All Forum Posts by: Esther Thomas

Hi Everyone,

There's a property I'm considering, a duplex. Currently one side is rented out to a long term renter (he's been there 10 years). He pays under market value and in fact negotiated a cheaper rent with the landlord (has a family, etc).

While amiable he's not the cleanest person, garage full of stuff, extra cars, etc. No idea what the condition is inside his unit, probably not great. I do feel rent needs to be increased, so A, how do you go about that subject, and B, when he does move out (if there's no record of previous move in condition) legally can you still keep the security deposit? What would you do? Thanks in advance. I have no idea if I'm going ot make a move on this property but I will have to deal with this situation if I do :)

looking forward to meeting everyone!

Thanks @Frank Fiore Jr . My tenants were on a year lease which was up last august 2013. They're on month to month and the original 1 year lease stipulated the month to month conditions, X days notice before vacating, etc so I don't know if I need to reiterate that with the rent increase.

I did want to give them an option of A. renew lease and monthly will only increase 3.5%. Option B. stay month to month but rent will go to 5% above option A.

Not sure if that's Kosher but seems fair to me :)

As far as average market value, really I went through zillow and craigslist to see what other 3/2 houses in my area (ones that are fairly turn key as that is the scenario with mine, granite counters, stainless steel appliances, landscaped yard, etc) go for and they all go for way over what I'm charging now; but that was me eye balling it. I didn't go off any official statical average on some website.

I love my tenants, I don't think they'll move out, but if they did, I'm not too worried about being able to find new tenants, so I guess we'll see what happens!

thanks, yah that is not accurate for my area for sure. If I charged what that rentometer suggested, I would have a line of applicants around the block I think. Thanks! :)

As far as finding 'market value', is this done through Zillow, Craigslist, or is there somewhere I can find rental rate data that's been collated by city, etc? Thanks! :)

@Colleen F. , that's exactly what I was looking for! And yes even increasing rent I know we're way below market value for what we're renting out. I know folks say keep emotions out of it but we love our tenants, they keep the house cleaner and decorated so much nicer than we ever did when we lived in it. We're only looking to increase rent 3.5% but I know we could easily raise it 8% and be inline with what other are charging in our area. Thanks!

I guess I don't need to over think it. Thanks!

Hi Everyone,

I think it's about time I increase rent on my tenants, haven't done it forever. I'd like to leverage a standard rent increase form, if there is such a standard form out there. Where is the best place to get one? (yes google comes up with a ton, but is there one in particular that you like to use?) Thank you!

@J. Martin , thanks for the invite to the meetup. I'll definitely see if I can make it out there.

@Minh L. , thanks for the sound advice. My preference would be to start locally (outer bay area, driving distance). In 2009, I actually started looking in Antioch. Prices were great, my husband and I made a couple offers, but didn't end up with either properties we bid on.

I stopped looking after that, lost steam, moved to the peninsula so my commute to work would suck less. I would love to start focusing locally but I feel like even in areas like Antioch, prices have gone up ~40-50% now :( I don't know if there's still a market locally where it makes sense to invest. I guess that's where I'll defer to the experts for advice.

@Troy Fisher , interesting idea, but I'm sure we can come up with other creative brain storming sessions that don't involve being locked up in a KOA campsite. I love mountain biking in Santa Cruz, definitely can plan something in the future to meet up afterwards in your neck of the woods: Santa Cruz, Capitola, etc.

Anyhow hope to all meet you at a local meet up in the future! Thanks again!

Thanks for the warm welcome everyone! @Ali Boone , jealous you're out in Colorado. No snow at all at our 'local' ski area, Tahoe. Itching to try out my new snowboarding boots I bought last season. If you're coming up north to the Bay Area anytime soon, we can do some mountain biking and talk about houses. I live right next to an open space preserve with some single track. I super interested in finding out more about out of state purchases, especially curious about multi family homes. Hope we do end up meeting in person!