Raising rents when buying a property

[Kirill Romashov]

Hello. First time posting. How do you increase the rent on a property you are purchasing if it already has tenants. (Tenants are on a month to month)

[Bjorn Ahlblad]

@Kirill Romashov Welcome the BP! MTM tenants get 30 day notices in most states. Check yours and make sure there are no rent increase freezes in your area. Google. Your tenants will expect a rent increase with a new owner. Don't disappoint them.

Generally if your goal is to keep the tenants give them a lesser increase. If you want them out so you can improve the property, or get better tenants, then raise them more. I don't ask them or invite a negotiation, but I don't become unreasonable either. Landlord needs good tenants. All the best!