All Forum Posts by: William Baumann

@Taylor Shields I would like you to take your own advice, look at what you posted, and then follow it.  This is a place of learning, communication, networking. You wasted more of everyones time replying with unhelpful information than just not replying at all.  

Like others have said, what is the reason for the rent increase?  Just to increase rent?  Or do you have an actual cost increase driving the rent increase? If you just raising rent for the sake of raising rent with no real justification for it, you have to consider what the value is in having a good on-time paying tenant versus the cost of vacancy.

If your increase is because you think you can get substantially more money for the place because area rents have jumped, you again come back to what is a good, on-time paying tenant worth to you?  A new tenant paying $1000/month but is always late or doesn't pay, forces eviction, tears the place up during that time, could end up costing you a lot more than you $800 "fixed income" good tenant.

It is always about the numbers, risk versus reward.

Just a question for those of you that have dealt with section 8, how do rental increases work with section 8 tenants?   When I was living in nashville, a girl I was dating was living in section 8 housing, she had to pay something like $25 a month and the rent was $450, but her neighbor, (same size and type of apartment) that wasn't section 8 was paying like $750.  Does section 8 or the HA limit rental increases?

What is your intention with the property, buy and hold or flip? Have you check out the comps is the area? Or the rents in the area if your planning on renting it out? Is it a FSBO deal or a MLS listing, short sale, etc. Does the place need rehab? If so how much rehab? What is your exit strategy?

You may have already answered all these already, just throwing them out there.

I can't really answer your question, however, taxes reporting smaller square footage is a good thing for taxes and it keeps them lower, but I understand your concerns.

@Joey Wharton Other than I am jealous?  LOL, are you going to use a property management company?  If so you should also start checking them out and get them on board so they can start marketing the place and finding tenants, as soon as one apartment is complete for pictures.  You also have an opportunity with the existing tenants as well.  You maybe able to phase the rehab and move the existing tenants to rehabbed units for the new rent to help keep cash flow during rehab.

 The answer is in your own statement Josh, Create a coherent message across all media. Decide what you want to say to your clients.  you may want to consider talking to an advertising company to help you build a unique brand image.

Most likely yes, the seller is usually under contract with the realtor.

Never heard of it.  Like @Bill Gulley said, sounds like a guru gimmick.

If you only have 1 property to keep track of every month, I think a simpler solution is warranted (I don't have any rentals so feel free to correct me).  I use Chase bank, and they have a service called Chase Quick Pay, you can request money for a specific amount or leave it open for them to fill out and on a specific day.  your tenant doesn't have to have chase and it is free.  I also get my money in 24hrs or less.  You get email notification that they made the payment and the amount paid, you can also setup requests for future payment requests. So you can set it up to request money each month for the whole year in about 15 mins.

Now this may not be a good way to go if you have multiple properties you are receiving payments from, but even upto 5 I don't think it would take much work.