Updating lease for existing tenant after purchasing new property

[Devon Yates]

Hello all,

I closed on a duplex recently with an existing tenant.  They are on a month-to-month lease and have been for almost a decade.  How do you go about updating the lease with an existing tenant?  I plan on increasing the rent at the beginning of the year.

[Bill B.]

Find out the minimum notice required (especially in California). Find out if there’s a maximum $ or % you can increase rent (especially in California). After you have those answers get a legal lease produced or purchased with the details and specifics you want included and have them sign it with a starting date. 

Ps. This is the part of land-lording that PM’s excel at (knowing the laws and regulations, keeping you legal and avoiding fair housing fines and violations.). One mistake here will cost you more than the cost of having ti done correctly.