First Multifamily tips for starting out
Closing on my first multifamily next week and plan to ultimately increase rents to market rates as they are well below right now. All units are occupied and all are on month to month terms. There are a few tenants that I'd be fine "pushing out" by notifying of higher rents starting x date, as they have not taken care of the units very well and I wouldn't be disappointed if they decided to leave. However, I'm nervous in this covid era of pissing a tenant off where they refuse to leave and stop paying any rent!
What have people been doing when acquiring new properties? How soon would you increase rents to fair market values? My thought was to notify the tenants that I wouldn't mind losing that I'd be raising rents starting Feb 1. Appreciate any suggestions!
Thanks!