Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

User Stats

22
Posts
3
Votes
Michael Phillips
  • Los Angeles, CA
3
Votes |
22
Posts

First year is up - how to raise rents, keep tenants and lease

Michael Phillips
  • Los Angeles, CA
Posted

Hello everyone, I am coming up on a year with the first tenants in my duplex rental property located in Echo Park in Los Angeles.  I have two renting the bottom floor that signed Oct 1 2018 and one in the top floor unit that signed feb 2019.  Given that the first unit is coming up on the end of the lease I want to make sure I handle the transition well.  The unit goes for $3,050 a month and the tenants seem to be pretty happy with things, we have a decent line of communication ( I am self managing the property) and I have been responsive to concerns and proactive on repairs.  


My main question is if I need to have/should ask them to sign another year long lease or let it lapse into month to month. I would like to bump the rents and given that the property is rent controlled with me paying one utility I can increase 4%.  Any tips on how to approach this with tenants?  My landlord (I rent in down town) only does month to month and I get a notice every year just slide under my door with the increase on it.  I have zero appreciation for my landlord however and would like to set a better precedent.

Any tips on how/when/what to communicate to these guys?

Loading replies...