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Holdover Tenant at Below Market Rent Amount

Posted by Kelly B on May 05, 2010 at 11:52 AM

Picked up a prop at Riverside Co TS last week. The profile shows the home as owner occupied. When I went to the door a 20 something woman answered and said she alone is renting the property for $1000 per month, although she has not provided me with a copy of her rental agreement. The home is a 4 bed 3 bath 2200 Sq Ft that will bring $1500-$1800 in rent. The tenant/occupant was also quick to let me know that she is a RE agent and know her tenant rights and claims to have started her 1 year lease in December which is when the TS was originally scheduled for.

Can I give her a 60 day notice to vacate because rent is below market and she has only been there 5 months?

Also- If I give her a 3 day notice to pay rent of quit- how much monthly rent can I ask for?



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