All Forum Posts by: Stephen Jones

@Brett Deas

Thanks for the feedback man!

BP,

I am struggling on whether or not I should raise rents on about 20-25 units out of my portfolio. Where I'm located (southern state of IL) rents have kind of tapered a bit, and I realize how tough it is out there right now for people, but on the other hand out of these 20 units or so, according to the market, these rents are ready to be bumped. Another reason I am hesitating is because the majority of these tenants are good quality tenants. I'm torn on what to do. Do I raise them now? Do I wait until next year (I believe things will be worse), do I raise them slightly 25-35$? Any advice would be appreciated! Thanks. 

Any idea where?

@Sam Yin

Thanks for all the feedback man! 

For sure, definitely factored that in.

So if you don't mind me asking (please do not feel obligated to answer). How much did you get the line of credit for? Did you use it? If so, on what?

@Mike Dymski

Market rent for lets say a 2 bed 1 bath is 750$.

There is quite a bit of rent growth on this particular asset as well, which I like.

It consists of 1 beds, 2 beds, and 3 beds.

@Sam Yin

Sam,

Thanks a lot for the feedback man, really appreciate that and the kind words!

Will you explain to me what you mean by a 10 lock? Not sure I follow that..

@Chris Miller

Honestly, I have not thought of that. I obviously know what a heloc is (I have one on my primary home) but wasnt aware I could get a line of credit on my investment properties? Do you think this is something I should explore? How does it work? Do banks really provide that if you have that kind of equity? Thanks for the idea man. Let me know!

@Simmy Ahluwalia

The seller is 80. I did mention a seller finance deal. He is willing to carry a million on the deal. Not sure if that is even worth it? We haven't went over his terms yet. He literally mentioned that he would do that just today. 

@Mason Liu

All great points! I appreciate the response. This particular asset is very stable and cash flows well at that price point. That was another thought of mine that I didn't mention- Most of my current loans are at 3.5 to 5% interest, not sure how smart it would be to get these appraised, pull out equity and then all the sudden my loans are sitting at 7%+ rate.