Raising rents on inherited tenants

[Daniel Luedtke]

I bought a triplex back in November, inherited tenants. They've been pretty good so far. However, the old owner was paying the water, internet, and trash (about $150-$175/mo). I want to up the rent to cover these costs. Anyone in Colorado know a good "landlord law" book for Colorado? Or, if anyone could tell me off-hand what the time frame for notice to tenants is, that would be great. Or the best way to do this? I was going to drop off or send notice of rent increasing. It does say in the lease agreements that these are subject to change at anytime. Newbie landlord, help appreciated! Thanks in advance! Dan

[Deanna McCormick]

You can go online and download "landlord tenant laws" for your state..

What term lease to they have now,, month to month,, or longer..written or is it verbal.. 

If it is a month to month term then you are still required to give proper notice of increase in rent which is a change of the original lease term. So usually what is required is giving the notice at least 1 day prior to the first day of the month.. In this case I would give it out as soon as possible so they would know by like March 6th the rent will increase on May 1st the extra $150.00 so the entire month of April would be the notice period.. This also gives them some additional time to figure out if they want to give notice to vacate and end their lease which would need to be to you in writing by March 31st to be considered proper notice.. 

You could end up with 3 vacancies,, Might be better to gradually raise the rent.. $90. to 100 and in next six months the balance.