Start your membership account today...  Access to credit reports, 100's of rental specific forms, agreements, letters, checklists, how-to articles, guides, expert advice and much more!  Even a FREE, 3-day trial!

Not a Member?
Get a Free Trial Membership

  Get FREE Stuff! Run Credit Report Rental Forms  Shop & Buy Forms!  Advertise Your Rental Customer Care

Welcome to Landlord.com's Discussion Forum
Register Latest Topics
 
 
 


Reply
  Author   Comment  
Anonymous

Registered:
Posts: 20
Reply with quote  #1 
Hi everybody I'm a relatively new landlord with a property that's about an hour and a half away. I inherited the property and the tenants several months back and their lease is not to expire until the end of July. I was wondering if I could get some advice on General steps of what to do and how to do it when it comes time to renew their lease. One of the things I want to do is increase the rent as they are paying well under market value however I hope to keep them so I don't want to increase the rent substantially. How do I inform them of a rent increase for one year let's say $ 65 and a different amount if they renew for 2 or more years 55?

And again because they're an hour and a half away if they want to renew I have to create a new lease with my name Etc do I take the lease down to them in person or do I mail it ahead of time and ask them to return it and then I sign it and send them a copy? This will be a new lease for them as their past listes was renewed via addendums. So the least I create will have some of the additional rules and wording.

Appreciate anybody's help and advice and I know this is probably pretty basic to most of you but we all have to learn somewhere and sometime. So I hope my questions are clear? If you could be as detailed with your advice it would be much appreciated
LLinVA

Registered:
Posts: 333
Reply with quote  #2 
How much could this property sell for? If you had that money today, would you go out and buy that property that far away from you? (I am going to take a wild guess that you wouldn't.) So sell it. You can get the tax benefit of buying a comparable property much closer to you, or not be a landlord at all if it's not for you.

To actually answer your question: You will cancel their current lease if it doesn't do so automatically and offer them a new one. Our leases automatically renew with a 5% increase so that we don't have to actively keep things going. We mail or email the lease to our new tenants. They sign two copies and send us both, we sign both and send one back to them. This can be done in person, but with your distance, I would do it via email and mail.
Anonymous

Registered:
Posts: 20
Reply with quote  #3 
Thanks for responding and for answering some of my questions I appreciate it. Didn't need your advice about selling the property however. Thanks again
LLinVA

Registered:
Posts: 333
Reply with quote  #4 
But it is something to consider though. Long-distance landlording is a massive hassle. You wouldn't choose to buy that property today if you had the cash, but by choosing to NOT sell it, you are doing exactly that. It's called the status quo bias. You would be better off with a property much closer to you, but you are choosing to keep this one instead simply because that's how things already are. 
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Apartment Finders > > Member Log-in > Free Trial Offer > Free E-newsletter > Customer Service > Get Free Stuff! > Run Credit Report > Rental Forms > Vacancy Center > Do-it-yourself > Evicting Your Tenant > Foreclosure Resources > Landlord Discussion Board > Income Tax Resources > Information Center > Join Landlord.com > Landlord Law > Library > Multi-family > Professional Advice > Rental & Property Mgmt > Rent Collection > Repair & Maintenance > Security Deposit > Software Center > Tenant Screening > Vacation Homes > What's New > Rental Agreements > Free Leases > Inside Our E-store > > Security Deposits > > Landlord Daily News > Rental Agreements >
LandscapingSanJose.net Resources: Cleaner Sunshine coast