New Purchase with a Tenant
I'll be closing on my first duplex in about a month and will be inheriting a tenant on the second floor in which I will be occupying the first floor. Currently the tenant is on a month to month lease and getting a break on the rent as his buddy owns the house and he does the yard work which I will be taking over. Based on what I have seen for the market rents we are about $100-$150(max) under priced. I would like if possible to keep the tenant as he has a steady job and has done a good job keeping his unit and the house well maintained. What is the typical procedure for raising rent, are you able to do it right away or I believe per what i've read you need to give notice. To also throw a wrench in things I will be leaving for vacation a month after I close for 10 day's so dealing with a move out/finding a new tenant would be very difficult. I greatly appreciate any knowledge and thoughts you might have!
Thank You,
Kevin