For your first 3plex, how did you increase the rents from $2200 to $3150?

-Do the area demographics support occupancy and higher rents (population growth, low unemployment, low crime, increasing wages)?

Irvington is very similar to newark, which has very strict laws with regard to rent increases. 

Also, if you go into the BRRR strategy to add more properties faster, every time you get rent and make a payment, you’d still be paying off the loan which is increasing your equity so it’s like a savings account that builds itself.

Property taxes are especially high, as the city by default increases it at 2% per year even though market value of those condos have crashed by over 10%. 

They are often too complicated for tenants to figure out, they have too many ways to fail, and they are often easier to circumvent than a standard key lock.I use Schlage electronic door locks with a simple numeric keypad.

Some expenses are noncash and can be added back to increase your net rental income, and others cannot.

Simply document everything you do and create your own Standard Operating Procedures (SOPs).

And during inflationary times, our rental rates increase.

I know Baselane is becoming increasingly popular, but I want to make you aware of this ticking time bomb if you're using their banking services for rent collection - if a tenant reneges their part of the contract, they can literally collect everything they paid prior no questions asked.I'm working with Baselane to negotiate this issue, but they remain stern on their end.