Tips on inherited tenants?

[Cory Lucas]

Hey BP, gearing up for our first purchase, yay!

It’s a duplex with 2 tenants currently renting with leases up in April.

Any thoughts on best ways to handle inherited tenants? Things not to do? The current landlord told them he’d be raising their rent to $450 come April. They’re 1/1 units and that’s about right money wise for my area, could get a little more probably, but they’re currently renting for $400/month.

So I plan to increase the rents to the $450 and was going to add in a pet fee as they both have cats even though previous landlord said no pets, he’s knowledgeable of them and allowed them to stay, so my thought was to honor the $450, make it $425 with a $25 pet fee. This is more for future tenants at other potential properties to make sure I’m playing fair. They both seem to be good tenants, so I’m fine with them staying and was leaning toward allowing pets anyway.

Advice, experience, what’s worked, what hasn’t worked with inherited tenants is all appreciated! Lemme know if you need more info that I didn’t provide

Thanks in advance

[Lynnette E.]

I would just raise the rent to $450 and forget the pet deposit.  If you only raise it to $425 with a pet deposit, watch how fast the pets 'disappear' and you have to prove they are there or they quickly become therapy pets.  You will still have the pets, just not the money. There is not really a benefit to you by separating the amount.