Doing a HUGH rent increase

[Jason Campbell]

I have multiple rentals I'm inheriting and all of them are being rented well below market value. None have leases and none have paid any security deposit. Most of the properties are in rough shape and need a variety of work done. 

In Ohio I know I need to give a 60 day notice for a large rent increase. Most will go up by $50 and a few I need to raise by $150 to bring the rent to market value. 

My thoughts are to sent a letter of notice along with a copy of what will be the lease agreement if they choose to stay. I feel like it might be better if they did decide to move, so I could do improvements and with any new tenants I would want first and last months rent with a security deposit. Idk Any advice?

[Teresa F.]

Hi Jason,  If possible, introduce yourself.  First via email letting them know that you want to meet with each tenant and tour the unit.  Also, make clear that things are going to change.  You know there is deferred maintenance and you would appreciate getting their list of items that need repair along with a picture of same.  Be warned, much of these items will be caused by your tenants.  Mention that you will enter into leases and be raising the rent.  For those who choose to stay prime them for an annual increase by stating that those who sign a two-year lease will only have a  xx% increase.  Best, Teresa