All Forum Posts by: James Wilcox

@Matthew King I would not rely on tenants changing the filters. You will find that they will not remember to replace them and you have no proof to say other wise. Just have your PM or yourself do it as recommended by your filters/area. You will help protect your property and gives you a chance to see inside. I also check all smoke detectors and check for water entering the property at that time. Doing this 2-4 times over a course of a lease isn't that big a deal for the tenants and some appreciate the hands on approach while still giving them their privacy. Also they will might tell you about other problems that they failed to mention before. 

True story, went to change the filters and inspect the property and the tenant told me the back door lock was sticking so they jammed a knife in it to keep it open. :) Needless to say, leaving your back door open with a sharp knife is not the safest choice. Would probably never have know about that issue if I didn't go change the filters and check up on the tenants myself.

I think you kind of answered your own question @Suzanne B.

"Since renting it out, we've come to realize we really undervalued the rent price."

"They aren't the best tenants, we're had some problems, nothing major, if we lost them I wouldn't be heartbroken."

As far as IK there is no exact formula of knowing how to raise rent. Even if there was it would just be a general rule and you really would have to look at your market and do on a case by case level. 

However, I generally try to over deliver, but under value. Staying below market can be fine. I shoot for roughly around 10-15% under market to keep units filled, but provide excellent service and a product. If your tenants feel like they are getting a good deal and are happy then they are less likely to move. Some vacancy is normal though. If you have a muli-unit as opposed to a SFR, raising rent is easier on your wallet since your income is spread over multiple units.

Just my 2 cents.

@France Hodge welcome to the BP community. Good luck in your REI. Pretty sure there is a large REI club in Louisville. I would check that out and continue to network.

@Nate Lewis welcome to the BP community. You have definitely come the right place to learn about REI. Make sure to check out the podcast and blog. They are great resources as well.

Good luck @Chuck Blair. Remember to take action.

Say you would probably want to get a little more detail than that. Find people in the area that have the skills that you are lacking to do the flip.

@Matthew King welcome to the community! You have come the right place to learn about REI.

Welcome and good luck @Account Closed! I can't really give any advice with wholesaling since I do not do that form of REI.

However, being younger you might get a lot of people that do not think you have the knowledge or the experience to pull off such a deal. Keep taking action and try to accomplish it anyway. Wholesaling can be a tough business and it will probably take a while to pull off a successful deal. Don't get discouraged and keep learning.

@Eric Cole welcome to the BP community! 

@Mike Mills welcome to the BP community and the Lexington, KY area. Good luck in your investing.