All Forum Posts by: Clifford Sargento

Thank you Mike, that is solid advice! 

Sure I did. Essentially it says raise the rent on this current tenant and it will likely lead to not them not treating the house well.

So would you just recommend getting a new tenant in this case? 

Thanks for the reply Kevin! Definitely thought about vacancy issues. I do feel the property is in a great area which is safe and right across an great elementary school. The house is 4500 sqft, 6 beds and 4 baths. Currently they pay $2000 a month in rent. I believe the area that it is in can rent for $3-4k a month. I could ask for a rent increase but it would be substantial amount.

Why have been paying this for so long? My parents purchased the house years ago and we were suppose to move in. My family decide not to move, rather than selling they decide to rent just to cover the mortgage. Now I am in a position to take over or leave it as it is. 

Do you have a suggestion on how I should increase the rent if I want to target $3000-4000? Also, if I wanted to find a new tenant how should I execute  asking the current tenants to vacate as there is no contract?

Hi All!

Just entering the rental business property and my parents are allowing me to use their properties to grow.

They have a property that they have been renting to tenants with no contract for close to 10 years. These folks take care of the property and are good people. However, my parents have graciously allowed them to pay under current market rent value which may be around $2000 a month upon my research. My questions are:

- is it right/ should I ask them to vacate so I can get new renters to pay the market value

- if the answer is yes to the above how do I respectfully and legally ask tenants to vacate? I would give them plenty of time to find another housing situation. My expectation would for them to vacate in May of 2023 (today October 2022). 

Thanks guys!