Investor · Southern Maine · Member since 2019 · 30 posts · 19 votes
Hey there Bigger Pockets community. I am in the final stages of closing on my first deal. It is two duplexes on one lot. The lot can be subdivided, which is my plan to add value to the properties as they could then be sold or refinanced individually (eventually).
My question to you all is some of the tenants have rents that are almost half of what market rents are for similar properties in similar conditions. Some Tenants have been there for 30+ years. What is the best tact for having the discussion with the tenants about raising the rents?
and people wonder why LLs are hated... well here we have a perfect example.. Someone buying a place and doubling rent on 30 year tenants and during a freaking pandemic. These obviously are elderly folks.... the very folks all the covid laws are meant to protect.
First find out if rent increases are even legal right now in your area..... I would be calling my attorney post haste....
What, Mary, is he supposed to.be running a charity? If these tenants wanted more housing security they should have made wiser housing choices. Nobody fed them Stupid Puffs every morning out of a cereal box.
Real Estate Investor · Eddington, ME · Member since 2015 · 14 posts · 7 votes
5y
Chelsea makes a really good point. Be sure to take into consideration the cost of renovation, including the time it's vacant before raising the rent. Maybe you could ease it up by 10% and then just let it be.
I just scrolled down and saw your note about the housing assistance programs - that could be a GREAT solution!