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aaccppcc

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Posts: 1
Reply with quote  #1 
Debating a few options at this time.  I called regarding a house that is for rent beside the house that I am renting.  Similar size, BR, BA, lot, etc.  They are wanting $300 more per month than what I am currently renting my house for.  I also this year had to invest over $7k on repairs .  They have not had a rent increase for 2+ years since they moved in.  

Do I.. mention how much the other house is wanting for rent, and what they would believe would be reasonable for them to pay?  (I have read that many times, tenants will offer more than what you were going to initially increase to begin with.  

Do I offer to just sell this property to them?

Do I just say that on this date, (I was looking at feb 1) say the rent is increasing to this amount?  I was thinking of $100 increase. ..??

OHlandlord

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Posts: 3,734
Reply with quote  #2 
If the tenants are not under lease and there is no law barring that amount of increase, that is plenty of notice to increase rent $100.  You do not need to justify the increase to them.  If they have not had an increase in 2 yrs, they know.  Just tell them that Feb 1st, the rent is going to $xxx.  IN WRITING.

If you want to sell the property to them, are they in position to buy it?  Do they have the credit, down payment, etc?  Have they expressed interest in buying?
LLinVA

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Posts: 216
Reply with quote  #3 
If the quality of the houses is also the same (updated so they truly are very similar), and it's not prohibited by law or lease, then you should be fine. 

Why would you sell it? Do you not want it anymore?
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