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Updated over 6 years ago,
Should I Inform Good Tenant Early???
I purchased my first duplex in March of this year. With it, I have a tenant already in place on the other side. The sellers (who were investors themselves) raved about how good of a tenant they have been for years! They pay their rent faithfully every month! I don't have any problem or issues with them thus far. HERES THE TWIST.....they have been so faithful with paying because their current rent is $550 and the market I'm in ask for $780! Now of course I can't touch the inherited lease until January 31 of 2019. My question is should I inform my current tenant early (say 6 months) of the incoming rent increase, once their lease is over in January. They have been a good tenant so far, Id want to give them plenty of time to think it over. Legally I have to give them a 60 day warning before the lease is up. But I'm thinking of doing it earlier than that.
Good idea or not?????