20 year tenant or unknown for more money
My first buy and hold.( 2 houses for 49k ) Im inheriting a tenant that has been in place for 20 years. Her rent has not been raised since 1984. She currently pays 450 a month. ( plenty to cover my mortgage -440 - on both houses on the property) However. The rental amount for the area dictates that her rent should be at 700. Seems a good idea to keep a long term tenant that has taken very good care of the house. BUT... I could really use the extra income on this. As I have 2 houses in this deal to take care of .
I dont HAVE to have it. Im house hacking my way off of disability ( with a roomate too) , and just need a way to have a home for now. Im torn between keeping a reliable tenant.... or getting a new one that would pay market. Im not even sure I am allowed to raise her rent THAT much in a shot or even a year. ( Pennsylvania )
How would I even approach this poor old woman? Maybe I should just be grateful to inherent a good tenant??