All Forum Posts by: Cramer Guzaldo

Hey All,

The question I have for all you self managing landlords today is, does anyone have any good tips or tricks (I don't mean actually tricking your tenant) into a simple and stress free way of having them sign a new year lease with slight rent increase about 2.5% 

Ive been doing this for years now and Ive just come to the point where I'm tired of hearing the same old "Oh well we are going to probably be moving" or "This is broke, I need a new stove, bathroom, car..." Mind you we only raise our tenants roughly $20-$25 a year. Ive done it all, make cost increase sheets that gives the tenant the option to see what their rent will be if they wanted upgraded kitchen appliances, new paint, etc. Explain this is a cost of living increase, how our bills have gone up, so on and so forth. 

So basically I'm asking has anyone out there found the fool proof way to getting these leases signed with ease? 

P.S not interested in hiring a Broker, because giving them 10% for a lease renewal will actually cost me more than the amount I would receive due to the rent increase

Thanks,

Cramer

Hey, the struggle right now is very frustrating. Here in Chicago we’re dealing with the same problems. Low inventory and the inventory that is out there is for a lack of better terms **** and over priced. What you have to do is keep pushing forward and keep forging connections with realtors and possibly cold calling. You’ll get a lot of pissed off owners who say NO! And hang up but my last deal was done so and while they didn’t sell they had a friend who was thinking about it so we met. Talked. Built a repor. And in doing so kept it off MLS. We later found out she had 5 6 flats and we ended up purchasing them all with an easy sale because of the built connection. Hope this helps! Cramer

There are a few options you could try and that is going to a trusted broker. They will list it and usually their fee is half of the deposit which they charge for the first month. Also being that it is a C neighborhood I would lower your requirements and look more into what’s causing their lower than desired credit history. Sometimes it can be a student loan from 10 years + and also limiting your income to 2.5 the rent. Also by not allowing pets your giving up a huge market. You can charge a non refundable 200 dollar pet fee that essentially goes right into your pocket and exclude high risk insurance dogs such as pit bulls(even though I have one and they are the best!) Ask did you check your current rental rates in the area/is your property in a complex comprised of multiple buildings with different owners? If so that may be hurting your bottom line. When we have trouble renting we try to get as many applications as possible with a business model of no application fee and if accepted we offer a $50 gift card to a store that is most used in that area like target or a grocery store. You don’t want to limit your exposure by having people who think they won’t meet requirements not apply due to that and the application fee. Have them apply and based on your standards it’s always easy to reject people. Hope this helps! Cramer

Hey guys, I’m a landlord with 86 units in my portfolio right now. I’m 28 so I’m trying to streamline and manage my business more effectively. My question is to any of the pros out there what are the best apps to use that have helped your business. Thanks

Hey All,

I'm new to Bigger Pockets and this is my first question. How do I get my tenants to pay on time in one shot. Now before you go off and say the obvious, let me give you a background. I have 156 multi-family apartment units spread over 21 buildings. The tenant demographic is largely working class Hispanic, who typically live week to week. Now while 96 percent of these tenants pay within the month. My biggest problem is im wasting to much time knocking door to door, calling, texting, exhausting all efforts even the sit and wait for them to come home cause their avoiding you method to collect rents.

So basically I'm wondering if anyone has tenants or has had tenants like this, what have you done or implemented in your rent collecting methods to make it more efficient. I've done late fees, 5-day notices, drop boxes, mailing addresses, and I'm assessiable 24/7. I'm looking for solutions so I can get my rents without having to go through the lengthy eviction process.

Any and all advice is greatly appreciated.

Thanks,

Cramer 

Hey All,

I'm new to Bigger Pockets and this is my first question. How do I get my tenants to pay on time in one shot. Now before you go off and say the obvious, let me give you a background. I have 156 multi-family apartment units spread over 21 buildings. The tenant demographic is largely working class Hispanic, who typically live week to week. Now while 96 percent of these tenants pay within the month. My biggest problem is im wasting to much time knocking door to door, calling, texting, exhausting all efforts even the sit and wait for them to come home cause their avoiding you method to collect rents. 

So basically I'm wondering if anyone has tenants or has had tenants like this, what have you done or implemented in your rent collecting methods to make it more efficient. I've done late fees, 5-day notices, drop boxes, mailing addresses, and I'm assessiable 24/7. I'm looking for solutions so I can get my rents without having to go through the lengthy eviction process. 

Any and all advice is greatly appreciated.

Thanks, 

Cramer