All Forum Posts by: Joey Andres

Thanks everyone, I will do this next week on July 1. Much appreciated the help. Really great platform.

@Theresa Harris
That, I will definitely do after consistently hearing same advise from others above.

Read all the books. Now that I have acquired 7 units, I thought I might immerse in this great community. Really great platform!

@Nathan Gesner Exactly. I am already confident they will not leave considering the deal they have. You definitely got a point. My emotions/personality is showing on my target price. Really need to divorce my low-confidence X-D with my business.

In that respect, I know some people are naturally better at that. How do you actually divorce the two? I don't want to get rid of my low-confidence aspect, as I use that to over achieve on things (e.g. my Software Engineering Manager 9-5). But I can see in this not being very useful at all on my rentals.

I thought about this, then I realize, my LLC is Andres Rentals, where things from wifi (SSID: ANDRES RENTALS - <HOUSE NAME>), tenancy agreement, house rules, emails, and so on have this. Andres is my last name

I call my self property manager and owner interchangeably.

I realize it is pure ego like @Mitch Messer mentioned and it is too late I suppose. 

I did hire a part-time "groundskeeper" who deals with weekly things and perhaps, once I exceed 20 units (7 units right now), that person will be a full-on property manager, so I don't have to brag every-time I have to introduce myself X-D.

Perfect!

You have raised many valid points. I think that letter, my original personality shows, which is not good.

I will certainly morph my template to yours in the meantime. I have two weeks, but in the meantime, I'll adopt your template.

Hello,

I have scoured the forums for rent increase posts. Most of them focus on how much to increase and what not. Owning multiple types of multi-family rentals (Class C and B for now), I have a good grasp of the value, in addition to just public rental data, so not really a problem for me. My main concern, being my first rent increase, is the attitude/personality needed for such a task. In general, I will try to convey the following letter (which I will give after I talk to them) in speech. And for extra context, rent increase is from $900 per month to $1000 per month (still $200 below the market, and probably more considering all utilities are included).

Rent Increase Letter (Due to Below Market Value) Template

Dear [Tenant's Name],

I hope this letter finds you well. I am writing to inform you of an upcoming change to your rental agreement for the property located at [Property Address].

First, I want to express my appreciation for your continued residency and the care you have shown for the property. It has been a pleasure having you as a tenant, and I hope that you are satisfied with your living experience.

The rent increase will be from Old Rent to New Rent, which is still below the market value of Market Rent Value, by $200 for the same unit type of 1-unit bedroom, especially with all utilities included. To reiterate, Effective [Date], the monthly rent for your unit will be increased from [Old Rent] to [New Rent].

To make this easier, we will throw in free high-speed internet as part of the deal moving forward.

If you have any questions or concerns regarding this change, please do not hesitate to contact me at [Your Phone Number] or [Your Email Address]. We are happy to discuss this with you and assist in any way we can.

Thank you for your understanding and cooperation.

Sincerely,

[Your Name]
[Your Title/Role]
[Your Contact Information]

Should I be serious? kinda friendly? friendly?

I will attach a link to the local median rent for a 1-br, and I believe, even if he pays for his own utility (which everything are free, except for internet at this moment), he is still below $200 market. Furthermore, I will throw free highspeed internet, which I have lying around for my various security cameras (mainly for me so I can see if it snows or whatever).

I manage it with my wife. I am the meek one, but can morph personalities if needed. I have used my wife as "my boss, who oversees tenancy agreements, wants your rent increase, but I think it is still below market value anyways". Or should I be more confident?

Anyways, I am not sure how to approach this personality wise. Any experienced property managers are welcomed.

(Btw, I go to all our properties multiple times a week as my fuel is just $15 back/forth despite 400km commute, so I take care of all of them a lot, so I am not an absentee landlord at all).