All Forum Posts by: Matthew Gill

@Kim Meredith Hampton

Thank you for your feed back. Im not sure what type of lease they have as of yet. As soon as the purchase is finalized I'm going to go over it and revise it to meet my requirements. I'll be meeting with an attorney to help go over all the laws. I forgot to mention in my original post that they have addition family living with them. An older daughter and her boyfriend. If I sit with them an agree to let them stay should I have the additional family member sign a lease as well. I do know that the previous owner allowed them to pay on the 12th for what ever reason. Might just be wise to start fresh with new tenants.

Hi BP world!

I'm closing on my first duplex sometime in September. It belonged to my spouses aunt who passed away recently. The building was up for grabs and we decided we would purchase it as our first multi family property.Both units are three beds one bath on a large plot of land with a big fenced in backyard in a quiet residential area. The building will be coming with inherited tenants. They are nice enough people however they pay way less than the curent avaerge rental rate in my town. I live in Westbrook, Maine. The town sits just outside of Portland which is the largest city in Maine. The avergae rental rate for a three bed apartment is between $1400-$1800. They curently pay $950 with water and heat included. Id like some feedback on how to go about raising the rent and what I should make the tenants pay for.