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Updated over 3 years ago,
First Duplex Came with Tenants! Help!
Background: So I just purchased my first rental with my brother, and it came with tenants who are severely underpaying in rent. Their rents are 800/mo and 600/mo, and their leases expire on Nov 1st 2020 and Dec 31st 2020 respectively. The one paying 600/mo has already been notified by the previous owner that their rent is going up to 800/mo, however, I actually want both of them to leave at the conclusion of their leases so that we can renovate and re-rent for higher (comps are 1000-1200). Hoping to BRRRR after reno and raising the rents.
Question: So what's the best way to tell them I need them to go without making them mad, and when is the best time to tell them?
P.S. As a first time owner, any other tips or thoughts would be much appreciated as well! Thanks in advance!