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Updated over 9 years ago,
buying duplex, need to raise rent and ask tenant to leave
I am in the process of closing on a duplex. Both sides are rented, but I plan on living in one side. additionally, they are rented way below market, so i plan on raising the rent by $150-$200 per unit.
When I close, i plan on sending a letter to the tenants with lease renewal information (increased rents), and asking for a letter of intent to renew or move. (Both leases run up 1.july 2.august)
IF both tenants want to stay and are ok with the rent increase, how is the best way to determine who stays or goes? I dont know either tenant or have any affiliation in anyway. they are preexisting to my acquisition.
thoughts?