.• 3-year business plan goals achieved in under 12 months• Listed for sale at 2026 projected price of $1.875M• Accepted $1.825M cash offer from 1031 exchange buyer• Closed sale in Oct. 2023 to secure long-term capital gains• New Sales Record Set: $228K per unit sale price, the highest ever in Bridgeport CThttps://westfaironline.com/real-estate/bridgeport-mixed-use-property-breaks-record-for-price-per-unit-sale/ Lessons learned?

Not only does that change your income flow, but you also don't want to set that precedent for the tenants.

How will you set the rent?

We're now wanting to set some benchmarks for Travis so he can work towards earning a larger share of the business. 

Setting a schedule for who does laundry on which days makes everyone's lives easier.

That not only keeps things in order but gets you another set of eyes on the place to let you know if anything is amiss.

Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner.

I saw the 2024 limits for giving a gift tax free is 18k..

So, to renovate an already functional space to make it more modern involves demo'ing something that has value to try to add something of more value BUT the value is limited because it is basement space.

You get bad MTR tenants by setting your price too low and max guest count too high.