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Music in this episode we will be discussing how to raise the rent Music unless your rental property is in one of a few rent controlled areas there is no limit as to how much you may charge however the timing of the increase and how it's done are governed by laws in most states as we begin it's important to emphasize that despite there being no limit on the amount of rent in most areas a landlord may not base his or her decision to increase on retaliatory or discriminatory reasons proper notice is required to increase the rent before an existing tenancy is renewed even for month-to-month terms you may not increase rent during the term of any fully executed lease agreement unless it's referenced within it's important to note that at many jurisdictions it doesn't matter whether or not an actual rental agreement is signed as long as there's some form of an agreement it's always best to ensure proper notice is given according to the following state requirements in Alabama landlords must give at least 30 days notice to raise rent unless your lease states differently in Alaska landlords must give at these 30 days notice in writing to increase friend or change another term of a month-to-month lease landlords may not increase the rent on longer term leases until the lease ends however if the lease has a renewal amount specified for a new term then no change can be made in Arizona a landlord must give tenants at least 30 days written notice to raise rent or change another term of a month-to-month lease landlords may not increase rent until the lease ends unless the lease specifically states an increase is to occur at a particular time Arkansas does not have a state statute on the amount of notice the landlord must prin order to increase the rent or change other terms of a month-to-month rental agreement unless your agreement specifies otherwise the landlord must typically prthe same amount of notice as the law requires when ending the tenancy in this case that would be 10 days as far as longer term leases they may not be increased into the lease ends unless the lease itself provides for an increase in California landlords must give tenants at least 30 days notice or 60 days notice if the sum of the rent increase and all prior rent increases during the previous 12 months is more than 10% of the lowest rent charged during that time landlords may not use a rent increase to retaliate and in Colorado at least 10 days notice must be given in writing to increase meant or change another term of a month to month tenancy rent amounts and longer term leases cannot be changed unless the lease itself provides for the increase in Connecticut no notice is required to propose a rent increase unless a prior time frame was originally agreed-upon tenants may challenge the increase if.
Form Extension Lease - FAQ
Can you take out a house loan just to rent that house out to tenants?
The economics of the situation depend on the circumstances where you live. Here in the UK, it is very common for rental income to exceed mortgage payments, but it depends on the size of the downpayment you are able to make at the outset. The following method may not work where you are, it depends on the rental market.In 2022. I remortgaged my house. I could get a better interest rate than I'd had before, so I could borrow £10k more for the same monthly repayment. I used that £10k as the downpayment on another property at £70k, borrowing the other £60k. I rented that property out and it made me about £100/month more than the mortgage payments. It still does!If I was only breaking even it would still be worth it because after 25 years the tenants would have paid for the property.Even if the rent covered only half the cost, then in 25 years I would have bought the property but the tenants would have paid half. Still a good deal in my book, provided I could afford the other half.In 2022 shortly before the crash, I repeated this, remortgaging that second property to finance the downpayment on a third. That one currently makes me about £150/month. I can't live on this of course and I still need a "real job", but it's easy money - most of the time.*My plan was to repeat again within a few years but the credit crunch and the subsequent tightening of lending restrictions has really delayed me. I cannot now get a buy-to-let mortgage on a decent rate with a downpayment of less than 30% (I could previously do so on 10%) so it's taking me longer to come up with the money.But I think I will be there in about another year and then I intend to pay down £30k, borrow £70k and buy another property for £100k. If I can do that at 4% over 20 years, it will cost me £424 per month. Properties in that bracket, selected carefully to attract the right tenants, are currently renting for around £570-£600/month. So, once again I should be about £130-£160/month "up" on the deal. If I banked my £30k instead I could make about the same (I think) but what attracts me to this is that after 20 years the tenants will have paid for my property and then I can keep renting it out. At that point my profit margin will rocket, because I will no longer have a mortgage.By the time I retire, I intend to have eight to ten of these at least. It's my pension plan.*One lady accidentally set fire to the apartment. It took four months to get it fixed up, what with insurance paperwork and so forth. Another tenant was consistently late with his payments and it was a hassle to get him to pay up. He's moved on though and things are better now. You have to factor in the costs of repairs, mandatory safety inspections, tax and periods where you do not have a tenant.
Once a registered letter is sent to a landlord by 35 tenants for the denial of increased rent, which was for outside parking what could be the landlord’s next step?
Once a registered letter is sent to a landlord by 35 tenants for the denial of increased rent, which was for outside parking what could be the landlord’s next step?For Colorado, United States:We need to know what scenario applies.If the increase is for a lease that is expiring and/or being renewed, these are simply the terms of the new lease and you can choose to sign it and pay the increased rent or move.If you have an existing lease and the increase is not violating a term of the lease, such as language concerning utilities or other ancillary that may change over the term of the lease, you are on the hook to pay it. If you refuse to pay it, then you are in violation of your lease and you should expect late fees, interest, and/or penalties until you pay up or get evicted.If a new or renewed lease isn’t being executed and this type of service is not described in your current lease, things unfortunately don’t just go your way automatically. You need to check your lease carefully.If your lease makes no mention of your right to park on the property, then you don’t have the right to do so. In this scenario, the absence of describing your agreement with regard to parking works in the landlord’s favor. You should seek help from landlord-tenant advocacy groups or a real estate attorney.If your lease describes that parking is included in your lease at a set fee or included in the lease payment, the landlord can’t just increase it or add it now. If they try, you will have a case that if taken to court you’d be very likely to win.What’s the landlord’s next step?Nothing. Absolutely nothing. A bunch of renters “denied” increased rent. The next move is yours. You either pay or don’t. Then the landlord will do something.What you should do:If this is a renewal of the lease situation:Stop with the formal letters sent by registered mail. No matter what the letter said or who signed it, it comes across as a threat.Have a conversation with your landlord and explain why you don’t think it is fair and see if there is middle ground that you agree on that is acceptable to both of you.Contact a local landlord-tenant advocacy group to help you bring the right conversation to the landlord. They may have a much better time getting across the message that if something doesn’t change, 35 people are not going to renew their leases.If you don’t have a violation of the lease or clear rights to not be charged:Stop with the formal letters sent by registered mail. No matter what the letter said or who signed it, it comes across as a threat.Stop having a group conversation with 36 of you (35 + landlord). While there is strength in numbers, it also comes across as threatening.Have a conversation with your landlord and explain why you don’t think it is fair and see if there is middle ground that you agree on that is acceptable to both of you.If you do have a violation of the lease:Stop with the formal letters sent by registered mail, you’re heading towards a legal confrontation and they won’t help you.Contact a local landlord-tenant advocacy group to help you bring the right conversation to the landlord. See if there are inexpensive mediation services you could use to resolve it without big attorney fees and court costs.If you can’t come to resolution with the advocacy group and mediation, it’s time to get a real estate attorney and do what needs to be done.Remember, your mileage may vary as rules and laws vary wildly from location to location. If you aren’t a real estate attorney, don’t pretend to be one.To be clear, I’m not an attorney (nor pretending to be one), I’m a landlord. Nothing I have every written in my life, including this, is legal advice.Good luck and let us know how it works out.
Apartment Rentals: What is the standard way to notify a tenant of a rent increase?
First, I’ll assume you know that you can’t raise the rent if a tenant has a written lease, unless you write up an addendum which will be signed by everyone who signed the original lease.Starting from that base, you’ll have a lease renewal form, which will include any changes to the lease terms• such as rental amount among others.The most common ways apartment complexes do it is to have the maintenance man hand carry the renewals to each tenant. If tenant not home, tape it securely to the door. Then you need to phone the tenant a couple of days later to ask if they received it okay.You CAN simply send the lease renewal, with no other notification. It should include verbiage addressing what happens if they don’t return it, signed, by the deadline.Some times that action will be that the rent will go up and they will remain in a month-to-month status. Other forms may tell them an eviction for lease holdover will begin unless they turn in keys by that deadline. Most stock renewal forms have places to fill out multiple different consequences of not returning it signed.Not every tenant will react the same way to a rent increase, and some of them will not sign the form and get it back to you, before the deadline or any other time. They’ll pitch it in the trash and either move, or dig in for a struggle.Usually, a tenant must give 30 days notice if they don’t intend to renew, and the landlord must do the same. It’s not unusual for that to be 60 days.Send a lease renewal, timed so it arrives no later than the beginning of the required renewal period.If it’s 60 days, consider it to say they will receive it within AT LEAST 60 days.Don’t drop it in the mail 60 days before they must sign it• allow for postal handling if you mail it. Early is allowed.If your lease is so sorry as to not HAVE a notification period, be safe and assume 60 days.I’ve seen a few leases which made me think “I could have written a better lease from scratch on the back of a cocktail napkin over beers”.So if by chance you haven’t looked at your lease to see what it uses for a renewal notification period, do that now. It’s possible that it doesn’t even have one, but if it does, you must abide by it (in writing), and consider it’s period minimum, not maximum.
My tenants are always late on their rent, can I send them a strong letter advising them to pay on time legally?
Let's get the bad news done first. You are a bad landlord.If you have tenants who habitually pay late, you should be charging them late fees. You should be documenting with the letter every time they pay their rent late. Habitual late rent is a reason to evict them in most jurisdictions.What you should have been doing is writing a strong letter the first time they were late informing them of their late fee. Every other time they paid late you should be writing a strong letter and charging them late fees. After three or four late payments in a year, you tell them that the next one is late you will be suing for eviction. If they do not change, you get a court order to get them out of your apartment to get proper attendance and will pay you on time and abide by the lease that you both signed.I don't know how many months they've been late, but at this point I'm you need to grow some balls and go through that process of tracking every time they are late.You will have two options then, you either accept the late fees, by the way that's me 5% of the rent, and consider that you're getting higher and you're OK with the inconvenience of receiving late rent. Or you'll decide you don't want to put up with their BS anymore and you want to evict them. After three or four months of confirm letters of them paying late go to the court file for eviction for habitual late payments, most judges will allow you to kick him out with 30 days notice and that.If this all seems like too much work, go into the Google and look for management companies your town and call them and have them manage your property properly.
What can I do as a subtenant to avoid a rent increase after the master tenant moves out?
Get your name on the actual lease, as a roommate.As a sublease, you have very limited rights, particularly if it’s an illegal sublease because the actual lease holder is your landlord. The landlord themselves doesn’t know you from Jack.I don’t really know any sane landlords who will do this “to avoid making market rate on the rental” • because this is what you would be asking them to do: make less money than they could be making, so that you have to pay less money. All of the benefit accrues to you.The only way a landlord will do this is very reluctantly, and if they are not aware that the person who originally signed the lease is planning on moving out any time soon.The only exception I’d personally allow is if the original person on the original lease got married or divorced or one of a married couple died, then I’d let the spouse on to/take the spouse off of, the lease. And I’d need to see documents.The main problem you are looking at is that property taxes and maintenance expenses tend to go up faster than rental income goes up, due to laws that try to protect the tenants from the landlord raising rents unduly.The problem is that there are no similar laws to prevent the state, county, or city from raising property taxes, or workmen raising what a carpenter or plumber charges. In California, there’s Prop 13, but property taxes still go up faster than rents.In San Francisco, when a landlord gets upside down on rent vs. costs, it almost always ends in an Ellis Act eviction (i.e. the landlord “goes out of business”, and flips the property).
Is it better to let your son live rent free in a rental or rent out to tenants?
Let your son live rent free and teach him how to manage his money. The world has significantly changed in the last 30 years. When you were going out on your own a college degree was a pretty BIG deal. Very few people had it. Which meant that even without a college degree you could do okay. Plus 30 years ago there was no internet, no cellphone bills, no Netflix, no video games, no purchasing apps on your cellphone and other online services screaming for your attention. What this means is two things. 1. Education Has Become Insanely ExpensiveEducation requirements have sky rocketed for young people to get a decent job. You can't just be a college graduate - you have to have a masters, plus you need to have additional certifications to even get started. And if you haven't done a masters you better have an alphabet soup after your name. By the time most college students graduates, they have so much debt that they're hardly able to keep afloat as they come out of school. 2. Too Many Things Asking For Money And AttentionThere are more things pulling at their money. Instead of just being focused on food, shelter, and a good family - they now have a tonne of stuff asking for their attention and money. So the money that you were able to save when you were just starting out - is a lot harder to save now. What I Wish My Dad Taught MeThat being said, there is good chance that since you own your own house, with a rental as well - that you did an excellent job of avoiding the temptations of your time and saving money. This is the advice that would do wonders for him. This is the advice that I wish my dad had taught me when I was growing up. How to make and keep you money. When you have your son living with you it's easier to show him how you do stuff - and then let him choose to do it one way or the other... But if your son is living in a rental - then he has to pay rent, and take care of everything else.... groceries, internet, cellphone, car etc. etc. That being said - don't let him live with you rent free. Talk to him and let him know that you want to help him manage his finances and to help him save his money. Make him put aside the money that he would be paying in rent - as savings. Tell him that his rent is showing you his bank statement at the end of the month with the amount of rent saved. This will give him an opportunity to actually learn to save without the pressure of eviction, or falling behind on his bills. If he does fall behind you can always guide him - and if after a year you see he's doing okay ask him to move out. Tell him this is the next step in becoming a man - which is to move out and get a place of his own.
Is it ethical to rent out an apartment to Section 8 tenants?
What does your question even mean? Ethical?YES. IT IS VERY ETHICAL. Do you know how to properly screen prospective tenants? People like me,everywhere are good , kind, well mannered,even educated with years and years of work experience who can not afford the overwhelming cost of rent. You could be helping a solid person get a break so they can get safe housing. Some are permanently disabled, some care for their elder relative, some are mentally disabled and function quite well, some are women who are getting an education or work experience so they can make enough money to not depend on the government• You will likely get more rent than other renters pay AND be doing a good thing.Unless worded incorrectly, your question is very offensive and ignorant.It's unethical to profile and stereotype. It's unethical and UN-AMERICAN to not help a person who needs it. Kick a perfectly good recyclable citizen all the way off of the curb.Sickening. Good day
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