If You're Not Growing, You're Dying

[Anthony Wick]

I'm not sure the title is what I was looking for, but it gets the point across. 

Growth isn't just about buying more units, but changing with the times, and being open minded. 

I have two units for rent right now (the entire duplex). I like to have my leases end in the summer, but I just bought this duplex. I know, I know. Many will argue month to month is the only way to go. Well, I'll tell you those people are not trying to rent multiple units in the middle of a cold December in the midwest. 

So I get a call tonight, and the person asks if I'd be willing to go 2-3 months, as they are relocating and are looking for a house to buy. First, that probably means they are financially secure since they want to buy and not rent long term. Second, did I mention I have two units available and it's December? It's actually only been 3 days since I bought the unit, but I know listening is free of charge. 

I have never done less than a 1 year lease. But I need to realize that times they are a changing. People are more mobile now, and a good business person listens to opportunities. A March rental might be better than a December rental. Not sure, but if I was so stringent to believe my rules should never change, then I don't think I will last very long. 

Anyway, if he decides he wants to rent my duplex, I'm going to go ahead and rent it out. 2 months. 3 months. 6 months (maybe they don't find that perfect house). So, my side hustle of real estate is growing, and maybe, just maybe, so is my train of thought. 

[Nathan Gesner]

Consider renting on a month-to-month basis with an increase to the rent. You may even consider making it more attractive to them by leaving utilities in your name (for an additional increase) so they don't have to establish their own accounts.