@Anthony Wick good tip! How do you get a realistic gauge on real market rates? And I’m skeptical about seeing that kind of rent increase in C neighborhoods if most of the people can’t afford the increases...
@Bjorn Ahlblad Yea... makes me wonder... or the property is hiding something. Lots of the listings say ‘curb offers only.’ So is it normal to have big physical inspection stuff come up in your experience with lots of repairs needed?
@Russell Brazil like how my orients who own multiple homes haven’t raised rents much over the years to keep good tenants and they are overly nice/not focused on earning more income. They tell me their rents are below market. So there would be properties with landlords/owners like this...
@Nicky Reader that’s what my parents have done with their properties, low/no rent increases and they stay longer. But it’s also because they’ve always managed them themselves without property management company.
@Matt J. nice! So did you buy, remodel, refinance and take your money out/BRRR style or something else? And did the same tenants stay or did they move out and got new ones?
@Mike Dymski :-)
@Theresa Harris nice! I’m in a new Cory (Columbus Ohio) and need to read up on rental laws here and in other Ohio cities I’m looking at.
@Daniel Haberkost nice!! Mind if you share what you bought it for and how much the improvements cost/what was done? Trying to get a better sense of what it will take/cost when I get something that’s below market rent but needs some work
@Steve K. That’s helpful to know the process/one way to go about it. ‘Hi I’m the new owner and I plan to make your place nicer... it will cost x amour more per moth when the work is done, if you want to stay that’s great but if it won’t work out I understand’
Market rents are irrelevant initially since you are bound to the terms of the existing lease so when I am buying with tenants in place I base my offer on the current rents. I will increase rents to market rates on a turnover. When current lease expires I will have a small rent increase if I want to keep the tenant and if I don't care for the tenant I will turn the property over.