Paging: Jeffrey (by Roy [AL]) May 9, 2022 9:08 AM|
Paging: Jeffrey (by Busy [WI]) May 9, 2022 9:53 AM
Paging: Jeffrey (by WMH [NC]) May 9, 2022 9:56 AM
Paging: Jeffrey (by Roy [AL]) May 9, 2022 10:17 AM
Paging: Jeffrey (by Jeffrey [VA]) May 9, 2022 10:21 AM
Paging: Jeffrey (by myob [GA]) May 9, 2022 1:49 PM
Paging: Jeffrey (by Busy [WI]) May 9, 2022 2:01 PM
Paging: Jeffrey (by Roy [AL]) May 9, 2022 2:13 PM
Paging: Jeffrey (by myob [GA]) May 9, 2022 3:28 PM
Paging: Jeffrey (by Jeffrey [VA]) May 9, 2022 5:17 PM
Paging: Jeffrey (by myob [GA]) May 9, 2022 5:22 PM
Paging: Jeffrey (by Roy [AL]) May 9, 2022 7:55 PM
Paging: Jeffrey (by Roy [AL]) May 9, 2022 8:32 PM
Paging: Jeffrey (by WMH [NC]) May 9, 2022 8:42 PM
Paging: Jeffrey (by Still Learning [NH]) May 9, 2022 9:08 PM
Paging: Jeffrey (by Frank [NJ]) May 9, 2022 9:24 PM
Paging: Jeffrey (by Roy [AL]) May 9, 2022 10:01 PM
Paging: Jeffrey (by Frank [NJ]) May 9, 2022 10:37 PM
Paging: Jeffrey (by MikeA [TX]) May 9, 2022 11:37 PM
Paging: Jeffrey (by BRAD 20,000 [IN]) May 10, 2022 12:49 AM
Paging: Jeffrey (by T [IN]) May 10, 2022 6:50 AM
Paging: Jeffrey (by Still Learning [NH]) May 10, 2022 8:26 AM
Paging: Jeffrey (by S i d [MO]) May 10, 2022 9:32 AM
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Paging: Jeffrey (by Roy [AL]) Posted on: May 9, 2022 9:08 AM
"Roy, whatever price in the Ad you are about to post on Zillow, add at least $50 to it".
You can thank me later.
First of all, why did you send me the above 'words of wisdom' in regards to my Zillow Ad? Why have you taken a personal interest in what I rent a house for?
In hindsight, I was going to set the Zillow rent at $800.00/month but after reading your words of wisdom, I added another $50.00 to it. Guess what happen?
I ended up renting the house for $900.00 / month !!!!!! I got the $850.00 with no problem but the applicant/new tenant had 2 dogs which added another $50.00 in pet rent. Total of $900 fricking dollars a month!!!! I am in a mild state of shock right now. I 'think' I could have gotten a $1,000 for this house if I had just asked for it.
I do thank-you for taking a personal interest in my rental business. I have an upcoming 2/1 vacancy which I will seek your advice on before posting it on Zillow in 2 weeks.
Paging: Jeffrey (by Busy [WI]) Posted on: May 9, 2022 9:53 AM
I've been keeping my rents low as I haven't much time for turnovers for the next couple of years. Though I still have done some increases. I'm thinking next year's increase will be a tad higher. Doubt I'll lose anyone over the increase. Costs have definitely gone up; I need to make sure I can cover repairs, maintenance, and budget for the new roofs, driveways that will be needed in future.
Roy, glad its going well! Jeffrey, thanks always for the reminders to be sure we can cover our costs, maintain our properties! --70.92.xxx.xxx
Paging: Jeffrey (by WMH [NC]) Posted on: May 9, 2022 9:56 AM
Roy that's great to hear!
Busy, not just cover your costs - you need to thrive and flourish: make a profit! Or this business is not worth it. --50.82.xxx.xxx
Paging: Jeffrey (by Roy [AL]) Posted on: May 9, 2022 10:17 AM
The best news here is that I did not get a tsunami of unqualified applicants responding with the advertised rent at $850.00. I did get some but not the usual tsunami and that was a breath of fresh air in itself. The family I rented to was actually paying $1,000 for a smaller house just 1 mile away. They told me my house was a bargain.
Busy (WI) - I agree with WMH,...we need make a profit especially considering the inflated costs of everything we have buy now just to maintain our rental properties. I had to buy some horribly expensive 3/4 inch plywood to make sub-floor repairs to this house and those additional insane lumber costs have to be reimbursed to me with increased rents. --71.207.xxx.x
Paging: Jeffrey (by Jeffrey [VA]) Posted on: May 9, 2022 10:21 AM
Roy, first off, you are welcome!
You asked: "Why have you taken a personal interest in what I rent a house for?"
Roy, simple response, I consider you a friend.
Time does not permit me to respond to as many posts as I would like. So when I am scanning the Q&A, I often look for names who I have had the opportunity to meet, interact with, get to know a little and become friends at one of my conventions or live events.
If I see that I can offer a quick "word of wisdom" to any of my friends, I do so. Call this an extra intangible benefit of attending the convention or one o my events. Sorry I won't see you again this year. I still remember the time we had breakfast together at one Convention with Leigh Robinson.
To any others reading this, I would sincerely love the opportunity to meet, interact with and get to know you a little more at our upcoming St. Louis Convention. When there, please come up and introduce yourself so that we can become friends:).
Paging: Jeffrey (by myob [GA]) Posted on: May 9, 2022 1:49 PM
Lets all repeat: If I make a profit I'm a SLUM LORD!!!!!!
I'm not #1 but gee's I'm so close..........
God! thank you.
Family! Thank you
Tenants! Thank you
Web site Thank you and all of those I've learned from.
Director of the local VA office-- thank god I didn't listen to YOU. --99.103.xxx.xxx
Paging: Jeffrey (by Busy [WI]) Posted on: May 9, 2022 2:01 PM
First cost to cover- Landlord Drawing Account. Nope, not deductible. But, most important. --70.92.xxx.xxx
Paging: Jeffrey (by Roy [AL]) Posted on: May 9, 2022 2:13 PM
Prior to meeting Leigh Robinson, I had read his book (11th Edition) which I consider the Bible for all landlords. And then to have breakfast with him (and you too) that time in St. Louis (2011,..my first convention) was a dream come true.
Now, I have another vacancy coming up soon that rented for $650.00. Would you like to speculate on what my new Zillow rent should be? I am on a roll now. --71.207.xxx.x
Paging: Jeffrey (by myob [GA]) Posted on: May 9, 2022 3:28 PM
can we all play Roy? show us a pic. Show us the area and how far is it to the last jewel you showed? --99.103.xxx.xxx
Paging: Jeffrey (by Jeffrey [VA]) Posted on: May 9, 2022 5:17 PM
Roy, it really did not take much wisdom to think you were probably getting ready to advertise lower rent than you could get.
The truth is that most landlords are currently charging far lower than what they should be charging. Statistics show that market rent has gone up between 20 and 40 percent in a majority of areas across the country. And most mom and pop landlords are simply not keeping up with market rents. Based on what happen with your last vacancy, I would dare guess that on your current vacancy you should be able to get at least $800.
However, respond to MYOB and let everybody play:)
More importantly, I encourage ALL landlords, who are not limited by rent control, now is the time to TEST your market if you have a vacancy coming up, ask for at least $50 to $100 MORE than what you are getting ready to advertise it for (more than what you think you can get). As I shared with Roy, worst case scenario is you wait a day or two and bring the price back down to what you planned on advertising the rent for. --12.50.xx.xxx
Paging: Jeffrey (by myob [GA]) Posted on: May 9, 2022 5:22 PM
give it to us Roy. If your last place is any indication of your property's you are WAY below the market. (even with the extra money for the dogs I believe you could have gotten that same rent)
people what clean-- and they'll pay for it. (you won't get it back that way but that's the LLing game isn't it? --99.103.xxx.xxx
Paging: Jeffrey (by Roy [AL]) Posted on: May 9, 2022 7:55 PM
What is it that you actually want? I had the house advertised on Zillow for 1 week (May 3rd -May 9th)and I posted the address here for everyone to view it on Zillow. Only a couple of people here saw it. I removed the Ad from Zillow this morning.
In about a week, I will be posting another vacancy on Zillow which I feel pretty sure I can get $800/month for. It is a small 2/1 house with about 800 sq. ft and it is located in a decent C neighborhood. Just to test the market, I may even ask $900/month for it. --71.207.xxx.x
Paging: Jeffrey (by Roy [AL]) Posted on: May 9, 2022 8:32 PM
The reason most Mom and Pop landlords keep their rents low or (just never increase them) is because they fear having a vacancy,..but you already know this. If you could get M&P landlords to overcome their innate fear of a vacancy, then you would see more LL's charging market rent. Plus, most of the M&P landlords I know locally are hobbyist and do not view LLing as a BUSINESS.
Paging: Jeffrey (by WMH [NC]) Posted on: May 9, 2022 8:42 PM
I advertised a barely-one-bedroom (loft above living room) for $1300 and all viewing slots are sold out with qualified people. --50.82.xxx.xxx
Paging: Jeffrey (by Still Learning [NH]) Posted on: May 9, 2022 9:08 PM
I just listed my smallest least update 1 BR for $1400. After 4 days I was about to drop it by $100 but now I have 3 showings lined up so I will give it a few more days. It typically rents at $50 below the other units and if it rents at $1400 it will be $50 more than my highest rents. It is crazy out there. --75.67.xxx.xxx
Paging: Jeffrey (by Frank [NJ]) Posted on: May 9, 2022 9:24 PM
We are staring a turn next week.
Zillow has the rent at about 1300 higher than currently. We will be doing upgrades to get it there.
We filled one early Feb. at 350 more than Z's guesstimate.
We are a bit concerned about sustainability, though the area has reached A level, and 3 quick miles from The Beach.
Paging: Jeffrey (by Roy [AL]) Posted on: May 9, 2022 10:01 PM
How does any LL in any given neighborhood determine what the maximum amount of rent that neighborhood can produce? In other words, how does one determine what the market will actually bear?
Paging: Jeffrey (by Frank [NJ]) Posted on: May 9, 2022 10:37 PM
Comps + avaiability + desirability.
Here the avaiability of annual rentals is almost zero.
K thru 12 schools are very sought after.
Feiw its a red County and town.
Paging: Jeffrey (by MikeA [TX]) Posted on: May 9, 2022 11:37 PM
Good question on the comps, I normally look to see what's available and find comparable properties. For the last 2, there were so few places listed I was struggling to find ones to compare to. I ended up listing for 30% higher than 18 months ago which was about right.
What's the worst that could happen if you list it for $900? If you don't get much interest after a week then drop it $50 or $100. Seems like the possibility of earning an extra $1200 a year would be worth a week of investment especially in this crazy market. --209.205.xxx.xx
Paging: Jeffrey (by BRAD 20,000 [IN]) Posted on: May 10, 2022 12:49 AM
Too low. Don't be shy.
$35 per pet
$150 Non-Refundable Animal Registration Fee.
They WILL pay it without blinking.
You can thank me on the next lease.
Paging: Jeffrey (by T [IN]) Posted on: May 10, 2022 6:50 AM
Agree with Brad....
If you don't ask, cant get it. Pet fee of $25/mo/per pet and $250 pet registration fee. People love their cats/dogs...
Ask for more on Security deposits... ask for more rent. Its better to leave empty than have a PITA or someone pay way below rent... --76.77.xxx.xxx
Paging: Jeffrey (by Still Learning [NH]) Posted on: May 10, 2022 8:26 AM
Roy, I go on Zillow, Zumper, Craigslist and look at what is out there and what it is listed for. Our market is so tight other than the new luxury builds and big buildings there may only be 10 listings of all different sizes in this small city. Iíve done this for 10 years so as long as there are 1 or 2 I can make a guess. My husband has pushed me for 10 years to stretch for more. If I go a week with crickets, I drop by $100. I am never overrun with applicants because I do go for the top of the market. My units are dated in some ways, but Iím a responsive landlord providing a clean safe place. I have found my niche. My tenants pay for my responsiveness. If you have back to back rentals you can also judge price based on number of responses, qualified candidates and how long it took. I donít think these rent amounts are sustainable but Iíll take them for as long as I can and if rent amounts crater then Iíll contemplate lowering rents vs turning all units. Iím not expecting that though. --75.67.xxx.xxx
Paging: Jeffrey (by S i d [MO]) Posted on: May 10, 2022 9:32 AM
I still remember the Convention where Jeremiah (J) asked about having the courage to raise rents... that was what... 4 years ago or so?
Since then, we've raised rents around 40-50%. The quality of applicants has gone up. The number of problem tenants has gone down.
It makes sense. People who are more affluent are that way because they tend to hold themselves (and the people they surround themselves with) to a higher standard. They have more of a vested stake in the outcome. They've "worked their way up" below a base level of existence and they value that position.
I was in Kansas City this last weekend celebrating Mothers' day with my parents, my wife, and her mom. One thing I noticed: the absolute worst parts of town were where the homeless camps were. Trash everywhere. Graffiti. Booze bottles all over the place. There were nearby public trash cans...mostly empty.
Those folks have no vested interest in keeping the one place they squat clean and tidy. Why should they? It's not "theirs". This kind of loosey goosey, "take it easy, man" attitude attracts others who will not expend a minimal effort to clean up after themselves.
Contrast that with a tenant who is renting a nicely renovated B-grade house, even if it's in a largely C hood: they've got something nice and want to take care of it. And they will not have druggie friends over at all hours partying. Oh sure, occasionally you get a goof ball who somehow blundered into some success, but they do not last long if you stay on top of your game and run a tight ship.
So yes. Boost those rents. Harvest your fields diligently. Then enjoy the fruits of your labors and be generous with some of your surplus in ways you choose.
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