Re: 4-plex purchase - Posted by Laure
Posted by Laure on March 19, 1999 at 09:22:13:
My experience with purchasing small multi-family is that the Landlords usually don’t have current leases, and the Tenants all leave as soon as I buy. I guess I’m a Grinch ! hehehe But I run a tight ship, and I let them know that the day it’s mine. I go around and introduce myself, present new leases, notify them that I don’t tolerate late rent, and about half turn in their notices. Out with the old, and in with the new ! And a great chance to raise the rents too !
One 4plex I picked up was only renting for 150, and 175 per month, and the other two units were empty. Within a week, I had the empty units rented for 450/ month. One of the present Tenants left two weeks later (rented it for 500) and one Tenant stayed. I let her stay for 350/ month and she watched over the place.
Good luck with your deal ! I wouldn’t be too concerned with what the present Landlord gets for rent if you know what your market will bear.