Multi- Family - Pointer?!?

[Jacob Heckford]

Looking for Pointers on Multi Family "Dos and Don'ts"?!?

My business partner and I are in the process of closing on a 16 unit apartment complex. I believe that the biggest problem with this property is the potential of tenant turnover. The rent per unit currently are way to low for what the properties can get. The Units are 1bed/1bath units that are currently renting for $450 a month and we know that they could rent for $600.00 easy.

Our plan is to raise rent slowly over time to max the potential of this complex. Meaning Empty units currently will be rented out at $600 immediately and existing tenants will have their rents raised over time according to current leases. It will be a constant battle but a battle that I know will have a greener pasture on the other side.