Raising rent!
Hey guys! So my partner and I found a place that we think we like. It's a 4 unit in Dunmore PA. All the units are rented, but the rents are about $100 less than where they should be. Does anyone have experience with buying a turnkey property and raising rents on tenants. Of course we don't want to be on bad terms with our tenants. We want to upgrade their apartments as well so I hope they aren't too upset with a raise in rent. Any idea how to go about it?
I'm in the process of getting all the info on how long they are in contract with the current landlord. I believe its year to year lease. They have all been tenants for less than 2 years.
Any advice is greatly appreciated!