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Updated almost 9 years ago,
Website that provides all services for lanlords renting apartmetn
Dear BP Members:
Hope you all are doing well . I wanted to get some advice and also best practices.
I recently purchased a 9 unit bldg. and the rents are at least $200 below market value in the surrounding area (Heat and Parking are included in this below market rent). The bldg. and apartments are in good condition, the previous owner had the property for 20+ years and maintained the bldg. very well but never increased any rents. I am considering notifying the tenants about the increase in rent or if they move out, just do a quick update and rent it out at the current market price. I am not too involved with the property as my realstate agent helps with renting them out and dealing with the units.
Below are my questions:
- Should I increase the rent to market value or try to negotiate with the current tenants and find a middle ground. OR should I just ask them to leave once the lease is over and do a fresh quote of paint and rent it out at the market price? I would really like some ideas here ….
- I was considering renting some of the apartment's myself ( without the help of a real state agent). What site do you recommend that provides Background checks at a very reasonable price.
- Also do you recommend a website or company that provide the full suite of services for renting ( positing the listing, finding leads, credit and background checks, and any other services that are useful to the landlord. )
Thanks for you input.
Zulf.