Raising rents A LOT on a 4-plex that we just purchased

[Ben S.]

We just purchased a 4-plex in the Minneapolis, MN suburbs.  The current rent is averaging about $720, but the going rental rates are somewhere between 1050 and 1350 for a 2 bed 1 bath unit.  We have purchased this property with the expectation to get rents around 1100 soon. 

Any idea's on the best method that I could use to raise the rents to this level during a statewide eviction moratorium? 

On our side, we are planning on getting a 30-year loan with a higher interest rate to help protect us if we do have trouble raising the rents.  The minimum payments with expenses should be covered almost with the current rent collection.  But our goal is to pay this off in 15 years so we will need to get 1100 in rent for each unit as quickly as possible.

[Lynnette E.]

If they are paying you might want to just accept the payment and not raise the rent until the eviction ban is over.  If you raise the rent now, they may just stop paying.  Then you get nothing.