on . Most recent reply
Buying a triplex with tenants no split utilities
Hi, I am in the process of buying a triplex, the 2nd and 3rd floor apartments are both 2 bed 1 bath and are currently rented at 650 including all utilities with no leases. I will be living on the first floor.
Market rents in the area are about 600-800 plus at least one utility. Both occupants have pets, one has a dog and birds, the other has a cat.
Previous landlord had discount on utilities but I don't.
I want the tenants to sign leases with me, I was thinking month to month leases, but I'm not sure how to price rent with included utilities. Since they are paying next to nothing right now, I'm afraid they only live there because it's so cheap and can't afford more but I need to do the right thing for my finances, also any tips on bringing up the change in rent, first time for me with this.