Raising Rent on Newly Acquired Property

[Larry Nielsen]

I own rental property but I have had them for a while. I am now looking at a property that is tenant occupied going to a month-to-month in November. Its a long term tenant who has not expressed interest in leaving. The rent is currently about $500 less per month than what my research tells me it could be for this property. I know this is a business but advice on purchasing a property and wanting to raise the rent up to fair market from being so much lower? I appreciate any feedback from investors/landlords who have actually experienced this about how they handled it. Thanks in advance.