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Updated 3 days ago, 12/22/2024
36% Rent increse Two weeks Into First duplex as a 19 year old Investor
Hello, Bigger Pockets community!
I am very excited To have finally closed on my first investment here in Liverpool NY as a 19-year-old investor as of last week and be auditioning for the Bigger Pockets rookie podcast this Monday! After a couple of years of treading the path to frugality to build this financial runway, I've networked with the greatest people who made this all happen, of course, it took the strength, determination, time, etc to place myself where I am today but, without the mentorship of my two great mentors whom I wish used BiggerPockets so I can mention, I don't believe I would have made it thus far relying on some whimsical dream that this will all pan out accordingly, thank you for everything Greg and Lashawn.
In addition, I would like to thank Bigger Pockets for connecting me with the greatest realtor @Stephen Schmitt Who took my dreams and aspirations to the core when we first connected and spoke about my future goals to replace my W2 job for financial freedom. within three months of me deciding to pull the trigger and get pre-approved, we found this killer cash-cow that apprised over purchase price!!!
After owning the property for 1 week and putting in a lot of sweat equity, I've concluded that I want to keep the Inherited tenants based on the condition of their living space and the quality of the people, Knowing I want to keep them to save myself the headache of a turnover and vacancy of a projected move out If I were to suddenly increase rents. I turned to the Diontalk Binder strategy which educates the tenants on the current price of market rents, section 8, etc, and what I could potentially earn if they were to move out ( In this case being 1500 for a 3b 1ba). they then realize this and know paying a $400 increase (36.6% Increase) would be the best option vs moving out, living in cheaper housing, or going to market rent in the area. As a result, I've increased the rent to my standards and past other landlords' standards who are afraid to go past 10%!!! while leaving with happy tenants who will stay!
I hope to share the rest of my story hopefully being featured on the BP on the rookie podcast. If not I will consistently update here to create the biggest outreach I can considering my age!!!
Thank you Bigger Pockets community. for everything!
Link to Binder Strategy-
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