All Forum Posts by: Evan Ross

Thank you all for the feedback. 

All super helpful - and a good reminder to lean into the context of my local market. Medford (North Boston) happens to be a low supply/high demand market so I absolutely need to get more comfortable with consistent rent increases but those increases need to be researched and in line with the market. From my experience, relationships do matter with the tenants. Like anything it has to stay balanced but small gestures go a long way in reducing turnover and mitigating many "would be" issues. 

I will eventually look to distance myself from this part of the business and hire a PM. I have many questions about this topic - moving from self-managed to PM - I'll post something separately on this topic. 

Hi all - I own and manage three duplexes in the Boston area (Medford). I have been cautious about raising rents as I try to maintain goodwill with the tenants. It's been less of an issue with my first two properties which cashflow at 3% interest rates, but the latest unit is cash flow negative on a 7% interest rate. Given the cash flow loss on the 7% property, I think I need to remove the emotion and make the right business decision for my portfolio holistically. Medford also just voted to increase property taxes which is another reason to act. 

What is a good system to create around standardizing rent increases where applicable / best way to communicate it to the tenants? Any feedback is welcome!

Looking forward to hearing back from the community.

Hello Bigger Pockets members! My name is Evan Ross and I am brand new to this online community and real estate investing. I purchased my first house in Medford, MA in August, 2016 (split with my brother). We took advantage of the first time home owners fee and put down 3 1/2 percent. We are taking the buy and hold strategy after investing about $40K on renovations to greatly improve the value of this home. The 2 unit home is now on track to producing consistent rental income with a total of 6 tenants. As a 25 year old entrepreneur I am contemplating 2 options -

1. Stick around the Boston area and continue to invest locally. The problem is that a minimum 20% down payment is usually required. The loaner I worked with says that I can refinance my current property OFF of FHA, and purchase my next house again at a 3 1/2 percent down payment as long as I live there. Are there any drawbacks of doing that?

2. My 9-5 job can place me just about anywhere in the country. My adventurous side wants to get out of Boston for a couple years and buy a house wherever I move to. What are the biggest challenges with owning properties in different states? I would plan on moving back to Boston within 5 years to ultimately settle down here. Any people out there managing properties across different markets with success?

Thank you in advance for any feedback.

Evan