All Forum Posts by: Mrinal Parashar

We increase the rent every year(except 2020-2021). We estimate the tax and insurance hikes and increase the rents during the vacancy.  For example, one of our long term tenant left last month- we put the property on market with 20% increase in rent.(we put it on market when the tenant was still there and she did the showings for us-- took three weeks to rent but we got the price we wanted which is a little above market-- if it was vacant then we would have to bring it down)

No late fee and no rent increase for tenants during covid. For late fee, they do have to show some proof. I increased rent for new tenants. But we increase rent every year- 2020-2021 was an exception.

 Thanks for answering this question. Helped me a lot in my search.

I am working with a local state farm agent and they told me the same thing. Looks like there is no limit for rental properties policies with state farm. 

They also have a commercial umbrella policy which is cheaper than many other umbrella policies. 

Also an important thing that I learned is that almost everyone who offers an umbrella policy will ask to move the primary residence and auto to that particular policy. Statefarm does not require that. I need to find out if that affects the cost.

But giving out contact information is a no-no.

@Xela Batchelder the dog scenario is very common. I had same experience with a tenant who wanted to keep a dog. This exact thing happened. We gave her a stern warning and she knows that she will be fined and have a pet rent if there is dog in her apartment. We are dog friendly though, all she has to do is pay pet rent every month.

@Nathan G. Thanks for the info. I use tenantcloud for accounting but this is very helpful. Thanks

@Nathan G. Thanks, I have used the tenant cloud platform. Does tenantcloud list the properties for free ?

I had to put one of my units on zillow this month. I don't like the zillow application and use rentprep. We used gmail for the documents exchange. Then used the signrequest for lease signing.

Has anyone tried to use Google workplace to streamline all this process at one place through their website? Maybe add the payment method on the website itself. 

@Shane Short

Current rents are 850 and 990. Based on the current rent it can be difficult. If you can get 2300than this might be a good deal. I am not sure you can get 4%. To be safe, I would try 5%.I think you should increase your expense.

I am looking into buying an investment property as well.

I normally run very conservative numbers. If you can get profit and loss for last two three years, that might help. But since the market is very competitive, I only look at properties which have been on market for more than 20-30 days. It's not worth playing bidding game if the numbers don't make sense. Apart from cash flow and cap rate, Cash on cash and ROI have to be certain%.

Another question which has become more important now is if the seller is trying to get rid of a problem or non paying tenant.