Updated almost 5 years ago on . Most recent reply
Taking Over Month - Month Tenants (Kansas City, MO)
Hi All!
I have a question I'm hoping someone can help me with...
We are about to make an offer for a property that has tenants in place. The tenants have been there 10 years and 25 years (duplex). The rent is wayyyy below market (like half of what it is currently going for now). Both tenants are month to month. If we do take over we have to raise rents for the current tenant in order to make the numbers work for us OR we will have to make sure their lease is up prior to us taking it over, so we can rehab it and increase rent for future tenants.
We feel bad because they've been in this property for so long, but it is in a desirable location and a great find. How can we go about doing this? Is there a law that we cannot raise rents that high for them even though we are taking over the property? Thanks for all of your advice and help!