All Forum Posts by: Allen Humphries

@Michael Robbins there’s about a $350 difference in market rate and what she’s currently paying.

@Andrew B. Awesome discussion, Andrew! You make very good and valid points, I will weigh my options and try and make an informed decision! Thank you!

@Theresa Harris excellent insight! I’m in the same train of thought! Thank you!

@Andrew B. These units were built 5 years ago. The only thing I’ve seen nicer than these are single family homes and they’re renting for $1500 plus. It’s minutes to the mall and minutes to the most desired school in the area. And at the end of a dead end street in a nice neighborhood. I do have cash to hold me over until I can get another tenant if need be. Thanks for your response and if this clears anything up for you I’d be happy to hear your thoughts!

@Kevin S. Side A is on a month to month lease! I knew I’d forget some info! Thanks for the response!

So I just submitted an offer on my first deal. It is a 2800 square foot duplex 6 bed 4 bath (1400 sf on each side)... in a great location. Both sides are currently rented, but the offer is contingent on side B vacating upon closing because I’m planning on living in side B and renting side A. Both sides were severely underpaying for rent. Side A is paying $850 and staying upon closing, side B is paying $650 and leaving upon closing. The number I had in mind for these properties was $1200 a month and checked comparable rentals near by and asked for others opinions on what it should rent for and we all got around the same number... $1,200 a month. How do I go about increasing $850 to $1,200? Overtime, slowly? All at once and risk losing a good paying tenant that has been there for years and plans to be there for at least a couple more? Please help! And feel free to ask questions to clear anything up!

@Edwin Williams you’re probably right, Edwin. Thank you for the advice!

@Kyle J. The first scenario is what I’m experiencing. I guess I could have been more clear. They each signed separate leases, but each lease only mentions the total owed for each month. Not who is responsible for what portion.

So my next question if your first answer holds true after me clearing things up would be, is it even financially worth it to go after the third tenant if the lease is up in two months?

I have a 3 bedroom property outside of St. Louis Missouri where I rent to college students. I currently have 3 girls who signed separate contracts in the unit. One of the tenants has disappeared and left the other two in the unit. The two that are left there are saying they shouldn’t be responsible for the remaining part of the rent. What can I do? Can I hold the one that left responsible? Are the other two liable for the rest of the rent? Please help! Thanks in advance!