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Updated over 5 years ago,
New Landlord with tenants in place question!
Hi BP Family,
So I just closed on my first multi unit deal with two tenants in place, one of the tenants has been there for a long time and the previous owner never took security and last from them. They are on a month to month with no previous lease. On top of that, their current rent is a little below market. I plan on raising the rents a little. My question is, can I demand a security deposit from them to protect myself in case they damage the apt. when they move out or should I adjust the rent accordingly because of no security?
Thanks in Advance
Eb