Buying my first property with existing tenants

[Patrick Moore]

Hello, I'm closing on a 3 unit building on the south side of Chicago in a few days. The property has two units already rented out. I'm going to live in the empty unit for at least a year because I got an FHA loan for the property. One tenant stores his motorcycle trike in the garage. I want the garage to be all mine for my tools, motorcycles and welding equipment. Should I require the tenant pays more for storing his motorcycle in the garage? Or should I just tell him no? I've been reading ALOT and listening to podcasts. I read Brandon's book on rental income. When should I start the screening process for the tenants? I know the tenants are under paying as well. I'd like to bump the rent up to at least 1000 per unit. Honestly I think the one unit can pull 1100. The other unit is a garden level, smaller unit. How/when do I tell the tenants that the rent is going to be increased? It's set to close on the 15th of December. Do I pro-rate the rent for the remaining days of the month? Does anyone have words of advise they'd like to share? Thanks for all the help in advance.

[Eric Geyer]

In my experience, try to keep everything the same for the at the beginning. Don't rock the boat to much or too hard right away. Perhaps mention things to them in passing softly at first. Make them think you're on their side. In several months, or more if law or contract requires, then up the rent (slowly) or make adjustments to agreements such as the garage situation.

People don't like change and they don't like be forced to change. Remember they are people too!