I’m looking at a park (different from the one I posted that I’m in contract on) with an owner who appears to be a solid $200 under market in a very, very strong market with almost no housing vacancy whatsoever.
The issue from my perspective is - how fast can I get rents to market if I buy the place?
If I go up, say $25 per year it will take 8 years to get them to today’s market - by which time I would not be surprised if market is another $150 higher than it is today - leaving me another 6 years behind to get there.
On the other hand I do not want to end up in the news as the evil guy who jacked everyone’s rents immediately. Maybe Frank doesn’t mind the heat, but I do.
$50 per month per year? Is this a level at which I won’t have news crews and protesters showing up?
Any thoughts welcome.