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Updated 6 months ago, 06/17/2024
Closing a sale with tenants already in place
I will be closing on my first duplex at the end of this month.
Tenants are in both units. Rents are too low. I plan on raising rent for upstairs unit from 750-1000. I've done my research and feel that this is slightly below market price.
I plan to move into downstairs unit once I can get current tenants out.
Both leases are at the end of their term. The seller/ current landlord has already given notice that they will be approached with new leases upon sale of the property. However, both leases say they require 90 days notice- see below
Again, I’d like to get the downstairs tenants out asap and raise the rent upstairs asap as well.
I’ve gotten some opinions already about the 90 days notice , but I am curious to hear what the big pockets experts think. Do I have to give downstairs tenants 90 days to leave and upstairs tenants 90 days at their old rate until I propose an increase?