Missed one (by BRAD 20,000 [IN]) Aug 4, 2020 8:46 PM
Missed one (by BRAD 20,000 [IN]) Aug 5, 2020 12:21 AM
Missed one (by Bonanza [NC]) Aug 5, 2020 6:43 AM
Missed one (by myob [GA]) Aug 5, 2020 7:02 AM
Missed one (by Busy [WI]) Aug 5, 2020 10:36 AM
Missed one (by Allym [NJ]) Aug 5, 2020 10:50 AM
Missed one (by CJ [MO]) Aug 5, 2020 10:50 AM
Missed one (by Busy [WI]) Aug 5, 2020 3:46 PM
Missed one (by Busy [WI]) Aug 5, 2020 3:51 PM
Missed one (by 6x6 [TN]) Aug 5, 2020 5:32 PM
Missed one (by 6x6 [TN]) Aug 5, 2020 5:35 PM
Missed one (by Ken [NY]) Aug 5, 2020 6:23 PM
Missed one (by Busy [WI]) Aug 5, 2020 11:28 PM
Missed one (by BRAD 20,000 [IN]) Aug 6, 2020 1:43 AM
Missed one (by 6x6 [TN]) Aug 6, 2020 8:51 AM
Missed one (by BRAD 20,000 [IN]) Posted on: Aug 4, 2020 8:46 PM Message:
My helper calculates and mails out rent increase letters.
Somehow we all missed this one home.
Tiny little apt, 140 sf, filled with hoard, $450 per month, since 2014! Ouch!
I calculated at 2.9% yearly increase we left $3048 laying on the table. THAT would have covered a LOT of turnover time and expense if they had left!
BRAD
--70.158.xxx.xx |
Missed one (by BRAD 20,000 [IN]) Posted on: Aug 5, 2020 12:21 AM Message:
Amazing how fast a measly 2.9% on a tiny rental amount of $450 can add up.
BRAD --73.102.xxx.xxx |
Missed one (by Bonanza [NC]) Posted on: Aug 5, 2020 6:43 AM Message:
Brad do you have a lot of turn over yearly? --65.188.xxx.xxx |
Missed one (by myob [GA]) Posted on: Aug 5, 2020 7:02 AM Message:
Compounding (not the car shine stuff) is a wonderful thing.
I may have posted about this before but there was a man in our town who when he died and went through his portfolio found doxens of places he owned that the renter weren't paying and his office didn'tknow he owned. Wouldn't you think the tax man would have been sending bills? How does this happen?
We use 3 books: Insurance, tax and maintenance book (has makes and models of appliances and HVAC system).
Are you sure it's the only one you missed? How can you be sure? What have you done to correct it? would be interested in knowing. --99.103.xxx.xxx |
Missed one (by Busy [WI]) Posted on: Aug 5, 2020 10:36 AM Message:
About a year after I bought my first rental, I started to have a regular recurring dream that I owned a house that I completely forgot about. My own version of the ‘it’s the last day of school finals, and there is a class you forgot to go to most of the year‘ dream.
I would imagine that this is more common than we would think, if a tenant is quiet, if a landlord has many properties. All it takes is getting interrupted when one is typing up the property lists. --70.92.xxx.xxx |
Missed one (by Allym [NJ]) Posted on: Aug 5, 2020 10:50 AM Message:
140 sq ft would not be allowed to rent here. I think you made plenty of money on that. --71.104.xx.xxx |
Missed one (by CJ [MO]) Posted on: Aug 5, 2020 10:50 AM Message:
I am still afraid of increasing rent to good tenants. I increase rent to problem tenants or at tenant turn over.
--104.186.x.xxx |
Missed one (by Busy [WI]) Posted on: Aug 5, 2020 3:46 PM Message:
CJ, I generally do about five or ten dollars per month increase. With the rent increase letter I explain some projects I got done on their house last year, and am working on for next year. Helps them see they are getting something for their money. One year, I did a rent decrease, ten dollars, when rental prices had been softening in my area, and my property taxes went down by a good chunk, insurance had also gone down a bit.
This year, I had given larger increases, fifteen or twenty dollars, then when COVID-19 lockdown hit, I gave everyone a big discount ( about $100 ) on May rent. Told them if they didn’t need the discount just yet, to save it as we didn’t know how long this will last. I received good response from all tenants.
Oh, and like Steve ( MA), I do a two month lead time on the rent increase notice. I usually give notices in January, to take effect with March rent. Ok, that’s not quite two months, but, it’s longer than the one month required in my state. That gives tenants time to look around, and they will see they are still getting good value at my well-maintained places. They might find cheaper, but it would be hard for them to find a place that is both cheaper AND the same or better maintained. --172.58.xx.xxx |
Missed one (by Busy [WI]) Posted on: Aug 5, 2020 3:51 PM Message:
Brad, I was just pondering the tiny, tiny apartment. Filled with hoard makes me chuckle a bit. They are living in a space almost smaller than an old 60’s Cadillac. Of course it’s filled! Lol!
Glad you are renting it! Providing a good place for someone . --172.58.xx.xxx |
Missed one (by 6x6 [TN]) Posted on: Aug 5, 2020 5:32 PM Message:
Have to program that one in Brad.
Like myob said,
Are you sure it's the only one you missed? How can you be sure? What have you done to correct it? would be interested in knowing.
myob just made me realize something. Where is my head at(no comment required, LOL)?
My lease has an automatic renewal with rent increase. I put a specified $ amount instead of a percentage. I really didn't think about compounded interest. I will say though that my rent increase is more then 2.9% as it is more like 3.35%. However as time goes by, that % would end up decreasing.
--73.120.xx.xxx |
Missed one (by 6x6 [TN]) Posted on: Aug 5, 2020 5:35 PM Message:
Brad, Where did you come up with 2.9%?
How long have you been using that?
Do you think it should be increased or is it still in line with how you got that #? --73.120.xx.xxx |
Missed one (by Ken [NY]) Posted on: Aug 5, 2020 6:23 PM Message:
Busy,I have a friend who owns quite a few rentals and he says that he has that same dream periodically,totally forgetting about a house for a year at a time,no rent collected etc --104.229.xxx.xxx |
Missed one (by Busy [WI]) Posted on: Aug 5, 2020 11:28 PM Message:
Ken, glad to know I am not alone! Funny how we have common dreams. --70.92.xxx.xxx |
Missed one (by BRAD 20,000 [IN]) Posted on: Aug 6, 2020 1:43 AM Message:
How we missed this one: I manage with a single list showing every property. It seems that home was always highlighted due to some sort of trouble to discuss - hoard spilling out, druggie friends, trash, homeless friend sleeping between the buildings. I probably said I hate to get that one back due to clean up. Somewhere my helper THINKS I said to never raise their rent. So she checked off that their rent increase was "ok".
Simple communication error that cost me $3000.
Turnover: We don't lose people to rent increases so don't be shy. WE do 50 increases a year and I can only remember ONE guy who said "No I'm moving". He was already behind and leaving anyway. We lose our folks to life events like divorce, job transfer, death, not rent.
Busy,
I STILL have that college dream since 1977! As a music major my schedule was all over the map - rehearsals for Symphony, jazz, Glee, marching, quintet, Musical Ambassadors...Oh and regular classes like Psych, Sociology, (billiards! for PE) etc - it looked like a Tetris game. I carried a pocket calendar and looked at it every hour to know where to go next.
Houses: THAT dream is homes I forgot and the city tore down but I can not remember where they are.
BRAD --73.102.xxx.xxx |
Missed one (by 6x6 [TN]) Posted on: Aug 6, 2020 8:51 AM Message:
Thank you Brad for the explanation. --73.120.xx.xxx |
Reply:
|
|