All Forum Posts by: Heather Dickison

 I'll send you message with the address. We are renting for $900 for one bedrooms and $950 for two bedrooms. Again, that is renovated with new appliances, floor, paint, doors, etc. 

For the previous owner, one tenant was over $10,000 behind in rent, another $4000, and others lower amounts. Only one tenant was current. I imagine that's why we got it for a steal. 

I bought a 6 unit in January in Zion, IL for $232,000. Rents were very under market and as tenants are moving out, we are flipping units and raising rents on the renovated units. That being said, based on what we are making, I do not think $100 per door would be worth it in this area. 

Hi Chris,

We just bought our first property in Zion early January. We live about an hour and a half away but so far are really enjoying our property in Zion. 

My "why" is to be able to move to California. We want to be able to wake up, go get coffee, and walk the pier without having to worry about going to work at a certain time or making someone else money.

@Nathan G.

That makes a lot of sense. Thanks Nathan!

I forgot to throw in there are no local laws limiting the amount rent can be raised.

Hello,

I recently acquired a 6 unit property with existing tenants and under market rents. One tenant already asked if he can break his lease and move early (woohoo!). Most of the others are on month to month leases. We were thinking of raising rents $10 monthly instead of just saying you now have to pay an extra $200 or $300 each month.

We would keep their leases month to month in case that gets burdensome for them and then if they choose to leave, we can flip the unit and go straight to market rents.

For example we would put on the lease:

March: $710, April: $720, May: $730, etc. and make our way up that way.

I wanted to get opinions and see if anyone has done that before or get other thoughts on that idea. We are aware that short term it would take more time for us to manage this and make sure tenants are paying the correct amount each month.

@James VanLoon

This property was in Zion, IL. The other one is in Beloit, WI. We're looking along the WI/IL border for places.

@Eric Morel

Yes, we are very excited that we found it! We are closing on a 5 unit later this month (needs a bit of work but fully rented) for $173,000 at $34,600 per door!

@Brandon Rush

Thanks Brandon!