Change of ownership and terminating lease upon closing. : ezLandlordForms

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Change of ownership and terminating lease upon closing.

John L

started a topic almost 7 years ago

I am purchasing my first property and am going to be going through the closing process at some point this week. This Property is a side by side duplex. Since this is my first property and with the type of mortgage i am financing i will need to occupy one of the units within 60 days of closing. Is there concerns i should have about this and what things can i do to make that transition and terminate there lease without backlash. Also on another note. The other half of the duplex is being rented to an older woman who seems to be to herself and is on renters assistance. The rent the current owner is charging is far below average (150-200 a month below). But he has also been renting this same property to her for the past 27 years and has kept her home in amazing condition. I would eventually like to raise rent, but how long do i wait to do so, or do i even attempt to since i will literally be living ten feet away. In doing so i also dont want more to come out of her pocket and would like the assistance program to pick up the entire cost of the increase. I have listened to people preach that a good tenant with cheaper rent is worth getting higher rent for a lesser tenant. Although this is a substantial amount of money in a years time. My question is how do i go about this in the best manner possible to keep this tenant for as long as i can and also get the proper cash flow to try and start off on the best foot possible.

1 Comment

Adrien L

said almost 7 years ago

you will want to raise the rent when the term ends. Also do a lot of research on your area's laws and regulations. I also suggest that you talk to other landlords in your area, this is one of the things i wish i got advice on before. When i started to talk to more landlords in my area i gained so much knowledge on procedures involved and great tips!