All Forum Posts by: Michael Smythe

Such a vague question!

So, here's a vague response - go with the MOST EXPENSIVE option!

If you want a better answer, try including how many doors you have and your realistic future growth plans. Also, what software you use now and SPECIFICALLY what tasks you want the software to do for you.

@Mitch Rapp who's paying the rent?

Sounds like your tenant wanted to move and thought if they found a replacement that you'd be okay with it.

Visit the property and get the occupants name, phone & email. Ask them who's paying the rent. If they do not cooperate, then you'll know you have a problem and you should hire an attorney to evict ASAP.

@Porsha Thompson dive into learning more about the area your property is located in, specifically average rents, average Days On Market (DOM), etc. 

Get granular with this data - meaning know it for your specific property features: beds, baths, sq ft, basement, garage, etc.

Sounds like you also need a new PMC as they should have already gone over all this with you and given you options.

@Kay Nemen

We’ve found the best way to raise rent is:

• Determine market rent
• Share the proof with the tenant
• Tell the tenant, given your rent is $x and market rent is $y, what do you think if a fair increase?
• Often, they may volunteer a higher amount than you were hoping for.
• Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.
• Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.

ALWAYS get an increase or something of value annually or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.

@Ashley Ernst we disagree with @Mike Paolucci

While he could be right and this may be "normal", the opposite is too risky.

You haven't shared enough details, but what are the chances the seller is a flipper or turnkey provider who threw the first applicant they got into the property just to make a sale happen? You get stuck with a tenant you'll probably have to evict at some point, then repair any damages they've caused and then find a new tenant. What will all that cost?

Where is the property?

What Class is the property?

What is the tenant's credit score, income & job stability, rent payment history with previous landlords, etc?

How long has the seller owned this property?

How long has the property been a rental?

What repairs have been recently made according to your inspector?

Any recent building/electrical/mechanical/plumbing permits pulled at city?

Worse case, how many months of rent will the seller discount on the price to make you comfortable moving forward with the purchase?

Start asking your PMC to take a narrated video or Facetime/Zoom you from the property when looking at the issues.

It is VERY frustrating for an owner to pay for stuff they don't understand.

@John Kim we manage almost 700 doors in Detroit tri-county area, almost 100 are S8.

What specifically do you want to know?

@Deanna Mautz we've got our crews pretty busy on repairs and rehabs for clients!

Suggest Genex or First Choice for windows. Think they both do installations also.

@Anant Radadia highly unlikely a Class A rental will cashflow for the first 3-5 years - investors look to this class for appreciation.

Class B you have a better chance, but you need to be picky and patient!

@Steffany Kluttz you want to screen a PMC better than you would a tenant!

Our company wrote a blog series right here on BP about this topic, but if I copy the link here, we are flagged by moderators for "self-promotion"!

You can try to search for it though.