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Updated over 5 years ago on . Most recent reply

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Tino Romero
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Debate with Wife, the perfect tenant.

Tino Romero
Posted

My wife and I have a consistent debate on our first rental property. It is a single family home, 3 beds 1 bath. The tenants are perfect, they never complain, They pay their rent by the 5th of the month by direct deposit. The rent pays the mortgage plus $100 above. The rent is a bit below the area average. I love it, I do not want to push them as they are the perfect tenants. My wife wants to increase the rent to make more of a profit. This is the debate. What is better the long game or raise the rent and possibly lose what I think are the perfect tenants? Opinions?  

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Andrew B.
  • Rockaway, NJ
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Andrew B.
  • Rockaway, NJ
Replied

You're losing money hand over fist. ONE repair can wipeout your cashflow for a year. A $20,000 roof will take you 16 years to recover from.

Your best option is to sell unless you're in a high appreciation area.

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