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No, I meant in my example of the IP we're buying, with a below-market tenant. Similar situation to Red Star's but not the same one. (Red Star's is going to auction, ours is private treaty; and I gather Red Star's rent is not as far below market as ours). I didn't intend to side track - I was...

No. We've had the agent sound him out early, so he has time to adjust his budget, and we'll give him $5 below top market the first year (because we don't have to pay a finder's fee for him). But he has to pay market from the start. We think he's a good tenant, but it's still an investment and it...

In this case, the tenant has done a lot of work for free. And it's a small community - everyone knows (of) everyone.

I think people are possibly being unduly harsh by dismissing you as a bad tenant because you're paying below market. We are in the process of buying IP4, with an awesome 3yr+ tenant. He's paying $100 below market per week, but he keeps the place beautifully and pays his agreed rent on time...