TENANT OCCUPPIED....LOW RENTS ...........UGH!!!

[Patrick C.]

Hi everyone! I am looking to purchase a duplex, triplex or quadplex to house hack while obviously showing good numbers. In my areas of search (Hagerstown and Baltimore MD) I am finding what I think are awesome deal after  doing my homework. Main roadblocks i encounter are low rents and all units are tenant occupied. I know there are laws behind honoring such leases, but what if they are on month to month? I want to live in one unit.....and raise the other rents to market value. What strategies does everyone suggest?   

[Anthony Wick]

@Patrick C. If they are MTM, write in the purchase agreement that one unit needs to be delivered empty. Make the seller deal with terminating the lease. And after you take possession, give a written a notice to other tenant of your intent for them to sign a new lease at a new rent price. It’s pretty easy in most states.