Ypsilanti - Rent by the room
Hello- I am new to BP, and we are considering an investment property. This is a 9 bed 2 bath property that has been rented by the room for many years.
What are things to consider when buying? All tenants are M2M, obviously we dont know who they are. Would it be better to start with a blank slate and ask for vacant possession, or to inherit the tenants, transfer the security deposit and leases to us when buying and draw new M2M lease?
The rents are undermarket and we would like use the turnover over time to fix areas and raise the rents. Is that a good strategy?
These are not student rentals, all the people living are between 50 and 80 years old.
Appreciate all your advise and support.
Balaji