I'm doing it wrong? (by RentsDue [MA]) Jul 13, 2018 5:39 PM
I'm doing it wrong? (by Johnny B. [MA]) Jul 13, 2018 5:43 PM
I'm doing it wrong? (by JB [OR]) Jul 13, 2018 5:59 PM
I'm doing it wrong? (by Kurt [MI]) Jul 13, 2018 6:06 PM
I'm doing it wrong? (by bet [MA]) Jul 13, 2018 6:41 PM
I'm doing it wrong? (by plenty [MO]) Jul 13, 2018 7:19 PM
I'm doing it wrong? (by Barb [MO]) Jul 13, 2018 7:52 PM
I'm doing it wrong? (by Robert J [CA]) Jul 13, 2018 10:27 PM
I'm doing it wrong? (by Terry [ID]) Jul 13, 2018 11:09 PM
I'm doing it wrong? (by cjo'h [CT]) Jul 13, 2018 11:24 PM
I'm doing it wrong? (by Sisco [MO]) Jul 14, 2018 5:06 AM
I'm doing it wrong? (by RentsDue [MA]) Jul 14, 2018 6:39 AM
I'm doing it wrong? (by AllyM [NJ]) Jul 14, 2018 7:40 AM
I'm doing it wrong? (by GKARL [PA]) Jul 15, 2018 5:51 AM
I'm doing it wrong? (by RentsDue [MA]) Posted on: Jul 13, 2018 5:39 PM Message:
I was given some friendly advice regarding my class c property. I was informed by someone who doesn't actually deal with tenants or screening that I should lower the rent on my vacant unit to below market value. While it is very nice, it is a class c neighborhood. His reasoning is that if the rent is cheaper than anywhere else then tenants will never leave. The advice came from a place of love and good intention. He doesn't understand the applicant pool that will attract. But maybe that " outside looking in" perspective isn't such a bad idea. His advice is sometimes good, sometimes bad and sometimes legally questionable.... so I will sleep on it. In my younger days I would have taken cheap rent over location. It is true that the class c has higher turnover and he may be right.
--174.199.x.xxx |
I'm doing it wrong? (by Johnny B. [MA]) Posted on: Jul 13, 2018 5:43 PM Message:
Try offering weekly or bi-weekly rent. For class C tenants that live paycheck to paycheck, this is a nice perk, and more money for you over the course of a year. --24.147.xx.xxx |
I'm doing it wrong? (by JB [OR]) Posted on: Jul 13, 2018 5:59 PM Message:
While it might attract more deadbeats, it should also attract more good prospects looking for a deal. It doesn't hurt to try something different occasionally. --50.45.xxx.xx |
I'm doing it wrong? (by Kurt [MI]) Posted on: Jul 13, 2018 6:06 PM Message:
I agree with the payday plan.
Class C struggle with money. Aligning rent to their paycheck day (and charging a premium) makes the payments "easier" and differentiates your housing.
Class C tenants are higher turnover because they job hop and often their lives are a mess.
Payday plans and early termination fees are your friend with these people. It isn't taking advantage of them, it really isn't, it helps them.
This forum has opened my eyes to this. It has helped me with my 6-unit building with young factory and grocery store workers. Someone recently said I heard John pays rent weekly and he likes it, I'd like to do that too, will you let me?
Weekly rent gives about $1,000 more income per unit per year... and they ASK permission to do it!
The John tenant actually said weekly rent has made him more responsible with this money. --107.5.xxx.xx |
I'm doing it wrong? (by bet [MA]) Posted on: Jul 13, 2018 6:41 PM Message:
Regardless of the rental class, I am not sure you want tenants to never leave. Have you ever seen an apt where they have been there over 10yrs? Most a total gut job, you kinda of end of paying for it in the end. I would suggest market the apt the right market rent and for that area.
--74.104.xxx.xxx |
I'm doing it wrong? (by plenty [MO]) Posted on: Jul 13, 2018 7:19 PM Message:
ask $10 more than anyone. The better of the normal tenants will be "worthy"... Nit less... Bad thinking. Raise the bar. --99.203.xx.xxx |
I'm doing it wrong? (by Barb [MO]) Posted on: Jul 13, 2018 7:52 PM Message:
Or, $99 deposit and raise the rent by $50-75 pet month to make up for it.
If rent is normally $500 per month, advertise that $399 moves you in! Rent is $300 every two weeks on their payday. --64.251.xxx.xxx |
I'm doing it wrong? (by Robert J [CA]) Posted on: Jul 13, 2018 10:27 PM Message:
I purchased many apartment buildings in up and coming areas. Along the Los Angeles subway route back in 1997 and forward. I also purchased properties near car dealerships that were going out of business that were going to be redeveloped in the near future.
The more money I asked the better the tenant pool.....this is before the area went from "C" to "B". --47.156.xx.xx |
I'm doing it wrong? (by Terry [ID]) Posted on: Jul 13, 2018 11:09 PM Message:
I would never lower the rent. I like the idea of making a portion of the rent due on the tenant's paydays, and I would add $100 a month for your extra book work. How would you handle a late fee? That would have to be explicit in the rental agreement. Good luck. --75.174.xxx.xxx |
I'm doing it wrong? (by cjo'h [CT]) Posted on: Jul 13, 2018 11:24 PM Message:
Rents Due, Don't ever take advice from someone who doesn't own an apartment, or rental house,they haven't a clue,they may think they do, and may be well meaning,but?............charlie.............................................. --174.199.xx.xxx |
I'm doing it wrong? (by Sisco [MO]) Posted on: Jul 14, 2018 5:06 AM Message:
You know that this is bad advice for the home rental biz. If you like to bounce ideas off this person who is uninfluenced by business realities, then share why having below market rents fails to accomplish the goals of higher profits through better resident retention. --72.172.xxx.xx |
I'm doing it wrong? (by RentsDue [MA]) Posted on: Jul 14, 2018 6:39 AM Message:
This is why I love this board. The best advice is from people who lived it. --71.10.xxx.xxx |
I'm doing it wrong? (by AllyM [NJ]) Posted on: Jul 14, 2018 7:40 AM Message:
Don't lower the rent. Make the outside look better. Curb appeal will bring you the renter you want. --73.178.xxx.xx |
I'm doing it wrong? (by GKARL [PA]) Posted on: Jul 15, 2018 5:51 AM Message:
Although I'd never use it, I know some folks who keep their rents below market as a strategy to keep the tenants there. As a matter of fact, I'm dealing with that on a place I just got. All of the tenants have been there 8-11 years. All of the apartments are in good shape. I'm going to raise the rents here shortly however. --207.172.xx.xxx |
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