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Updated about 7 years ago on . Most recent reply
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Should we Raise the rent?
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thanks for all the input. This particular home rents for $2700 a month. The $75 is after we have put money away for repairs, paid taxes, etc. As I stated but probably not very clearly, this wasn’t an investment property to begin with. The homes we purchased and own as investment properties we have a very different outlook on. We raise the rent yearly.
This particular house was our primary residence and we rented it out inItially because we didn’t know if the relo was long term or not. So we weren’t super concerned other than covering the expenses and having good folks who took care of it in case we moved back in a year or two.
Now that we know we are settled in our new area, we are looking at it as it’s now an investment property since we aren’t moving back into it. It just seemed like a big jump for one year to bump it that much. That’s why I thought bringing up to market over two years or so would be easier. If they moved out of course I would list at market.
I’m not offended at being called a “hobby” landlord, but I am not sure why that was really mentioned. I am not some big time investor. I own three other properties and I run those as a business that all cash flow more than $500 a month and as I acquire more I will run those as a business as well. This isn’t my full time job. We all start some where. 😊
I appreciate all the input and I’m thinking that the tiered option of one or two years at different rates might be a good way to go.
Thanks all!