Potential 6 unit building

[Colten Burress]

My company has just started and I am looking for some guidance on some important forms that I should look into for a property we are going to potentially purchase. The property is a 6 unit, in an up and coming part of town. Currently the rents are all way under market value. The current rents range from $300/ month for 2Bed 1Bath to $500 / month and all are basically Month to Month. Previous owner hasn't raised rental prices much since they purchased in the 80's. There is one tenant who has been in the property since 2009 and is paying $300/month. Challenges I foresee on this property will be, raising of rents to current market value and dealing with upset tenants, and also how to get this property updated quickly to raise its value, since it is currently fully occupied. We are going to BRRRR this property. This is our first passive income property potentially, so any guidance on some important/ recommended documents is appreciated!

[Brian Ploszay]

Don't worry about the tenant's reaction to the rent raise.  They have been subsidized long enough.   You will lose some of them.  You will evict some of them.