Hi All,
I recently purchased my first rental property in May of this year and all seems to be going well. The basement apartment is rented out to two mature students (4th year) and the main unit will be occupied shortly, but I have been collecting rent from the main since July.
In May I noticed another 2 people constantly at the basement apartment and questioned them on this. They informed me that the 2 extra people would be leaving at the middle to the end of August and they were just in for the summer working. I would like to be prepared with how to handle this situation if the additional 2 people plan to stay...."my spidey senses have been tingling". Do I increase rent? Do I say they cannot stay....may have to check my local tenants act on that one. Currently, the heat and hot water are included in the rent, they pay everything else. So far the tenants have been great, they pay rent on time, courteous and nice to talk to.....no problems. I want to handle this properly!
I appreciate any guidance you can offer. Thanks!
I frequent this site several times a week and what a learning experience it is. A lot of great topics and great feedback.
Best Regards,
Harold
I recently purchased my first rental property in May of this year and all seems to be going well. The basement apartment is rented out to two mature students (4th year) and the main unit will be occupied shortly, but I have been collecting rent from the main since July.
In May I noticed another 2 people constantly at the basement apartment and questioned them on this. They informed me that the 2 extra people would be leaving at the middle to the end of August and they were just in for the summer working. I would like to be prepared with how to handle this situation if the additional 2 people plan to stay...."my spidey senses have been tingling". Do I increase rent? Do I say they cannot stay....may have to check my local tenants act on that one. Currently, the heat and hot water are included in the rent, they pay everything else. So far the tenants have been great, they pay rent on time, courteous and nice to talk to.....no problems. I want to handle this properly!
I appreciate any guidance you can offer. Thanks!
I frequent this site several times a week and what a learning experience it is. A lot of great topics and great feedback.
Best Regards,
Harold