Long term tenants must go....
Hello all. I was hoping for some advice from more experienced landlords to get rid of long term, inherited tenants.
I purchased a house for $61,000 in the path of progress. The area is changing very quickly. New houses are being built all around. It’s very close to the city. Timing could not have been better. I renovated the upstairs unit and signed a lease on the first day it was listed for $1200 per month. It’s a two bedroom, one bath.
The downstairs unit needs about $5,000 to $8000 to bump up the rents to $1,200. Same layout as the upstairs unit That was just rented. The tenants that are living in there, whom I inherited, have been living there for 12 years. They are only paying $450 per month. Once I renovate that unit, I should be bringing in anywhere from $2200 to $2400 per month for both units with $95,000 into it.
Any advice would be helpful on the best way to Handle the situation. Is the best way to give them a 30 to 60 day notice? Better to tell them I’m going to renovate and need them to leave? Raise the rent so high they decide to leave on their own?
They are on a month to month and have been for years. Thanks!!!!