How to raise rents and implement new lease?

[Account Closed]

Hey all,

I purchased my first property this year (duplex) and the current lease which was in place before the purchase is coming to an end. I plan to raise the rents and implement a new lease. I just want to make sure that I'm going about this the right way. My plan is to send a notice about the raised rent 90 days prior to the end of the lease (law is 30 days in NJ), asking for a response by 60 days before the end of the lease. If they agree, I'll then send them the new lease to sign. Does this sound right? Should I actually write a whole new lease, or can I just have them sign the rent raise notice as a renewal agreement as well?

Thanks!

[Andrew B.]

Originally posted by @Account Closed:

Originally posted by @Andrew B.:

Since the lease was inherited, I would have a lawyer write up a new lease to make sure it covers everything you need. Once that lease runs out, only an amendment is needed.

Should I send them that new lease to sign along with the raised rent letter, or wait until they agree to it? Basically, I don't have a new lease ready yet, but I want to give them a good heads up about the rent raises

 I would send the new lease along with the letter, just don't sign it yet. Once you get it back, you sign it and consider it executed.