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Updated about 7 years ago on . Most recent reply
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First time rehab and property management - Savannah, Ga
I currently have a new opportunity to manage a rental property for a family member of mine. The property in question is 25 Runabout Ln 31410 Savannah, GA. Currently there is 1 tenant living in the house and they are behind 2 months rent. The rent has also been stagnant at 1400 a month for 9 years. My idea to the owner was to evict the tenant and raise the rent closer to 2000 a month as the house next door is a bit smaller and rents for that. The owner wants to be nice and give the tenant more time to pay but i don't think it is a good idea, especially given that the rent needs to be raised a good bit. The tenant also has a tendency to not tell the owner when things break which will only add to the cost down the road. If i evict the tenant the rehab costs would surely be around the 5000 mark. I'm curious as to what I should do in this situation, any thoughts would be greatly appreciated!
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Robert,
If you were 60 days late on your rent, would you get an eviction letter? If you own your home would the bank be contacting you about late payment on your mortgage? The answer is yes. Paying rent on time is not an unreasonable standard. I would file at the courthouse and get the ball rolling, I would also inform them that the rent is going up to market rates. Here's a great reference for your legal rights and the tenants.
When they leave I would do a quick but thorough updating of the place (Paint/carpet/appliances) and a super deep clean, then rent it out for the 2000 a month. I would also make sure that you CAN rent it for that much more.