Raising the rent is something I struggle with. I think there is a trade off between making a larger profit and maintaining good tenants. Overall, we have great tenants and I wouldn’t want to lose them over a rent increase. So, what is reasonable?
Read MoreReal estate can be a very lucrative business. It takes a lot of work, but if you’re willing to put the work in you’ll definitely reap the rewards. Prior to meeting Vince, I purchased my first multi-unit while in college. I always wanted to have my own business but I wasn’t sure how to get started. I met with a local entrepreneur and real estate investor who provided some insight on rentals and why this would be a good industry. It all just kinda clicked from there. So if someone were to ask me why invest in real estate, these would be my top five reasons.
Read MoreRetaining good tenants for many years is the best case scenario you can have when renting your apartments. Most people don’t like going through the tenant application process and filling vacancies (I know I certainly don’t!), so what can you do to keep good tenants?
Read MoreRentals or flips? People are often very passionate about one over the other. A lot of this may stem from comfort, or just bad luck with a reno or a tenant. There’s always someone that has a horror story. One very bad tenant can make you think twice about the rental industry. Obviously we have dealt exclusively with rentals, but I think there are definitely some pros and cons to each.
Read MoreWe frequently get asked how we find tenants, and more importantly how do we find good tenants. We’ve been very fortunate with the bulk of the tenants we have, as they are great people, but it doesn’t mean that you can’t get a bad egg from time to time. Sometimes regardless of the screenings, that one tenant can still slip through. In order to reduce that risk, this is the process we follow each time we are looking for tenants.
Read MoreAccording to the Real Wealth Network, the definition of a pro forma is a method of calculating financial results in order to emphasize either current or projected figures. A property's pro forma in real estate are its cash flow projections. So to make things simple, when you are looking to invest in real estate, a pro forma is essentially an income and expense sheet.
Read MoreEveryone should be able to have access to quality housing without having to pay an arm and a leg for it. This is a problem all across the country and it makes living very difficult for the average person. In Williamsport, we experienced this a number of years ago when the gas industry came to town. A lot of landlords raised their rents because they knew the gas guys would pay it.
When determining an asking price we take into consideration the neighborhood, the renovation done, and the type of person who would likely be moving in. I also like to put myself in their shoes and ask myself what I would pay for this apartment.
Read MoreShe rented from us for six years. She was a tenant I acquired at my first property. We had a rough start, but over the years she became one of our most reliable tenants and we had a mutual respect for each other. I liked her. Things were going well for a number of years, until they weren’t.
She was our first eviction, and it was rough. Things aren’t always black and white, and I had a tough time with the whole situation.
Read MoreBeing a landlord to me is more than just another income- you are providing someone a place to call home. It can be difficult trying to be fair and reasonable, yet run a business. Essentially though, owning and renting real estate is a business- so it should be treated as such. We have all seen slum lords who do the absolute minimum and collect their check every month. Or you have landlords at the opposite end of the spectrum that just get taken advantage of. So how do you land somewhere in the middle?
Read MoreBuilding equity in properties has been key to our success. We buy cheap, build equity, and utilize that equity for the next project. It’s the same concept whether you are buying rentals or buying a home. So here’s a couple ideas to help you get the most out of your money.
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