Newbie first purchase

[Kyle Woodruff]

Hi Everyone, 

Just closed on my first deal and to say the least I am freaking out. It's a unique property so it was a real shot in the dark on how to evaluate the property. Even harder because the property was poorly managed and rent was way under market. 

Property has three units with two rented out for 600 and 500 a month.

Property also had 13 storage units on it that rent for 45 each.

My plan: Raise rents to 800 a month for two bed 1 bath units.

Create a studio out a bonus area and charge 650/month.

Use the garage as more storage and charge 150 a month for storage in that

Raise rents to $55/month in the 13 storage units. 

Bought the property on land contract for $105,000. 

What am I missing or not considering. Thanks everyone for taking the time to help out a newbie.

[Bruce Woodruff]

Before you just go raising rents, how did you come up with those numbers.....Is $800 the going market rate for your area?

Sounds like you have a lot going on with that property.....lots of income opportunity.....