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Updated over 2 years ago,

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17
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5
Votes
Bernard Davis
5
Votes |
17
Posts

HELP! New investor, great deal, existing tenant paying low rent

Bernard Davis
Posted

So I'm working on my first deal as an investor. It's a condo that's got a tenant paying $400 under market until the end of November 2022.  It's a condo that will net me $700 monthly after all expenses.   Seller has given me all of the scoop, and his bottom line.  I'll be the first view it and if good will make a cash offer.  The tenant is long term and they want to stay and tried finding someone or trying to buy it with no luck.  My worry is that I will run into a problem when I raise the rent. Even if I keep it $100 under market, I'm sure they'll choke. Not sure ofntheir situation,  age, etc., but should I be scared of this deal/could it present problems?

it's 35% current market, needs nothing but paint and maybe flooring.  2br 2ba 1000 Sq feet.

Thanks in advance

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