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Updated over 2 years ago on . Most recent reply
Tenants in place, no lease. Leave them or send them?
Hi all! @David Greene @Todd Powell How would you deal with this? We recently bought a three family house with tenants in place, all paying way below market rent. (about 1/2 or less than...) The house needs considerable repair and updating. Is there any way to up the rent to market levels without getting rid of tenants living there for over 25 years?
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Nathan Gesner
Property Manager
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- Real Estate Broker
- Cody, WY
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Don't waste your time trying to keep tenants that are so far below market. They'll never be able to afford market rates. Even if they could, they will resent the increases and make life difficult.
Get them out, renovate, start fresh.
- Nathan Gesner
The DIY Landlord Book
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