Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Kira Voden

Kira Voden has started 3 posts and replied 20 times.

Post: Is raising rent with a long term tenant a good idea?

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Eric McCusker:

I’ve had the same tenant in my single family home for 12 years and have never raised rent. They are great tenants that pay on time, never really complain, and generally take good care of the property. Since their fist signing they rent for $1595 but now market rent puts the house around $2100 (possibly more).

What are the thoughts on increasing rent? The lease renews this August.

Another data point is, I’m breaking even each month as is but building equity.


 I just started managing a property that was in a very similar position. Renter had been there 10+ years and rent had never been raised. They were at $800-market rent is now $1300-$1600. We raised $100 every year, tenant has stayed for 2 years so we're up to $1000. Slow going, but the owner did not want to raise rents too fast.

Something to keep in perspective, even if your tenant is upset about the increase, the second they start to look for comparable rentals they'll realize how great they have it and may likely stay. You have a track record with them(hopefully a good one) and they trust and know you. Just have an honest and upfront conversation with them and you may be surprised how well they take it. 

Post: In Need of Finish Carpenters

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Bruce Woodruff:

I assume you mean in Milwaukee? Nope, but that's the kind of job I would have loved to do. I'm guessing $10k budget?


 Yes in Milwaukee, had one guy whose done great work for me before lined up $6,000 quote but he had some unexpected health issues and is unable to work for the foreseeable future. 

Post: In Need of Finish Carpenters

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6

Anyone have a recommendation for a finish carpenter? Needing to have some custom oversized doors built and installed. 

Post: Helping a New Investor Flip a House

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6

This is my ultimate goal, I can't wait to build my success so I can put that experience right back into the community that I love! Thank you for sharing!

Post: Raising Rent Woes

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Katherine Earle:
Quote from @Kira Voden:

For your tenants that are struggling it may be worth while to see if they qualify for any aid. 

I've recently jumped in to help a friend(read tired landlord) who had never raised the rents for a tenant in a side by side that was in the unit for over 10 years. Throughout the years the unit has been updated-new paint, new kitchen cabinets, new carpet, new furnace and water heater. We've been raising her rent $100 every year, it will take us 6 years to get to todays market rents. I'm sure it was a bit of a pill for her to swallow, but I told her the intention was to get her up to market rents over time and I've given her 4 months notice for the increases(we're on year 2 now). She's a great tenant who hasn't asked for anything and taken excellent care of the place- its worth while to keep her.



If it was just 1 tenant and we didn't have so much cash stuck in this deal, I probably would go that route. Some of these tenants are great and they totally get it. Most of them are a 2 person household as well. I just was there today fixing a water heater pump when one of the awesome tenants was so appreciative. She said the last owner never wanted to fix stuff and simply ignored the "little" requests. If it's due to their negligence, that's one thing. Many of the issues she has mentioned was due to the landlord doing too many projects himself and doing shoddy work.  She and her husband would totally be willing to move into the renovated apartment and pay the higher rate to get a nicer apartment! Those are the tenants I want to nurture......


 So great that you are getting in to get things up to snuff- if they had an absent landlord before you might just be the best thing that ever happened to them! Really though situation to be in, wishing you all the best! 

Post: Raising Rent Woes

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Katherine Earle:
Quote from @Richard F.:

You could also do some of the legwork for them, preparing a list of resources to help them out. Catholic Charities, and other sources of rental assistance; local human service providers; food pantries/meals on wheels, etc.; there are also ageing in place agencies that can provide information and resources that may be helpful to some residents.


 I have actually considered that, but this is a sticky one, just like somebody who has a problem dog. We can give them suggestions, but it then puts us in a precarious position since they aren't asking for assistance. My husband is the best dog trainer around and could help anyone with their dog, but unless they ask for help, he has learned to keep his mouth shut. Same thing with housing assistance. They know that I will accept section 8 vouchers moving forward, but just the thought of somebody living in the same complex who is receiving assistance gets them fired up! Suggesting that they look into assistance would likely make them mad. If they want it, they will find it.......just like I did when I was a struggling single mom. Help is out there for people who need it and are willing to reach out to the programs.


Absolutely get where you're coming from with this, but here's a flip side for you. 

Great friend of mine has twice helped tenants find aid to help with rent(I'm not sure of the program but if you'd like I can find out). Both times tenants were so grateful for the help she was willing to give and they have each stayed for a few years now. The program approves them for a 18 months of rent and budgets for rent increases too. 

Not sure if tenants told you or if it was just your observation that they may be paycheck to paycheck. People ware different and not all will search for aid they are not sure is there and might appreciate the guidance.

Of course these were tenants that were in good standing and take great care of their places. 

Post: What are your favorite real estate books you've read?

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Kuriakos Mellos:

Hey there! A fellow Milwaukee area investor myself:

The above a great list. I have found myself going back and referencing this book a lot:

The 12 Week YearBook by Brian P. Moran and Michael Lennington

It is more a mindset motivator for me, but it helps tie my long term visions that I want to get out of realestate and keeps me constantly pushing forward and smarter.


Heck yeah for Milwaukee!

This sounds great, keeping your long term goals in focus is sometimes hard to do. Nice to have a resource to keep going back to to keep you focused. Can't wait to pick this one up!

Post: What are your favorite real estate books you've read?

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Nick Harrington:

Hey Kira - 

Here's my go to list for anyone, and I'm sure some of these have been repeated before. Also this list is not being paid for by Bigger Pockets - but their content is GREAT. 

This is the order I'd read them in as well. 

Rich Dad Poor Dad - Great place to start, helps understand the mindset of what it means to take control of your life, get out of the rat race, and take control of your finances

Set for Life - A more modern day approach to Rich Dad Poor Dad that has tactical strategies you can walk away with on how to help grow your income, manage your finances, and build passive income

How to Invest in Real Estate: The Ultimate Beginners Guide - A great real estate investing guide, going over how to find deals, different options for rentals, property management details, and essentially all you need to feel prepared to buy your first deal

Buy Rent Rehab Refinance and Repeat - One of the best books I've read that truly opened my mind to the power of how to scale a real estate business and how to do so creatively. Gets into the details of ways to finance properties, minutia of how to find a deal, work with contractors, and reinforces the idea that the deal is made when you purchase based on the purchase price. 

Hope this helps and is a good starting place for you!


Great that you suggest what to read first, really appreciate that!

Post: What are your favorite real estate books you've read?

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Michael Mannino II:

Hey Kira! This is a list of my favorites (not all just real estate, but business in general too) - 

Rich Dad Poor Dad - Robert Kyosaki

4 Hour work week - Tim Ferris

The success principles - Jack Canfied

100M offers - Alex Hormozi

What It Takes - Stephen Schwarsman

Traction - Gino Wickman

Maintenance man to millionaire - Glenn Gonzales

Profit First - Mike Michalowicz

Why We Want You To Be Rich - Donald Trump and Robert Kyoskai

The Go-Giver - Bob Burg

Awaken the Giant within - Tony Robbins

Extreme Ownership - Jako Wilkins

Can’t Hurt Me - David Goggins


 Thank you for putting together such a thoughtful list, can't wait to check these out!

Post: What are your favorite real estate books you've read?

Kira VodenPosted
  • New to Real Estate
  • Milwaukee
  • Posts 20
  • Votes 6
Quote from @Andrew Bosco:

Stellar list above! I would just add "Never split the difference". It's a great communication/negotiation book, which is essential for RE. 


 Negotiation is my downfall! I took a psychology class to try and help build skills just for this purpose.