I am purchasing a 4-plex soon. The rent is rather low. Can increase the rent as soon as I close on it or do I have to wait until the leases are up? Thanks ahead of time.
Check your local laws. But generally, if they have month-to-month leases, you can increase rents after giving them a 30 day written notice. If they have long term leases, you'll need to wait until the end of the lease period.
Sounds like you found a burned out landlord/motivated seller... Low rents can make a bad deal... This is why you purchased it, right?!? Because you see potential? Well, you probably picked up a good deal!! However - low rents take at least a couple months to correct, best case scenerio... Like said above, if they are on month-to-month you will probably have to give them 30 days... If there are long term leases, you will need to wait them out...
If you are in a rent-control area, make sure you abide by the laws... Check with your municipality...
The answer to your question is that you have to wait until the leases are up. That is true whether the lease is a month-to-month (in which case the lease expires every thirty days and is automatically renewed unless you take some action) or a year or 20 years (happened to me once).
Check your local laws. But generally, if they have month-to-month leases, you can increase rents after giving them a 30 day written notice. If they have long term leases, you'll need to wait until the end of the lease period.
Sounds like you found a burned out landlord/motivated seller... Low rents can make a bad deal... This is why you purchased it, right?!? Because you see potential? Well, you probably picked up a good deal!! However - low rents take at least a couple months to correct, best case scenerio... Like said above, if they are on month-to-month you will probably have to give them 30 days... If there are long term leases, you will need to wait them out...
If you are in a rent-control area, make sure you abide by the laws... Check with your municipality...
Good Luck!
[addsig]
The answer to your question is that you have to wait until the leases are up. That is true whether the lease is a month-to-month (in which case the lease expires every thirty days and is automatically renewed unless you take some action) or a year or 20 years (happened to me once).