Feeling guilty for asking a tenant to vacate.

[Noyessie Hubert]

Hi,

I just purchased a 4-family house. One tenant told me she wanted to stay even if I increased the rent. On which I said: "We can discuss it after we close". Now after closing I have 2 issues:

1. Is a rent control area. There is no way I can increase the rent by more than 4%

2. Even if I was able to, she is only comfortable paying $300 over the actual rent.

Just to let you know, here the actual rent is $1000 and the current market rent according to the inspection is $2000. My mortgage is $6000. So even if I feel charitable, each unit should bring it at least $1500 which she can not even meet.

Now, why do I feel guilty: The woman is an elderly woman ( more than 50. I did not ask her age ) with a disabled son ( he can not talk, and needs medical attention ). She always pays her rent and has live in the property for more than 20 years.

Don't know why the other landlord never raised her rent, but one guess is she has been using her situation to her advantage.

I'm in a tough situation. She is willing to leave, but I feel really bad asking her that. I plan to give her 6 months to find a place.

PS: This is my first rental.

[Nathan Gesner]

Quote from @Noyessie Hubert:

Over 50 is elderly? I know people in their 70s and 80s who still work full-time.

She doesn't need six months to find a place. If that's your offer, I guarantee she will do nothing for five months, then find a place to move to in her last month.

It's not a tough situation at all. Do you think Corvette dealers go home and cry every night because they can't sell their $80,000 car to a retiree on social security? You have a product that is worth $2,000 a month. The market dictates that price, not you, and there's no reason to feel guilty for that.

I would give her a 60-day notice and not feel a tinge of guilt.