All Forum Posts by: Sara K.

We had our entire A/C system replaced with a Trane system (inside, outside units and ducts), for $7800. 1800 sq ft house.

Is this your first deal? The age of the a/c and other major components is something I factor into the offer price. 

I would've loved a rental like this when I was younger & single. You have great taste!

If I have to choose a paid off rental vs cash to acquire another deal, I'm going to choose the cash every time.

That said, why is that rental not cash flowing? Is there room to increase the rent? I'd want to get that resolved before adding more properties. 

@Mark Campbell Why are you letting the tenant tell you what he wants? The property belongs to you. You set the rules, not the tenant. If they don't like it, they can go rent any of the other properties available from doormat landlords. Don't be a doormat landlord!

Honestly, this guy sound like a professional tenant, and he has found his next mark in you.

Jeff, can I ask, do you need to get $1800 in rent in order to cash flow?

A vacancy period of 1.5 months and only one applicant during that time makes me think the pricing may be significantly off base. Who is your key demographic? Are you envisioning a family renting it, or 4 students, or something else?

Larger sq ft and amount of bedrooms isn't always better. Are the smaller comps rented? 

The updates you've done look nice, overall the unit looks clean.

Keep in mind I'm not familiar with your market, so I'm just spitballing.

4 bedrooms is higher than average here (see much more 3 bedrooms) plus with only 1 bathroom, I can see that being a major deterrent. If I have enough household members that we need 4 bedrooms, I'd definitely want more than 1 bathroom.

Is it normal to not have grass in the outdoor area?

Have you considered allowing pets with a fee/deposit?

The kitchen seems small and inefficient. Which brings me back to the whole, if I have enough household members for a 4 bedroom, I need a larger kitchen!

There are many possibilities, I would be interested to see the link as well.

Some of the things that come up as possible issues might be the rent amount, amount needed for move in more than average for area, policies (i.e. Are you accepting pets?). Is your unit missing amenities that other similar units have? Is your int located near but not actually *in* the desirable area?

Something to consider before making your move is the amount of money you will have to put into the unit to get market rent for it. If the tenant has been there 10 years, seems like there will be a lot of things that will need replacing cosmetically (floor, paint) and other things that may need to be updated (appliances, kitchen, bathrooms). 

Do you have good reserves for vacancy and repair/updates right now? If so, go ahead and raise the rent to market rent, let the tenant decide if they want to leave or stay. 

Please make sure you check the laws in your area regarding maximum rent increase allowed, notice period for rent increase, etc. 

Sounds like your tenant has the power in your relationship.

Good news is, it's not too late to change that. 

Which appliances? Entire kitchen + w/d?

Are the current appliances outdated and in need of replacing?