My first apartment analysis
Hello all I would like to get your input on my first apartment that I will be putting under contract tomorrow. Its 12 units in total. 9-2bed/2bath 2-2bed/1bath and 1-3bed/2bath. Currently they all rent for $450 a month but haven't been increased in a few years. I think I could raise them to 550/525/575 respectively. Here is my issue though, the apartments are currently a "senior citizen apartment complex" right now if the rates stay the same the deal doesn't work, but if I can raise them they do. How fast would raise the rates if you even would? Is it unethical to raise the rates on a senior citizen complex since their budgets might be fixed? How do you negotiate this deal? Thanks for all of your advice in advance!