Rent Increase Question

[Pedro Leon]

Good day,

So my mother in-law owns a duplex in Cape Coral, Fl. She lives in one side and rents out the other. The place is paid off. She has been renting out the other side of the house to the same tenants for 6 years at a massive discounted rate with no lease. I am working on drafting up a lease for her to give them. Are there any restrictions for the amount you can raise the rent? I'm not concerned with them deciding to move out if the number is too high. Looking at just getting it back to market rate because we are looking to rent out both sides within the next year.

Appreciate any thoughts!
Pedro

[Bill B.]

Tell your mom that hiring a professional property manager would more than pay for themselves. She would collect more money while having less hassles, acquiring quality tenants (if the current ones move out.) and staying completely legal. She is paying to be a property manager. 

I understand your desire to help but you aren’t a landlord/tenant expert in that area. Are you even allowed to manage the property if you don’t live there without a real estate license? Maybe, but not in some states. What if you take over and someone sues you and your mom for a fair housing violation? What if you still price it too low and cost her money, or price it too high and it sits vacant? This is the best time in her life to switch. It’s one time she can get more and do less. Let them do the pricing, the screening, the showings.