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Updated over 5 years ago, 08/29/2019

User Stats

2
Posts
0
Votes
Matthew Gill
  • Rental Property Investor
  • Westbrook, ME
0
Votes |
2
Posts

First time land lord with inherited tenants

Matthew Gill
  • Rental Property Investor
  • Westbrook, ME
Posted

Hi BP world!

I'm closing on my first duplex sometime in September. It belonged to my spouses aunt who passed away recently. The building was up for grabs and we decided we would purchase it as our first multi family property.Both units are three beds one bath on a large plot of land with a big fenced in backyard in a quiet residential area. The building will be coming with inherited tenants. They are nice enough people however they pay way less than the curent avaerge rental rate in my town. I live in Westbrook, Maine. The town sits just outside of Portland which is the largest city in Maine. The avergae rental rate for a three bed apartment is between $1400-$1800. They curently pay $950 with water and heat included. Id like some feedback on how to go about raising the rent and what I should make the tenants pay for.

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