All Forum Posts by: Raj Shah

Thanks for the reply!

I am

Paying 5000 on mortgage . I have lived in the house for several years before renting it out.

I wanted to raise the rent to align with the rentals similar to our property in the area. I did not raise the rent the last two years which was probably my mistake.

Thanks for the responses- appreciate it  

Hi everyone- I am a fairly new landlord. I have rented out my previous residence- renters moved in 3 years ago. The house at that time was probably priced around 1.3 million. We rented it out for 6500/ month. I did not raise the rent last year however we did think about putting the house on the market because there are not many houses on the market for sale and house prices in this area are significantly increased. At this point, the house is priced at around 1.5 mil.  I want to raise the rent to 7000/month (  I did not raise it the 2.5% YOY market growth since they have moved in). When I calculate out the monthly mortgage for a house at this cost assuming a 300,000 downpayment, it would come to around 7450/month so I think 7000/ month is reasonable.  They plan on moving out at the end of next year and I will have to put some work into the house if I want to put new renters in there or sell. 

This rental is in Asheville, NC. 

Any thoughts on this rent increase from 6500/mo to 7000/mo. 

thanks for your input. 

Thank you for your help! I ran this by them but they are only in the area of the year. They plan on moving back to the east coast. Worth a try.

Thank you for your responses...this was very helpful. I am not necessarily in a rush and I would plan on using an agent. I have my eye on buying some other properties and would like to use some of the profit from this property to help me buy it. My tenants have a lease until October so I have a while until it is up and selling a house in October is not always the greatest time but there are also not many houses on the market...

Thanks again, love this forum always helpful!

Hi everyone- Just wanted an opinion. I have a great property in highly sought after neighborhood with current fantastic tenants. I am considering selling it but would like to sell it to an investor interested in using it as an investment property. I would like them to be able to still live there at least until their lease expires. 

Is there a way to market this property to investors only?

As always thanks for the help!

okay great- that a is very helpful!

I so appreciate this group- thanks for your help.

New investor- I am renting my first property (my first home). My accountant - who is not real estate specific per say- sent me my schedule E forms with real estate tax calculation. The purchase price of the home I am renting was 885,000. It was appraised last year at 1,200,000.

Is depreciation calculated based on the purchase price? I was hoping it would be based on the recently appraised price?

Thanks for fielding this question.

Raj

Thanks for the response! I appreciate it

Got it. I will likely just wait it out. Just wanted to get some opinions. Thanks so much for your input 

I have a few questions for the group. I am currently renting out a high end home in a desirable town. I have solid renters who are currently in the home and have a lease signed until next 10/2023.  I have been thinking about selling the home in the future if I get a good offer. It is not on the market and I do not plan on putting it on the market.  Is it desirable to try to market it to an investor who may like the fact that there is already a great tenant in the home

Thanks!