General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Raising rents on Section 8 Month-to-Month tenants
Hey BP Fam! I'm considering placing an offer on a triplex in south Los Angeles as a house hack. Two of the potentially inherited tenants are section 8 and paying month to month! Both units are renting about $400 -$500 below market rents and my goal is to raise the rents to market value after I move in. How would you approach this? Is there anything I should keep in mind? My plan after closing is to give a 30 day notice to tenants, and submit a rent increase form to the county to see about raising rents. Does this process sound correct? How likely do you think the county is to accept this request? The house will need some repairs, and I doubt I'll have the funds to renovate all at once, so keeping some income coming while doing smaller upgrades would be ideal!
Also, I've been doing research on LA specific laws, but things are confusing with the Statewide rent control, and now the Covid-19 renters protection laws, plus nothing I'm finding is specific to section 8--Any insight regarding how the new laws might affect the plan I mentioned above? Thanks!