Bringing up rents to market value portland

[Eduardo Bravo]

Hi biggerpocket friends!

After spending a year researching and learning about real state I finally pulled the trigger and need help trying to figure out what to do with a property that I just got into contract in the portland SE area. The property is a 16-plex with 1br rents undermarket, at least 5 units are on the 600-650 range when the market rents should be on the $900 ballpark. What is the best way to bring rents to market value? Should I give tenants notice to vacate, or just send a notice of rent increase?

Also, should I do it myself of hire a property manager (recommendations)? I’m an out of state of investor so I’m more inclined to have a property manager.

Thanks in advance for any advice!

[Neal Collins]

Eduardo Bravo ortiz Lots of information to unpack to make that decision. First being condition, price/terms, timeline and relocation fees.

In my opinion turning a property around like that without property management is taking on a large bite. Combine the fact that you don’t have local boots on the ground and it is too big of bite to chew.

We’ve got a lot of experience in this area. Happy to chat if you want to PM me. We’ve turned around a 9-unit, 8-unit, and 15-unit like that in Portland this year.