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Updated about 4 years ago,
advice for my first investment
Hi everybody, This is my first post here in the community so I am kind of excited about it hehe.
I am closing on my first property tomorrow, a single family home (3b/1bth) in Lansdowne PA, the property is tenant occupied and I will be taking over their lease which is month to month basis. I have my contractor ready to go and rehab the property as soon as I close, and he says he doesn't mind working with people living in the house. I don't want to be a dick and kick the tenant out just because I want to work in the property but at the same time I plan on raising the rent from 900 to 1250 (market value) once the work is finished. the lease stipulates that I can give a 60 day notice at anytime for them to leave the property, but at the same time I wouldn't like to hold the project for 60 days and pray that it won't take longer for the tenant to vacant the place.
I was trying to get some advice on how can I manage the situation so I don't end up being the bad guy but at the same time not being too good so they can take advantage of me in the future.
Thanks everybody!