Tenants leasing agreement

[Pedro Echevarria]

Hi friends,

I’m planning on putting a offer on this multi family house & the first floor tenants are on a month to month lease. The rents around here average $800-$850 (Connecticut). They are currently paying $500 & I’m wondering how to go about with the new lease. What’s the nicest & efficient way of presenting an increase lease?

Very first time, so I’m learning the ropes!

[Mary M.]

Check your local landlord/tenant laws re increases, notices, etc 

Then, decide if you are ok with vacancy and how much increase will pay for a months vacancy. Once you make that analysis, then send your tenant notice using the legal notice times (usually 30-90 days). 

Also be very sure your units are priced correctly otherwise you will have a hard time renting them and vacancy is the killer of profit 

Good luck !