Raising rent after purchase

[Michael Opper]

Is it fair to raise the rent after just purchasing a property that already has a tenant living there? They have been paying a very low amount for rent for a long time and I only want to do a modest $50 increase.

[Mindy Jensen]

Originally posted by @Michael Opper:

@Tim Herman that wasn’t helpful and not what I was asking. Thanks

Actually, Tim's advice was very helpful. It may not have been what you were asking, but it was what you SHOULD know. The landlord tenant laws of the state/county the property is located in can help guide you with regards to rent increases. Some states/counties restrict the amount you can increase your rent. 

You didn't share that it was a month to month lease in your original post. Some landlords are unaware that the lease runs with the property, not the owner. 

Tim was just trying to be helpful and share some things you may not know.