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Infolawyer
Infolawyer, Attorney
Category: Landlord-Tenant
Satisfied Customers: 53886
Experience:  Experience representing landlords and tenants.
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I am a landlord looking to buy another rental property that

Customer Question

I am a landlord looking to buy another rental property that currently has existing tenants.
The property owners are a husband and wife.
The husband died recently in a motorcyle accident leaving the wife in serious financial distress.
The owner is currently behind 2 years on the property taxes.
The Lease they have with the current tenants runs until 7/31/2018.
I realize that if I buy the property the Lease runs with the property and I supposedly need to honor it.
However, the current lease rent amount is way under market value for the area at only $1000 per month; tenant pays utilities.
If I were to purchase the property to help out the wife (a close friend) with the note, taxes, insurance, I would need to raise the rent about $700 per month to cover the expenses.
Question: Can I do that and if they choose to move, so be it. Or do I have to honor the current Lease price of only $1000 for the remainder of the lease term.
Submitted: 2 months ago.
Category: Landlord-Tenant
Expert:  Infolawyer replied 2 months ago.

Hello and welcome. I am working on your answer and will be right back!

Expert:  Infolawyer replied 2 months ago.

You cannot raise the rent during a lease term. If month to month or lease ends, you are free to raise rent as much as you want on notice, and tenant can accept, negotiate or leave.

Expert:  Infolawyer replied 2 months ago.

Kindly rate me 5 stars.

If I can clarify anything, please ask me