All Forum Posts by: Todd Sortor

Thanks Kenny. All great points. I would prefer to keep them in place as the old owner was very pleased with them (paid rent on time, minimal calls and easy to work with). Have scheduled a sit down for tomorrow to go over the current market conditions. Shooting for a happy medium for the first 12 months with an understanding of further increases. Plan to talk with them about any property concerns and offer a few improvements that they may be wanting. Thanks again. 

Purchased a new single family rental 3B\2B in North Texas.  The tenant is currently on a month to month lease and their family has been renting the property for the last 8 years.  Here is the dilemma - They are paying WAY below market rents as the old owner never increased rent for the past 8 years.  Currently paying $1200\month but market is between $1750\$1800 per month.  They have improved the property over the years with paint, flooring, fixtures, etc.. and have been a solid tenant.  

Thoughts on whether to give them a discounted increase for 12 months or push for full market rates out the gate.  All-in expenses are $1360\month.  New to BP - Thanks in advance.