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Updated about 4 years ago,
Inheriting tenants! How much can I expect them to change?
First bigger pockets forum post so thanks in advanced for any advice!
I purchased a 3 unit about a month ago and have turned over 1 unit, will be turning over another Jan 1. Rents were significantly under market so I am turning over in order to raise rents. The last tenant is month to month and would like to stay even with the rent increase however she is putting up quite the fight about how she pays rent. I told her by Jan 1 2021 we will no longer accept check or money order - Only credit/debit or ACH through our Managment software. Her argument is the fees she will incur by paying with these methods. Do I eat the fees just for this 1 tenant just to keep them happy? My only thing is I want to be consistent and keep a firm hand on my properties. (ie. where does the softness end) I almost feel like saying this is how it is matter of fact. I am also requiring the signing of a new 1 yr lease to incorporate rent increase, late fees etc. Am I asking for trouble with this tenant or do I tell them we won’t be renewing their lease?
Thanks!