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If you know how to manage lower income tenants and how to optimize the management of older properties, you can do extremely well. Many of these properties have ma and pa owners with under market rents and bloated expenses. On the supply side, there just aren’t enough of these properties for tenants to live in and there’s been very little new construction in many markets. As a result, occupancy levels can be well over 90%. Richard Simtob, Partner at Simtob Management and Investments, has acquired over 700 Class C apartment units in Lansing and Kalamazoo, Michigan with his son, and they’re doubling down on acquiring more as other buyers are moving to the sidelines.
