Implementing new lease and raising rents
Hi everyone,
I'm currently in attorney review for my second purchase. This is a 3 family, fully occupied and the tenants are currently under no lease. They are paying below market value for their units based on local comps and the fact that their rent hasn't been raised in years. My plan is immediately after closing to implement a new lease, raise rents, and also require one tenant to vacate as I will be occupying one unit. This is my first time writing a new lease, raising rents, or really dealing with tenants in this way. Looking for some advice on how to make this process go smoothly. I know to the experienced investor this is a piece of cake, but as a new investor these are moving parts I haven't dealt with yet.
Thank you!
Most Popular Reply
Why not make the current landlord do all this ? At the very least have current landlord give the proper notice as required for increase and for the vacant unit non renewal.
Get the clock started now vs when you close...