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Happy Friday BP! I looked at this house yesterday and here is the deal I came up with. Here are 2 assumptions I have made at this point; (1) I can get the house for $75K..not the $85K asking price and (2) that I can raise rents a minimum of $100 per unit. It seems like her rents are low as she is charging $550 for the 1/1 and $650 for the 2/2. Both units are occupied and I do not know the status of their current lease yet but either way, raising the rents seems like a quick way for me to get the numbers working in my favor. Can I just raise rents after taking possession or would I have to wait out their current lease?
Hi @Shane W. Chapin ,
Assuming you are not going to be using a property management company? Your numbers look really good.
As for raising rent - that would have to be done at the end of the lease.