Business is Picking Up!
I am happy to report that all of our houses are now rented! In addition, all of our two and three bedroom apartments are rented and the only thing I have left is a single one-bedroom apartment! That doesn't happen very often, but just shows the growing demand for rentals, due in large part to the poor economy and high number of foreclosures.
I'm currently working on rehabbing the few remaining units that I bypassed during our rapid expansion of the past 5 years. I've just about finished the rehab on a one-bedroom apartment and will be working on another one-bedroom after that. The next one is an apartment that I was using for storage prior to setting up the storefront at the pink elephant as my centralized storage facility.
I will consider my business to be stabilized once these few remaining units are complete. At that point, I'll take a look at the numbers I'm achieving and the hours I'm working and decide if purchasing any further units are warranted. My goal is to reach a balance between generating the money that allows me to live the lifestyle I desire and work few enough hours each week to be semi-retired.
Michael Rossi is the author of 1 Minute to Rental Property Riches, which is the only book that tells the truth, the whole truth, and nothing but the truth about the rental property business. You won't find any guru motivational nonsense; unrealistic hype; or promises of instant riches without work in this book. What you will find is the critical information that you need to start, build, and operate a successful rental property business. And if you're wondering about the title of the book, 1 Minute to Rental Property Riches, it's a sarcasm of the silly guru infomercials that promise untold riches without work - which we all know is RIDICULOUS!
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Comments (6)
Tim, Glad to hear that you're doing better. I'm now in my 6th year in this business and I haven't changed much in the way of procedures since the second year. I had a very good friend and mentor (free) at my local REIA, so I didn't have to make every mistake personally. Jon, Yes, I think that we're finally starting to get some pricing power, especially in the lower rent units. It's about time, because rents have been basically flat for the past few years. Mike
Michael Rossi, about 15 years ago
This is great Mike. Do you have pricing power to ratchet rents up a bit?
Jon Klaus, about 15 years ago
Well like they say Mike - the best times of occupancy are there to build your reserves. The other thing to is....you're now in your what 4th, 5th year of this? No matter what it is you do, you start getting better at it with time. Getting better here. Haven't been able to do any physical labor yet but I'm able to drive some distances and get some stuff done. I'll be alright in time. Perfect time of year for this to happen though. I would have been more ticked if it had happened in the spring.
Timothy W., about 15 years ago
Thanks guys and I wish I could claim credit due to some superior landlording technique or secret marketing technique. Unfortunately, that's not the case - it's just the market. To be honest, it makes me nervous when I get this close to 100% occupancy. Every single time this has happened in the past, I suddenly have a bunch of move-outs or evictions all at once! Worse yet, I haven't had an eviction in over 4 months and I know that I'm going to pay the price for that! I can feel the evictions building up! How are you feeling Tim after your accident Tim? Are you back in action? Hope you are feeling much better! Mike
Michael Rossi, about 15 years ago
Way to go Mike! Just in time for Valentine's Day too.
Timothy W., about 15 years ago
Congrats Mike! That's great news. I'm glad things are going well for you.
Joshua Dorkin, about 15 years ago