I am looking at a group of units in a good location and needs TLC.
Current tenants are elderly ones who have been there for years and hence rents are low. I can see with some reno I can add value and achieve much better rents. The problem is my target won't be these elderly people (I don't think they can afford the rent), which mean they will have to leave ...
The numbers don't add up if I have to keep existing tenants with small rent increase.
I am not sure how to handle this. Should I put this issue in a too hard basket and walk away ? What would you do ?
ta
Current tenants are elderly ones who have been there for years and hence rents are low. I can see with some reno I can add value and achieve much better rents. The problem is my target won't be these elderly people (I don't think they can afford the rent), which mean they will have to leave ...
The numbers don't add up if I have to keep existing tenants with small rent increase.
I am not sure how to handle this. Should I put this issue in a too hard basket and walk away ? What would you do ?
ta