Buy/Rent boost - Prop. below rent w/ tenants - raise after buy?
Hello Everyone!
I wanted to throw out a question that has been spinning in my head for a bit.
I'm looking to make a move on a couple of duplexes or a 4plex in the area.
The majority of them have tenants and all are below rent (some severely) due to "long term tenants." As they claim.
Is it taboo to raise rents following the purchase of the property? Do you need to honor the original lease?
If you can, how do you go about it?
The typical rents right now are $300 to $600 below current. So these wouldn't be minor adjustments.
Side note: some of the properties could us work which I feel could justify the rent changes.
Looking forward to hearing from everyone!