Buying a Property with Existing Month to Month Tenants

[Amber Gray]

Hello,

I am looking to purchase my first property.  It is a 3-unit property, fully rented with month-to-month tenants (all paying below market rent and one is behind on rent).  The property is located in Prince George's County, Maryland.  I would like to remove the tenants, renovate and charge market rent.  Should I undertake this take for my first property?  I know I have to give the tenants 60-days notice to vacate but if they do not leave do I have to go through a costly court process?  Please Help!

- Newbie Who Doesn't Want to Lose Her Shirt on First Property

[Account Closed]

If you are really going to settle on this property - you could ask the owner to give them a 60 day notice of rent increase - send this notice effect September 1st, (don't miss this mailing) raise the rent to the number you want - if the tenant agrees to accept the rent increase - great - if not - you would be in a position to eviction them based on the non-payment of the increase or they will just move - you may want to say in that increase rent notice that there are plans to improve their living conditions, supply new appliances and whatever you plan to do.

Do this will help get what you want without vacancies and still have a tenant who will be happy to comply to the increase.

Cash flow is King - don't kill the King.

Charles