All Forum Posts by: Account Closed

Especially when you decide to do it all at once and not incrementally.  It's not responsible.  He bought the triplex knowing it was tenanted and likely knowing what rent was paid.

 I was agreeing with you. 

Raising rents to keep up with inflation is of course legit. Raising to keep up with increased services is also legit. Raising just to keep up with the joneses, though, is a bit off.

Sorry @handyhank and @JohnH64, I'm still learning how to use BP forums.  Tried unsuccessfully to @ tag you.

EDIT: AND I STILL CAN'T FIGURE IT OUT

@Hank Parater, what is your primary concern: having two empty units in winter or putting out two responsible tenants before winter?  Seriously, on what side of that line do you fall?

I just bought a SFH with a tenant who'd been paying 350 biweekly. The place could likely easily rent for 800. We signed a two-year lease at 700/month (the property should still be cash flow positive) and included a clause that at the termination of the lease we could sign another lease for a minor increase or he could go month-to-month for 850. The incentive is pretty clear. If the tenants know that a rent increase is coming down the line, they can begin to save and make whatever decisions are necessary.

+1 to @John Hyatt for suggesting that you add value for whatever rental increase you suggest.  Just upping the rent to line your pockets with that precious $600 is pretty cold.

 There is a flurry of economic activity in pockets of Memphis right now, even outside the sacred loop.  Certain areas of Memphis are going to grow very strong within the next few years, helped in no small part by a ready supply of solid housing stock.

 Booooooooooooooogus. And rather racist as well.  The rental market in Memphis is vast and filled with upper and lower class people of all income levels. I'm new to investment but not Memphis. Screen your tenants, treat them like human beings, and see what works for you.

Everyone deserves safe, clean, affordable housing.

 Opportunism?  NEVER!  If there was no actual evidence of termites, then you're probably good to go.

Unless he's like the pied piper of termites and can bring them dancing to your house's doorstep.

Trees and water are not necessary preconditions for termites, as I understand, but they increase the likelihood.

It is a topic on which I'd like to stay optimistically ignorant.

This is something I want to try, but I may be stifled at first.  The house I just bought, my first rental property, is tenanted and the tenant has been paying with money order.  I'm going to look into if I can report manually (thought I highly doubt it's possible).