All Forum Posts by: Jordan Fiore

These are very good questions Katrina. I will just give my opinion on a few. Usually you do not have the tenants contact information until around the day of closing. It also depends on how important the tenant is to you to stay. If you are really eager to update the unit ASAP and raise rents then a higher rent increase would make sense. If you really want to maintain that immediate cash flow but give a little bump then I would recommend having a conversation with the tenant. I would first not mention the increased rent coming but ask if there are any issues currently in the unit that the tenant would like addressed(Shower inoperable, leaking ceiling, etc.) Fix those issues asap. Then a few weeks after that, maybe a week prior to the beginning of the following month, talk about rent increases starting the month after. It will make the relationship better that you are willing to make fixes before just raising rents immediately without having a conversation. Do your research and have a couple rent comps ready if they push back a little bit. Best of luck with everything!

There are a lot of variables that go into this to find out the best options for your family. The beginning stages would be to get in touch with a real estate agent to get their opinion on the property and price. That way you know exactly how much the property may sell for and go from there. 

Make sure you do your research about where market rents are. @Nathan Gesner Is absolutely correct with rising prices everywhere in this market. If they are soooo below market then raise them a good amount and have rental comps ready for any type of pushback. Renters definitely do their research and know where market rent is in the area. 

Landlords run into enough trouble as it is, adding additional issues is just not smart from a business standpoint. 

Congrats on joining BP! It is crucial that you get acquainted with an investor friendly realtor in the area you are looking for. They can provide you great contacts(Contractors, roofers, plumber, etc.) and can help navigate the best option for you and your growing family:) 

 I love the enthusiasm! Ohio is definitely a great place to start and I think we have fantastic opportunities here. Best of luck with everything and reach out any time if you have questions about the Cincinnati area! 

Jordan

10+ units is a lot to take on but if you have the resources and contacts then you should be good to go. There are no specific requirements to my knowledge besides what Patrick said.

It is entirely worth it if you can believe in your self and continue to grind for the first 12-18 months. It would be smart to possibly start with a team and get a part time job that is 10-20 hours a week to help pay bills. I think the part time job is quite crucial to be able to stick with Real estate. There are fees and costs that come with it. If I did not have a part time job when I started I would have most likely quit but each person is different. You want to be a full time agent for your clients and the part time job allows you to do so. Best of luck with everything and hope my input helps!

That is a great point Sarah! Section 8 is definitely something to look into to maximize cash flow in some areas.

@Andrew Geier I have worked with numerous investors here in Cincinnati. The key is to build a trusted team that is quick to respond on matters. Reach out to me any time if you have questions! 

Jordan