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Updated over 2 years ago,
Rents under market- section 8?
My husband and I are newbies and are looking for a multi family for our first investment property. After looking at rent rolls on several properties I have realized that the rents most of the units are getting is below market. How do new owners of a multi family typically handle this? I imagine most will purchase the home, and ask tenants to increase their rent over a period of time. Is it safe to assume that if tenants are "at will" that they are section 8? Is this something that is typically asked prior to purchasing? Is it challenging to get section 8 to increase the amount of the voucher to match the increase in rent you are asking? It is seeming to be more cost effective to purchase a property that is vacant so that you can start rents at the market price rather than attempt to increase? Any input would be greatly appreciated!