Buying a Tri-plex with under Market Rents

[David Louthan]

I’m buying a truck-plex and the rent for each unit is under market value by $125-$150.  

1. What is the best way to raise rents?  The contracts all end at different times over the next four months.

2. Is there a way to force those contracts void as part of the sale? Is that a good idea?

I am at the beginning of the process my offer was accepted 2 days ago and I just looked at the place today.

[Twana Rasoul]

@David Louthan Congrats. It’s great that leases don’t all end same time. As they expire, renew each one at market rent. If unit needs work to get to market rent and tenant decides to leave then do whatever cosmetic work needed and get new tenant. Rinse and repeat as unit leases come due. Best of luck!