I heard someone say they buy multifamily homes below market price then they increase the rents how did they do that?

Account Closed, to raise the rents to market you also need to offer an apartment in line with what the comps are. The most common way to raise rents to to rehab and improve the units.

Account Closed once you own the property you send the tenants a notice of rent increase. The notice depends on the tenant laws in your area usually 30 days before end of the lease.

If you want to keep tenants (and depending how far below market their current rent is) it is best to first add value (to their individual unit or to the community as a whole) before raising their rents so they understand that you are putting money into improving the property and therefore should be making money from it. You could upgrade one unit for a tenant who would like to stay and pay increased rent and then submit noticed to the rest of the tenants and see who is interested in staying and renting the upgraded units and who would rather find a cheaper place to live.

If the notice period is greater than 30 days, maybe 60 days or longer, you could consider offering cash for keys and then raise the rents immediately for the new tenants.

How can i increase the rents?How can i increase the rents?

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How can i increase the rents?

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