All Forum Posts by: Linval T.

My experience alerted me to the fact that if it's an older population then walk in shower is best. There are times when a pain ridden body can't lift the feet to get in the tub.

So, you have to do your demographic research to get a gauge.

Good luck with your renovation.

Don't forget that you are in a business to make money not lose it. So, with that said you would need to increase to rent to market rate.

You will probably get push back, but, if they stay that's fine. However, you need to ensure that the property updates are in line with the current neighborhood rents. 

The tenant needs to see the value of the increased rent.

Good luck!

@John TaylorYou already have most of the tools in your toolbox, as a result of your experience to get your action plan started.

Welcome to our REI community.

Also, you can review the quick links below to help solidify your grip on this site.

• http://www.biggerpockets.com/starthere
• Setting up Keyword Alerts
• How to Use @Mentions on BiggerPockets
• 25 Tips for Real Estate Success

We look forward to your contributions to sustain growth.

If there are increased operational costs, then, without a doubt you should raise the rent to pass them on accordingly.

Otherwise, as suggested by others it depends on your level of occupancy and target of increasing property value by forced appreciation, in the absence of inflation and demand for rentals in your area.

I generally use the 50% guideline but not as a hard and fast rule per se.

It depends on the potential of the property to perform over time, which enables me to overlook this initial 50% rule stress test as a limiting factor to my purchase.

@J.Martin

Congrats on your posts and financial achievement. You are an inspiration coupled with a good story to tell.

It can be done as you have proven!

Ummh...this is an odd arrangement and loaded with risks, but, hold both contractually with one lease.

In the event there is a disagreement which results in one of them moving, then, the one that's left holding the apartment is responsible for the rent.

So, in that case you would do credit and background checks etc on both.

Good luck and let's hope it turns out well for them and you.

Should we call this creative renting?

@Account Closed

Welcome aboard! You have come to the right place and with our guidance, feedback and encouragement your contributions will help to make this journey a successful one.

Before long, your sons will be ready to swing their hammers, as you look back on your REI accomplishments with pride and lasting memories.

@Brian Adams - This is an excellent eye opener about multifamily acquisitions that debunks a lot of theories about wealth creation.

The detailed illustration definitely strengthens our resolve to be successful. As you said if they can do it you can and likewise, if you can do it....we can!

I thoroughly enjoyed reading your posts and the responses it generated, while simultaneously capturing a lot of details to increase my knowledge and understanding.

Your injection of mathematical calculations added credibility and proven facts to the line of reasoning.

This is a great story to tell and you have succeeded in doing so.

I look forward to listening to the podcast!

As @Jon Holdmanindicated, I am wondering why you want to be partially connected?

This isn't a recipe for success in this connected  and instant communications world.

I am sure you are thinking of other social media methods of communication, but, talk will never go away!

There are several ways of obtaining a cheap/free phone connection as outlined in several responses, so, you might want to rethink this strategy. 

Frankly, It doesn't look professional from my viewpoint.

If I were your tenant and have an issue that needs to be addressed promptly or otherwise and can't speak with you, then, that would be a huge problem.