"Mike, You're a Greedy Evil Landlord for Increasing the Rent!"

That's what some people say when they heard that I increased the rent by $500/month on one project (pushing the rent from $900 to $1400).

But they didn't know that my higher rent is still $100/mo to as much $200/mo below what my competitors charge.

And I did a lot of work and took on risks.

I did the work in finding, negotiating & then raising the money (and guaranteeing the mortgage) to buy an apartment building that was neglected by the previous owner.

I put up $25K-$30K per unit in capex to update the apartments providing decent housing to my tenants. When the tenants saw apartments, they gladly paid the higher rent and stayed. In fact, it's now 97% occupied despite the higher rent!

Let me ask you: Am I evil & greedy?

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