Turning over a MF property with tenants that are way under paying

[Aaron Steinfeld]

Hi all,

I am trying to turn over a 50+ units MF property that the tenants are paying almost $200 a unit under the current market.

We bought it knowing this, and it was a value add property based off the rents needing a big bump. This property has tenants living there for 10-20+ years and there is never any vacancy (obviously). They are all on month to month leases.

From my understanding most tenants are on a fixed income and with a $200 increase I would guess 75% of the tenants would move, is that accurate? 

From the experienced MF investors out there what would we the best strategy to turn this property over? I am looking at a 2/3 year plan, with fixing up each unit after a tenant moves out, and starting to get higher paying tenants. I just would like to know what would be the best strategy and tips to putting this plan into action.

Like I don't want to come in day 1 and tell everyone there rent is going up $200 as then vacancy would be to high, and we would not be able to turn it over that fast.

Thank you very much for your time!