Tennant paying 80% below market
I inherited a four plex in a rent controlled building. One tennant is pay 80% below market and the other 50% below market value. The building is paid off but you still have taxes insurance and tenant issues
Not to mention since the new inheritance law prop 19 the taxes went up by 15k
What can I do about the under paying tenants? One has been there 15 years and the other 8. Can they just take over my building like that Im losing because of the tenants.
Property is in LA building is tent controlled.
There has to be something I can do. I want to pass it down to kids but it's not looking like a good deal especially with Prop 19
I can't do owner occupy it's last in first out, they are 1st and 2nd in and won't leave