Hello, so I’ve been investing for a while but recently decided to build a rental portfolio.
Here’s my dilemma: I bought a duplex with two long term tenants, one has been there 8 years and the other 17 years. Property was rented well below market value so I’m sure that’s why they’ve stayed. The 17 year tenant is a smoker a smoker and the previous owner never replaced flooring. The carpet is pass its expected life span and the smoking hasn’t helped.
Their lease is up at the end of the month and I let them know WELL ahead of time that rents will increase by $50/mo which is still below market value BUT they are loyal long term tenants. They accepted. They paint the unit every year and change blinds. They also help out with little repairs or so around the unit. So the tenant asked me if I plan on replacing the carpet. I told her I will have to get back will her because I prefer non/smoking units. I would hate to replace flooring on s 1000 sq ft unit and they mess up and have to replace again if they decide not to renew next year. Morally i feel it is the right thing to do and landlords cherish long term tenants such as these.
@Belinda R. . Tenant stayed Seventeen (17) . She is not leaving unless you force her out. If She moves out - you will have major expenses to refurbish the unit for new tenants. Just change the Carpet for the lady and She will probably stay at least 10 more with the new carpet.