First property Rent increase

[Ian Hutton]

Hey everyone! My dad and I are going in on our first deal, but need to play with some numbers to make it work. (In Lansing Michigan btw) 

This Triplex’s utilities are currently paid for by the owner (approx. $500/month). When paying for utilities our metrics do not work / break even. 

I need to raise $166 per unit to meet my $500 utilities bill. I’m wondering what’s the best way to go about this? 

Property price is @ $135k, if I request 6k off that would buy me 1 years time to increase rent, but ultimately. What’s the best way to increase rent? I’m also not sure if my market could handle this, as the PM thinks we may loose some tents.

current rent for triplex 1bed 1 bath @

- $625 

-$ 765

-$ 695