Updated over 12 years ago on . Most recent reply
Raise rent one apartment at a time.
I am looking at buying a tri-plex. The current rent is from 1998, can I raise the rent on one apartment at a time? All the apartments smell bad and are dirty. I will have to paint and replace carpets and I do not want them all empty at once. When I raise the rent I suspect that the tenants will leave which will be ok with me. They are all on month to month rental agreements.
Most Popular Reply
Request seller's bank statements showing deposits, or copies of the tenant's cancelled checks. They don't have to provide them but just like anything else you can adjust your offer based on the worst possible outcome.
To the OP's question since they're all on month to month you can raise rents on any of them you choose to as long as you give them the minimum required notice per your state/local municipality.
I personally would require all tenants to reapply and be screened by yourself. This way you know exactly who your tenant's are and can ensure that they will be able to pay. You will also have now have a documentation file on them in case you need to take them to court, otherwise there is no way to know who you are trying to file a case against. Again they can refuse the application, and then you give them a termination with their 30 day notice or whatever is required in you state/local municipality.