rental increase strategies
Hello Everyone.
I'm looking to invest in properties that are currently rented.
There single family homes, most have 1 year leases, and rents are low enough to raise ($25 to $75) range. Im thinking to get financing for these properties, which should be easy bc properties are cash flowing.
Properties do need some minor exterior work as well as interior work.
I would like to lock in the tenants with a 2 year lease, to secure the loan amount for the first couple yrs.
I would also like to raise some rent cost just to help with additional rehab.
There is still some due diligence needed on the properties.
I would like to give the tenants options, far as renewing there leases . Hoping to get 60% of them to extended or all, specially if they have great rental paying history.
Please give me your thoughts ?
thank you.