Buying a 145 units apartments in central Florida

[Orlando Lis]

Hello, 

so we just got under contract to purchase a 145 apt from a nonprofit organization, the rent is currently literally 60% of the market rate, our biggest concerns are how to make sure there is NO rent increase law in place , how to know if there is one? if the seller is not willing to communicate about the subject. 

thank you 

[Tyler Gibson]

Quote from @Orlando Lis:

Hello, 

so we just got under contract to purchase a 145 apt from a nonprofit organization, the rent is currently literally 60% of the market rate, our biggest concerns are how to make sure there is NO rent increase law in place , how to know if there is one? if the seller is not willing to communicate about the subject. 

thank you 

 Other members of mentioned that there are no rent control measures in the state of Florida from a governmental perspective. If it is a non-profit they may have accepted some sort of government funding in order to keep rents low in order to subsidize so you'll want to verify that all the leases that are in place don't have some sort of long-term government subsidy that would otherwise restrict you from raising the rents.