All Forum Posts by: Jim Walters

I agree with Jonathan. However, it is important to see if there are any laws/ordinances that limit what percentage you can raise rent. Some cities here in Ohio limit the increase to 10 percent annually. If it were my property, I would immediately send notice of a rent increase, of at least 10 percent, that would take effect in 60 days. The renters can then decide if they can afford it, or if they can find a cheaper place elsewhere. As others have mentioned doing, I keep my rents a little below the market. Not only does this help with low turnover rate, but it also helps with renters being more responsible and taking better care of my property.

I would think about selling this property if your goal is to own rental properties. One of the most crucial points when investing in real estate that you are going to use as a rental property is for it to be a good cash flow positive property. It does not sound like this property is. I read your additional post about it not being the right time to buy. However, there still may be opportunities to buy properties that are cash flow positive.

What type of seller financing? Instead of a land contract, you can have have them hold a mortgage on the property. You would make monthly payments to them just like you would to a bank. A lawyer can help write this up.

I currently own 5 single family residential properties.   I am looking to triple my portfolio in the next 3 years.   I have a finance background with some real estate sales experience.   I love doing real estate deals!  I have used bank lending and hardmoney loans to buy my properities.  I know cash flow is the name of the game!

I am also pretty good, and lucky, at picking tenants.