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ALL rents in and general rental updates.

April 8th, 2014 at 06:03 pm

Hi all

ALL RENTS in across 6 homes and 3 units.

This month I will owe less than $200k across the 6 homes.. getting more roof quotes now (want to do 2 roofs this month) and working on my own house which is fun.. and a nice break. Not doing any repairs.. more tightening up.. and redecorating some.. FUN.. exciting. The house is MINE now.. wow..

Love spring.

New property manager takes over 6/1. can not wait. These homes are a major part of my early retirement plan and I need them running like clockwork. I have $1050 of monthly allowance for repair/vacancy each month across the 6 homes and 2 3 units. would love to save some of this.. vs shelling it out.

My current property manager will start marketing that one home (of the 6) thsi week at a $250-300 rental increase and look to coordinate a move IN at a similar time to the lady we gave 30 days notice too move OUT

Lots of things in play.. Stay tuned but would LOVE a $200-300 rent increase each month and 100% of the 3 unit folks are ALSO due for an increase this year too. looking to raise $10-25 each.

4 Responses to “ALL rents in and general rental updates.”

  1. Another Reader Says:

    My experience is that it's best to clean and freshen up vacant spaces and go to market rent. With existing tenants, I try to stay in line with inflation, which is what they get in wage increases. If you are a few percent below market by doing that, your tenant is more likely to stay. Turnover costs, including vacancy, will cost you a lot more than a few dollars of "below market" rent.

  2. Rachael777 Says:

    Agreed,, the home will be a full turnover and worth a large increase.... 3 units will be just marginal rental increase (10-25 a month).. rents currently are in the $575 range there.. so between 2-4% increase. and I can scale that back as needed but do not think I will need too. even w that rents are low.

  3. TashaC. Says:

    I'm still waiting on 2 stragglers...the first week of the month is always nice. Good luck with the rent turnover!

  4. Kiki Says:

    I think the first comment is interesting "I try to stay in line with inflation, which is what they get in wage increases" because I do not get yearly wages that equal the rate of inflation.

    I hadn't gotten a raise since 2007, until last summer when we got a 2% raise and finally lost the furloughs we were under for 4 years (one year at 15% furlough, two at 10% and one year at 5%!). Our raise last summer, 2%, also came with a 1% increase in mandatory retirement savings. So effective rate 1%.

    We are scheduled to get a 3% raise net year, July 1, 2015, but of that another 1% is sent to mandatory retirement savings so effective raise 2%.

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