Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Success Stories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 21 days ago, 11/07/2024

User Stats

21
Posts
9
Votes
Elijah Berg
  • Investor
  • Syracuse, NY
9
Votes |
21
Posts

36% Rent increse Two weeks Into First duplex as a 19 year old Investor

Elijah Berg
  • Investor
  • Syracuse, NY
Posted

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- 

;lc=Ugwqmdl6Wt2H7Y4nv5F4AaABAg.A65NVRLFOeqA65OWWQk8i2

Loading replies...