Purchased SFH cash w/ tenants that want to stay:)

[Jason K.]

Purchased a 3bed/1.5bath SFH and the renters want to stay! Purchase was $637,500 plus closing of $20k. They are on a month to month lease and have been tenants since 2008. The rent is $2020/month. Fantastic automatic deposit renters who have never missed a month. House isn't in the greatest shape:

We would like to do a couple nice things as the new owners, possibly a free cleaning? Replace all smoke detectors and carbon monoxide detectors? Replace downstairs bathroom vanity and toilet (they are quite quite old)? Any suggestions here would be fantastic!

We should ask them for a new 1 year lease? Should we up the rent going along with this? Current rent on the lower side of the market because there are only 1.5 baths. Not really room for adding a shower in there. Any suggestions here would be fantastic too! Thank BP friends!!

-Jason

[Antoine Martel]

Jason.

Congrats on the purchase.

I think you should ask them to sign a new lease and that you're looking for an increase in the rate. Don't gauge them because you do want them to stay but show them what the current rents in the area are and that you're still going to give them a deal.