Brief good news on the 3 units
1. we got our first renewal!! Lots of people (including the old property manager said I was crazy and did not know how to run my business) but looks like it may just work. We got our toughest renewal. the one with the biggest rent change. $560 to $630 effective 4/1!!
2. guy we are tossing out is moving out THIS WEEK. apartment look immaculate. Goal is to rent it by the first. If he does not move by this week. sheriff comes the 24th. Most move before hand and he knows the date
3. Court for the other lady (who was on the failing payment plan) is 3/24..
4. other guy we do not like and who is always 'slow' w rent and late fees. his lease is up 5/15. We sent him a renewal. if he does not pay late fees immediately ($60) or renew we will toss him as well.
With THAT done we will have gotten rid of ALL the bad renters and can smooth things out. The other 2 folks are newer people and good renters. likely to accept the renewal when it comes up but if not we expect no trouble.
Goal was to raise the rents by $400 this year across ALL units. With these 4 points above (raising rent to $650 on NEW tenants and $630 on the renewals) . we will have raised rents by $280. This assumes the 'slow payer' renews at $630 and straightens up . if not we will put a new person in there at $650 making the total go up to $300 month increase. Of course this comes at a cost but we the cost was worth it (and unavoidable. these guys were not paying anyway) AND now w the new leases in my property managers name (not the old PM) he can file eviction suits on his own on any new or renewed tenants.
feeling good. still a lot of cost this year but feeling like things are getting more and more under control.
Good news on the 3 units!