All Forum Posts by: Adrian Stamer

Feel free to send your wholesaler my way :)

You should always try to maximize your rent roll, but if you want go try to retain better I would incentivize in other ways. I’ve heard of people that will kind of do a loyalty offer where they will handle items that are regular maintenance (painting, new carpet etc) but instead of waiting for the tenant to move they go ahead and freshen things up to help retain. Of course you should be maintaining your units anyway, but this can make it feel like you are going out of your way to improve their living space 

Can combine it with offers like renew your lease for another year at $10 increase and we will paint a room of your choosing. It’s win win

Sorry to hear the deal didn’t work out. I personally was in a similar situation this year with 18 units, while mostly vacant still has (or had) some tenants at around $225 under market rent. Previous owner self managed and was very old so wasn’t really on top of things

My approach with the legacy tenants was get all the vacancies rehabbed and filled and then offer them $100 rent increase and a year lease (they had been month to month) or two months to vacate. While it didn’t absolutely maximize gross rents, I felt it was a fair compromise. 

In this situation any tenant to leave would then require a $1-5k rehab on the unit, but with a cash out refi planned for the start of the year raising the rents $100-200 a unit easily recovers any outlay

Hey, I’ve seen the wire, I know what she purchased :)

Interest rates are extremely low right now, all paying cash does is get you a 4% return on your money and a bit of peace of mind at best. 

Having higher expenses and lower equity on each individual property helps protect you from lawsuits (suing a property that has minimal equity has minimal results) and also having lower profits per property optimizes your ratio of deprecation to earnings lessening your overall tax burden. With more properties your risk is spread further, sure won’t save you if you are buying bad deals but you won’t be faced with 1 vacancy wiping out all your revenues. 

 Seconding this, mls is pretty useless for residential rentals. Craigslist comps and rentometer is my go to

Great thread!

My partner and I will be attending.  Looking forward to meeting some other investors in the area

 PM me the address, interested in hearing more information 

Welcome to BP and the Richmond real estate scene!