All Forum Posts by: Joshua Elizondo

@David Cruice  hearing your response definitely helps out. I know I have to come in and raise them as close as possible to market rents. I’m a new landlord so once I get over sympathizing for the tenants and treating it like a business I think I’ll do much better from a numbers standpoint.  Thanks for the insight

@Jared Skov, I like that idea. Thanks for the comment

Thanks for all the insights on this topic. The other two units are renting for $1300 a month and they signed the lease agreement last January.   I feel like it would be fairly easy to get somebody in there paying $1400 a month.   It’s definitely a lot of money to be leaving on the table if I don’t do a significant rent increase. I guess I just need to view it as a business and not sympathize for the long term tenants.   If I am $200 short on each unit stats $4800 a year in lost revenue. I don’t think the turnover would be half of that. 

That makes sense. I’ll probably give them a 60 day notice for an increase to $1150 per month.  Thanks for the input Isaac.

 I wanted to get some opinions on bringing rents up to market value. I’m closing escrow on a 4 Plex next week and there are two long-term tenants who are paying $995 per month.   They have both been there for over 5 years. Market rents are now $1300-$1400 per month.    I keep going back-and-forth with trying to decide what the best approach would be. A part of me would like to bring them up to market rents right away but then I risk the chance of one of them leaving and having to deal with turnover right away.   Is it better to do a small increase and increase my chances of them staying?