New Fourplex/ Low Rent

[Kim Herrick]

Hello All!

I am in the process of purchasing a 4 unit apartment complex. The rent is below the market average by $65 per unit except for one. 

All four units are MTM and have long term tenants. The current owner pays gas, water and trash. How quickly can I raise the rents? Do you do it in increments or do you do it all at once? As far as the utilities I supposed I have the same question. Can I have them spilt the utilities right away or should it be in increments as well? 

I don’t know the tenants but it’s nice to have long term tenants there. Have you had good experiences with long term tenants or is it better to start fresh.  I’d love to hear your experiences and receive any and all feedback.