Buying properties where the rents are way less than market. Music, what's going on YouTube? It is not very well. Thank you for watching Mentorship Monday. Today's question comes from [name] who submitted his question to helpme@theroseyourgroup.com. He wrote in a question and we are answering it right here on the YouTube page for everyone else to learn from. So, thank you [name]. Today, we have Woodbourne who wants to know if he should buy a duplex in Lackawanna County. I love places with funny names like Lackawanna County, love it on. It's a duplex with 2 bedrooms and 1 bath. He said the rent is $540, but he thinks the market rent is more like $800, give or take. Now, here's what's happening. His tenants are on leases, and some of them are Section 8 tenants. It doesn't matter for what I'm going to recommend to you, but the rents are way below market. Currently, he's getting $540 in rent, but the market rate is $800. So what does he do? Well, there are a couple of options. Option one is he could just raise the rents by maybe 3-4% per year, keep the units in the condition they're in, and keep the tenants on their current leases or just renew the leases to his terms but raise the rent by 3-4% per year, or whatever the market will allow. Most markets have rent control, and if you're Section 8, you're absolutely going to have rent control, meaning you can only increase the rent by a certain amount per year. But here's what I would do. I would add some value to the property, make it a nicer place for the tenants to live, and ask them if they are willing to pay more for the value you're creating....
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Lease Renewal with rent increase Form: What You Should Know
I have reviewed my lease, and the proposed modifications are clearly outside the guidelines of this Form. 5 I agree that the proposed modifications were inappropriate and in conflict with the terms and conditions of my lease. 6. I am requesting that the landlord accept this change in the lease (as amended) and that it be modified to meet my needs and the needs of my tenants. Your address is: __________ _______________ Your mailing address is: __________ _______________ Your telephone number is: __________ _______________ Landlord should accept change in a lease, and it should be modified to cover tenancy needs 1. For more information and examples on how to provide written copies and/or send the Forms to: (i) the tenants, and (ii) any other person required of the landlords to accept an increased rent in the Landlord and Tenant Act. (e.g., the Ministry of Justice, the Social Services Ministry, or the City of Winnipeg). 2. The form for tenants to write to the landlord is: Form C2A — Letter of Acceptance of the Rental Term Increase by Increase of Tenancy. 3. Form D2 — Letter of Deficiency of Wills of Landlords as to Amount of Wills in Increase of Rent. The landlord should complete these forms. 1. Landlords must supply the appropriate Forms to tenants who have asked the landlord to increase their rent. Landlords are required to provide forms for all tenants. This is required by law to provide the landlord with information required to adjust his/her rent. In addition, all landlords must provide the Forms to the tenant, or if the tenant refuses to supply the proper form, the person who asked for the rent increase and any other person required by law to receive the forms. The forms for landlords must include at least the following information on the form: — The name and address of the landlord/landlord organization. — The names of the landlords, if different. — The amount of time, in days, before rent goes up or down by: — 30 days — 60 days — 90 days — 120 days. — An indication of the increase or decrease based on the time of the year. — A statement that the landlord is required to send the form to any person required by law to receive the form. — An indication that the landlord has completed and endorsed the form, and the completed and endorsed form must be given to the tenant as a receipt before the rent increase is issued.
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