All Forum Posts by: Bud Gaffney

@Ola Dantis Thank you so much for your great insight! I will certainly take your advice. Thanks again my friend.

@Noah Mccurley Thanks so much for your insight Noah! Very helpful.

@Dennis M. Thanks Dennis! I just wonder where they would move to considering I would still be well below market value even if I went up $250-$300. I will increase slowly I think. Thanks!

@Dennis M. Thanks Dennis!

@Ned J. Great insight Ned! I really appreciate it. Cheers to you.

@Jack Medford Thank you so much for your insight, Jack. It is so extremely helpful. I will ponder for another day or two but your strategy has certainly gotten me closer to a solution. Thank you so much again for your response and help!

@Shain Ismailovski Thank you so much for your insight. It is so extremely helpful! I am going to take your advice. THANK YOU :)

Hi all,

I recently purchased a 4 unit multi family property in Taunton, MA. I bought the property in September 2019.

They are all 2 bedroom 1 bath and approx. 1,000 ft2. The units are rented way below market value (It was an older owner who seldom raised the rents) I inherited all the tenants with these low rents. The rents are covering all expenses with ~$100-$200/month total to spare. (15 year note, 14 years left)

The rents are $870, $925, $950, and $1000.

The market value is ~$1250-$1300/unit. I have a big heart, but I also like to think I have a big brain. The holidays are coming up, so I’ve already dismissed doing much of anything until after the new year. Do you have any advice what I should do without upsetting my tenants too much? How much would you raise the rent? All comments are welcome please. Thank you in advance!

@Hai Loc Thanks so much Hai! Your input is greatly appreciated :)

@Zach Midwood Thanks so much for your insight Zach! That is extremely helpful! Congratulations on your 3 family purchase. I own a condo on Braley Rd in New Bedford, MA. Small world, maybe we’ll meet for a coffee sometime. Cheers to your success and to meeting in the near future! Thanks again for the awesome insight.