• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

RAISING RENT/NEW LEASE

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

S

sandee

Guest
HELP? I'm in Ohio and I want to know if there is a limit on the amount I can raise the rent,my mortgage alone is 402 and I've only been charging 350 plus I pay the taxes and insurance myself.I went lower only cause I was more worried of getting someone in there that would take care of my house and love it as much as I did. In the last 10 months they have been late ,anywhere from 1to3 weeks with it being in partial payments,the last to be the only one on time.I would like to put something in the lease as to being late.I'm tired of worrying every month as to when and where am I going to get the money to pay mortgage and I don't want partial payments. I've really went wrong on handling the property/renters. They get affended very easy,have 5 kids,just don't know how this is going to be handled.
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sandee:
HELP? I'm in Ohio and I want to know if there is a limit on the amount I can raise the rent,my mortgage alone is 402 and I've only been charging 350 plus I pay the taxes and insurance myself.I went lower only cause I was more worried of getting someone in there that would take care of my house and love it as much as I did. In the last 10 months they have been late ,anywhere from 1to3 weeks with it being in partial payments,the last to be the only one on time.I would like to put something in the lease as to being late.I'm tired of worrying every month as to when and where am I going to get the money to pay mortgage and I don't want partial payments. I've really went wrong on handling the property/renters. They get affended very easy,have 5 kids,just don't know how this is going to be handled.<HR></BLOCKQUOTE>

Instead of raising the rent (which the tenants will be further unable to pay) send them an eviction notice. Then hire a professional property management company to manage the property. The professionals should be able to find better quality tenants, be able charge market or close to market rent and manage the property for fee that would be worth it. You may likely get more rental income even after paying the property management company, and with a lot less headaches.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top