1st Time Owner - New Leases & Non Pmt

[Danielle Cage]

I closed on a 4 unit on 3/01/24 and sure could use some help.

I appreciate any responses to anything below!

- 3 units are occupied by seller’s close family 

- All units are on month to month basis

- All units are significantly under market rent

- 1 unit pays on the 15th of the month

- 1 unit has not yet paid for Match 1st even though my information has been provided to them twice

- I have no applications or old leases

1. How do I handle the unit who hasn’t paid? I want to set a firm precedent since they’re all related

2. Would you get retro applications?

3. I want all payments due on the 1st of the month. How do I address the unit paying mid month?

4. I want to make rent increases begin May 1… do I make 1st month of lease begin April 1 at old rate or begin leases at May 1 with new rate? How do I communicate rent increases since I need 30 days (but prefer giving more time)

5. Someone recommended not renewing to the family members as it can become an issue. Any thoughts on this?

Thanks!