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Updated 9 days ago on . Most recent reply

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BG Malamut
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16
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How much do I increase rent?

BG Malamut
Posted

I self manage 3 props in Winston Salem NC. We unexpectedly moved to Atlanta area, 18 months ago.

Got text from tenant (wife, who typically doesn't communicate with me), asking if I'll be raising the rent, in Oct (on 2 year lease). Current rent is $1550. Market rate is over $2k. Even in Oct or Nov, after I spend $4k on paint and replacing carpet with LVP (another $6-8k?) - all of which I'd prefer NOT to spend $ to do, I could easily get $2K. However, tenants ALWAYS pay on time and are easy to work it. They're okay on inside cleanliness (toilets haven't been done in a while) and landscapers have caused some damage to siding with their equipment. I'm sending SECOND notice about those, later today.

Esp since I'm not local, I'd prefer to keep them there, but don't see how I can go from $1550 to $2k, when I've not improved the prop for them. 

I'm thinking of the following: informing them it'll be $1800 AND letting them get out of lease early, so that I can get it rented closer to summer months/ easier to rent, if they want out.

Thoughts? Thanks for your time & input. Truly!

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16
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BG Malamut
4
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16
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BG Malamut
Replied

Hi,

Thanks for the input, feedback. Yeah, seems like $1800 is the best route to take.

Britton, I make take you up on that. I've had 2 pm's in the past, with mixed results. I might ping you about a few other scenarios/ possibilities. I'm also trying to decide where to buy next, again in the Traid area or closer to me, in the ATL area, or somewhere else where you can get closer to the 1% goal.

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