All Forum Posts by: Account Closed

Quote from @Bruce Woodruff:

Quote from @Mark Cruse:

This ^^^^ And I saw a news story recently that 50% of the US is currently having problems making their housing payment - both renters and owners. Imagine someone in this position getting a $450 mo raise. It would even shock people without money problems, that's a $5400 a year hit...

 Yep! Its a significant chance that person cant afford it and has to search for a place they can afford which may not even exit. Imagine someone coming to you or me with some proposition that forces us to uproot our entire family in month without a clear picture of the future. Imagine if we were stressed, having zero idea when or if our kids can have a roof over their heads. If we could land somewhere that we cant afford imagine things like changing kids schools, moving expenses, transportation issues and a thousand other things. Imagine if we had zero means or idea on what we were going to do. There are several landlords that operate off the mindset that its all business and could give a shtt less who it damages but it leads to a vicious cycle of events eventually. 

Quote from @Account Closed:

Quote from @V.G Jason:

What is this ****.

First if you're going to raise someone's rent by a third don't call it a little break. It's irrelevant where the market is, it's a relative basis on where there's is. Second, before you have the audacity to casually type over a 33% rate increase go do a property inspection so you can be ready to see the damage that could be done after they read that text. Third, you never make offers without deadlines. Fourth, you're not fit for this **** hire a property manager and get your dusty hands off this. Fifth, you're a contributing reason why landlords have bad reps.  

wow thanks bro. rude. you don't know the half of it. I was taking the advice of my real estate mentor to raise rents. I do regret it now.. but saying I'm not fit is insane... this is my first year as a landlord. I'm sure everyone goes through their hiccups. To put someone down like this is completely out of line. 

Saying you're not fit is insane? Then you follow up with saying this is your first year as a landlord and prior to that saying you have a real estate mentor. Then to add that, you've already had some eviction issues with heavy costs to cover. 

You basically agree with me--- you are not fit. Hire a PM, save yourself. 

You are in Massachusetts! Be very careful. You need to give proper notice by ending the current tenancy and then offering a new one at the new, higher term. I do not believe texting is going to cut it in this state. Although not required I always have these notices served by the constable.

If there is no response either way and they stay beyond the end of the tenancy and don't pay then you will need to evict. 

If you just lost $20,000 on a previous evection, I would talk to that attorney to be sure you are handling this one correct for Mass. 

If these are inherited tenants and the old landlord lease is in place, you may not be able to raise the rent until the lease expires. You would still have to send a notice of non-renewal

What is this ****.

First if you're going to raise someone's rent by a third don't call it a little break. It's irrelevant where the market is, it's a relative basis on where there's is. Second, before you have the audacity to casually type over a 33% rate increase go do a property inspection so you can be ready to see the damage that could be done after they read that text. Third, you never make offers without deadlines. Fourth, you're not fit for this **** hire a property manager and get your dusty hands off this. Fifth, you're a contributing reason why landlords have bad reps.  

In this case you're running a business...

Therefore:

1 - Be professional,

2 - perform excellent customer service!

3 - Your tenants are NOT your friends, they are your customers. (yes that stings sometimes...)

I think you should have stopped by and spoke with her face to face first.
Everything documented, proving the market rate you name it, listing the comps and property features.

Next I would have increased the rent over two years. Starting with the new renewal date. If you're going from $1000 to $1500 then the first renewal would have been $1250, the next year go to $1500.

My PM does most rent increases face to face as well. A few times she has raised rents without consulting me because she knows how I work. I like it when I get told she got a new tenant in and oh btw, I raised the rent $100/mo too!

I have raised rents multiple times.

First I never raise rents more than $100 a year if I am the current owner of the property. If I have just purchased the property and leases are getting renewed then I'll send everyone a personal letter introducing myself, my property manager, and document what the current market rate is for their unit with documentation to prove it. (Just google it.)

In one case which follows closely with your situation, I met with them personally and let them know that I'm their new landlord and this is your property manager. You have lived here for 5+ years and in that time you have never had a rate increase. Your current rent is $550 and the market rate is $800 for a two bedroom apartment. In reality you have a semidetached house with your own driveway Rents for two bedroom houses for this area are $1000 to $1500 depending on features and comps etc. Your rent is going to $900/mo. I simply cannot keep rent that low and your neighbors in the building right next door are all going from $500 to $600. He didn't like it but he is still there as a tenant. He did make a comment to my property manager that he checked around and still could not find a place as nice as where he was staying for less than $1100/mo so he was fine with it even if he didn't like it.

I have two other units that have not had a rent increase for a while because I was pretty sure they can't afford it. (Better to keep a paying tenant than have to find a replacement.) They are $100 to $150 below market rate now and they are going to see $50 increases over the next few renewals.

@Account Closed do they have control of the heat or do they have to open windows to cool it down when it is too warm. Opening windows and wasting heat if they can control heat is... if they are totally inconsiderate that way a large rent increase is in order partly to cover increased and out of control heat expense.

Quote from @Account Closed:

It was not a formal letter. I sent a text (how we typically communicate) and then I sent the new lease to review through DocuSign. So I should send a formal letter for increase in rent along with the new lease to sign via Certified Mail and another one First Class?

Local law states that rents can be raised with 30 days notice or frequency of rental payments. They pay month to month. 

 NO, do what I mentioned right now, I bet she calls you back within 2 hours. I am not sure how long its been since no response. But if more than 3, 4 days, I would also put a 24 hour notice on her door. 

Good luck