First Deal! Now how do I raise the rents?
Hey there Bigger Pockets community. I am in the final stages of closing on my first deal. It is two duplexes on one lot. The lot can be subdivided, which is my plan to add value to the properties as they could then be sold or refinanced individually (eventually).
My question to you all is some of the tenants have rents that are almost half of what market rents are for similar properties in similar conditions. Some Tenants have been there for 30+ years. What is the best tact for having the discussion with the tenants about raising the rents?