Raising rents???

Question

My partner and I have a mobile home park under contract and the lot rents are under market and when we close we would like to bump the rents from 280 to 300 per month. Question is if the tenants are in a year lease at 280 a month can we raise the rents to 300 after closing. If so, how would we go about doing that??

Jeffrey H. · Answer

Once the lease ends you can raise the rent assuming no rent controls in your state.

Rich N. · Answer

you inherit the lease.

Bryan O. · Answer

@Corey Woodruff you will inherit any leases that already exist. For all of the leases that are month to month or "missing" you will be able to raise rents quickly. For the leases that still have remaining duration, you'll have to look at them and see if they allow it, or keep track of when they are ending to be able to raise rents for them.

Corey Woodruff · Answer

now worries i thought maybe you didnt understand the setting cause yes 300 a month would be a shed for a house haaha. no worries though it didnt come off rude at all. thanks for participating in my question though..

George P. · Answer

sorry, i didn't mean it in a negative way. i am not used to dealing with anything under $1k in rent.

Corey Woodruff · Answer

Its the lot rent at a mobile home park sir.

George P. · Answer

do it if there's no lease in place, or get a month to month lease and then do it.

turnover can be a good thing if you can increase rents.

i have to ask.... $300 per month.... did you buy a shed?

Raising rents???

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