I bought a house at an auction in August of 2015. It is a house with 2.5 acres and has a trailer on the opposite side of the property. The trailer was in a lease when I bought the place and the agreement was I honor the lease until Feb 2016. I want to raise the rent by a bit. Does anyone have any experience with this? I am looking for a template or something to use to go by. I'm not quite ready to have the guy leave yet but that will come sometime in the future after I sell my other house.
The lease grants him the trailer and use of a huge 2 bay garage with a 3rd bay in the back for which he uses to work on his son's race car. He's only paying $700 which is low given how much space the garage provides.
Any help would be appreciated.