Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello all,
My husband and I have a house in West Philadelphia that we purchased last year and we have a tenant living there that is paying very little rent. My question is, what is the average price for the zone around 52nd and Market Sts.?
It is a 2 bd row home, 2 mins. walk to the train station and shopping? People can get on the El and get to Down town philly in like 10 mins or less....
I just want to be fair to this lady, but we really need to cover the mortgage and any extra expenses that might arise while she is renting the property.
Also, how do I go about raising the rent? are there any special laws in Philadelphia?
She only pays $400 a month.
Thank you...
Why would you buy a house that is in a really crappy hood with a single old lady paying 400 bucks in rent, then claim you have a 'tight budget' and 'don't have enough to fix the place so you need more income on it' ? I mean, if you can't afford to take care of the place should it flood or the boiler breaks etc, you shouldn't have bought it. You aren't gonna get 800 bucks a month to live in that hood. Please.
Why would you buy a house that is in a really crappy hood with a single old lady paying 400 bucks in rent, then claim you have a 'tight budget' and 'don't have enough to fix the place so you need more income on it' ? I mean, if you can't afford to take care of the place should it flood or the boiler breaks etc, you shouldn't have bought it. You aren't gonna get 800 bucks a month to live in that hood. Please.
Why do you think it's a single old lady?
To the OP, there are websites that you can put in zipcode and stats on the house and find out the average rent. You should look at the terms of your lease agreement and your local laws to see how you can raise rent (usually requires written notice and give them a time to respond).
It is very close to the University of Penn area...but the neighborhood is a little rough. The part where we have the house is around the corner from the 52nd and Market train stop, literally a minute's walk. It is not so bad there because of all the businesses and stuff. Once you get on the El, you would be down 38th St. before you can sit and get comfy in the train.
To the OP, there are websites that you can put in zipcode and stats on the house and find out the average rent. You should look at the terms of your lease agreement and your local laws to see how you can raise rent (usually requires written notice and give them a time to respond).
Well, we got the "generic" lease for PA that they sell at Office Max. Her lease term ends in July and I won't raise the rent until then. I just wanted to find out information on how to do it because I want to follow the proper procedure and also want to give her a "fair" price. You are right, Leighland was simply assuming she is an old lady. This woman is in her early 40s. and she has her college student son living with her.
Why would you buy a house that is in a really crappy hood with a single old lady paying 400 bucks in rent, then claim you have a 'tight budget' and 'don't have enough to fix the place so you need more income on it' ? I mean, if you can't afford to take care of the place should it flood or the boiler breaks etc, you shouldn't have bought it. You aren't gonna get 800 bucks a month to live in that hood. Please.
We did not want to buy the house in that neighborhood. That was my mother in law house and my husband childhood home. When my mother in law came to live with us (she is an older lady) and couldn't afford to continue to pay the mortgage, so my husband stepped in so the place wouldn't be foreclosed. My MIL was the one that set up the lease originally, and the lady kinda took advantage of the situation. I'm not trying to charge $800 for the place. I just want what is fair and enough to maintain the property (ain't that what landlords do anyway? So why are you attacking me?).
Sorry but your other post on the Philly forum plus this one made me mad, sorry if I got too harsh. I would have never bought what I couldn't afford despite any familial longing to keep it in the family.
Normal rent control rent increases are around 5%.
I think it would be nice to give her a 90 day notice of increase so she has time to figure things out if she ahs to save to move or whatever.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
