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Updated almost 5 years ago on . Most recent reply

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7
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Adam Hoak
  • Rental Property Investor
  • Tulsa, OK
2
Votes |
7
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How should I raise rents on an old tenant?

Adam Hoak
  • Rental Property Investor
  • Tulsa, OK
Posted

I have a duplex that I would like to buy. It currently has a vacant side and a rented side. The rented side is for $575 and below market average which is $750. She is elderly (mid 70s) and has lived there for 13 years with no rent raises. If her rent was $675 I could make the numbers work much better for a house hack. It would cover the mortgage and insurance 100% but nothing more. How should I raise her rent? Also, it feels immoral to raise rents with the COVID-19 situation at hand. Any thoughts, please?

Most Popular Reply

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Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
  • Investor
  • Shelton, WA
6,948
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Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
  • Investor
  • Shelton, WA
Replied

I tend to raise existing longterm tenants more slowly slowly, 5% annually if they are under market. When units get turned over they get refreshed and raise rents to market.

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