All Forum Posts by: Nathan Waters

I would worry less about what they have into it and more about what leins are on the property and what your numbers look like. That's just me though.

How long is the session? I have a noon appointment that morning but would love to try to make it.

I'm interested in plainfield. As much as I would love to pick up a whole portfolio, I prefer to invest within 30 minutes of my house.

Thanks for the advice everyone.

@Linda S.. Reading your post reminds me of a tip from the Carleton Sheets program. He had a technique similar to that. I studied his material years ago before I started investing.

I'm sure this varies based on local market conditions, but how much are you typically increasing the rent by? I only do 12 month leases so its convenient to up the rent with each lease renewal. But what percentage does everyone else do? I'm looking at 2-3% as a target.

@Steven Hamilton II Thanks for the information. I'll have to check with our area to see if its similiar. I am dropping off a listing for our newest rental this week so hopefully I will be able to talk to someone then. They usually won't give you the time of day without an appointment. But some of the people that work there can be helpful.

@Thomas S.

I agree with you about not letting the government choose my rate of investment. My goal with the house was to inflate the rent and see if I could get any good tenants. I priced myself out of the market a bit. I had a fair amount of interest, but once I screened the interested ones, the most qualified happened to be a section 8 tenant. I wasn't initially going to go that route but it has worked out. I did have to lower the rent based on comps in the area, but I have to admit that it is now at a fair market value. I am not looking to gouge anyone on rent, but i will definitely take the highest rent that a qualified tenant is willing to pay. Even if the qualifying tenant is the government.

@Alex Bok

I have seen this schedule, but that brings me to another question. I have a 4 bedroom that I'm about to start marketing for rent. No way in hell would anyone pay $1616 for rent in this house. My broker seems to think  I can get 1400 easily. But there are no real comps in the area to support much more than that. Should I list at 1600 and hope for the best? My 2 bedroom was listed for 1250 and the housing authority came back with 1142. So my guess is that they will give me a maximum allowable rent for section 8. But is it based solely on bedrooms? Or do they deduct based on other criteria?

I have a section 8 tenant that is due for lease renewal in 5 months. I would like to keep raising rents each year to keep up with inflation but this is my first section 8 tenant. Anyone have experience on the process? He's a pretty good tenant and I would like to keep him.

On another note, how much are you typically raising rents on your properties each year? I would like to shoot for a 2-3% increase with each lease renewal. I am only doing 12 month leases on the homes I have in Illinois. I have one in another state with a long term lease but I'm selling that one this spring. Thanks in advance for any advice.

@Steven Hamilton II,

Thanks for the information. I'm going to look through it so I can get a good feel on what I need to do to be prepared. I feel like I have a big picture of what I want to do with my real estate future, but need help with the details of book keeping and tax preparation.

I work atleast 50 hours per week at my primary job, more in the winter and late fall. I am working on growing a portfolio but currently its small with 4 single family homes. I manage everything myself and use mostly contractors for the renovations. I am there almost everyday for atleast an hour or two during a renovation. Usually 4 weeks to renovate so its time consuming at times but its a labor of love.