Good morning every one. I purchased a duplex in oct. 20. the existing tent lease was up in April. They where paying way below market value. $1650.00 should be at least $2100.00 at the time of lease renewal. I made a mistake in my opinion that before I renewed there lease I sent a email stating that I would be raising monthly rate by $200 per year till there are caught up to market value. Instead of asking them there plans. (wont do that again) Tenets reply was asking to do a month to month. Saying they were looking to buy a house. (in 2021 hoping by august.) They have been a long tent for 6 years. Also very good to work with pay on time etc. SO I did the month to month. In April I was having a hard time getting renters in the other side which I did now. But now with how that the market has changed rents are way up in my area. I want to get them out or increase there rents. I can rent the unit for $2,300 to $2,500.00 a month.
I am looking for where I stand on the legal end ? Did I shoot myself in the foot about the email I sent in march?? Stating how I was going to raise there rent over the years? Along with and good ideas on how to approach the existing tent.
My idea outcome would be to get them to sign a year lease at the higher rate, or get them out. I know turn over and the risk of new tent being problematic. I want to maximize my investment. I would also need to paint a little and few areas of carpets.
Thank you in advance,
Dan
