All Forum Posts by: Rob B.

Hi Kodi, great question. Since it sounds like (2) of the units are occupied with (1) being vacant; right now I would focus primarily on getting that one unit filled. Since the other two tenants are currently on a lease, you have to honor that rent price until that lease term is up. At that point, I would consider your rental price hike. However, I do have a few questions; have they been paying on time? What condition are the two occupied units in? I only ask this because if they've been paying on-time, and the units are in great condition - it may be worth settling on a number that works for both parties. Just a thought. Still, as Patricia noted, if they aren't on a lease (or are month to month) give that standard notice but also make them aware that if they want to stay, they need to pay that new rent price. @Kodi Parker

Financial freedom is a big part of it; taking ownership over my time is also part of it; but also figuring out how I can shape and transform my community. I think a big part of wanting to generate that wealth is to be able to put that money back into local neighborhood businesses (the local economy). REI is a great way to also accomplish things as an independent business owner. I'm also big on learning as much as I can to help others out. I see this as a chance to learn more about REI but also to identify key opportunities to build something big for myself and for others (generational wealth).

Hi Evan! Welcome to BiggerPockets. There are a lot of tools out there and as you've probably seen already, you have quite the community to lean on. If you need any recommendations, please feel free to reach out. Again, welcome to the BP community! Best, Robert B.

Hi Mohammad! Welcome to BiggerPockets. I see you're in the Chicago area which is awesome! There are a lot of tools out there and as you've probably seen already, you have quite the community to lean on. If you need any recommendations, please feel free to reach out. Again, welcome to the BP community! Best, Robert B.

As others have noted, just make sure that this is a viable option in the state where you're planning on doing this (doesn't go against local municipal law/local ordinances have restrictions on what you can do as far as renting out rooms). As far as finding other renters for the rooms, post to the Facebook Marketplace -- I noted in a different post that I have several family members who actually found their most recent rentals via the FB marketplace. There are still some great options out there which may be able to help you cast a super-wide net (get a new listing for the property up and posted to 10+ major rental listing sites, managing listing responses + scheduling viewing times, tenant screening w/ a fully comprehensive application, digital lease creation, online rent collection, and maintenance request tracking in one spot). But start with your affinity groups; some of the major listing sites have restrictions on listing rooms for rent -- just a fyi. 

Just make sure that this is a viable option in the state where you're planning on doing this. Some states and even local municipalities/local ordinances have restrictions on what you can do as far as renting out rooms. Now, having said that might be worth consulting someone in your market (preferably legal counsel) to make sure that your lease is airtight. As far as finding other renters for the rooms, post to the Facebook Marketplace -- I noted in a different post that I have several family members who actually found their most recent rentals via the FB marketplace. There are still some great options out there which may be able to help you cast a super-wide net (get a new listing for the property up and posted to 10+ major rental listing sites, managing listing responses + scheduling viewing times, tenant screening w/ a fully comprehensive application, digital lease creation, online rent collection, and maintenance request tracking in one spot). But start with your affinity groups; most of the major listing sites have restrictions on listing rooms for rent -- just an fyi. and lean on local connections based on your lifestyle/standards -- after all, it is about to be a home share situation.

Ah, understood. In that case, it probably does come down to it simply being the time of year when rodents and other pests start to head indoors (or at least they attempt to, as cooler weather prevails). Since this is the case, I would note that James has some good advice above. Those outdoor entry points need to be found and sealed (sometimes you'd be amazed by how they're able to fit between under-door spaces too; it could be worth looking into an under door seal and having one installed).

I'm of a similar notion as others who have posted above. We're in the process of remodeling our family home and one of the biggest questions we've toyed is how we want to approach the bathrooms. Locking Vinyl is something we considered, but ultimately went a different direction. I'm interested to see how this turns out though! Would love to see pictures. 

I'm a huge fan of a nice kitchen backsplash and great point about the granite countertops instead of Formica. I will say though, simply put, the one that tends to do it for a lot of people is wood flooring or vinyl vs carpet. I've never really been a fan of carpet, even in bedrooms; they're never as clean as the first day you put them down -- no matter how often you clean it; even without pets. Wood floors are fairly easy to keep clean. Other things *cherries on top* might be recessed lighting, big windows. 

Some super helpful tricks + tips here, Matthew. Definitely going to keep an eye on this thread to get a better idea of what others might be doing as well. Often times, small things like these can seem extra but in actuality, can help to save some serious cheddar. I wouldn't go too overboard with it given you don't want to spend a terrible amount of money to keep positive cash flow but these are definitely cost-saving tips that are practical for the DIY owner. Thanks for sharing.