All Forum Posts by: Nick Ferrari

Iron Sharpens Iron. I want to hear your most effective ways at increasing rent from an already existing tenant.

I personally write up an email or letter 60-90 days out from renewal explain that their rent will be going up due to a number of reasons and that hopefully the service we provide is enough to convince them to stay (said in much more political terms then that).

What do you do for your tenants? How would you improve my method? Thanks guys!

@Gerardo Lewis

You are a medium between the owner and all of the responsibility necessary to manage the property. You are in no way shape or form responsible for paying for work done to the property. Your job is service, service, service. Organize the contractors, get them the best rates, follow up and check to make sure they did everything that was asked. You do not want to get in the habit of paying for your customers expenses. What if the contractor discovered something much more expensive that needed to be done while completing the work? Are you then now liable for paying for something that was $1,000 instead of $50?

So in the future do one of two things have them pay for the service done to the property on a case by case basis, this will be most of your customers. The other option is to have them setup a refundable expense account for their property, sort of like a security deposit for a home but it’s sole purpose is to fund expenses for repairs. So if they really want to get the repairs fixed immediately but they’re hard to get ahold of you can still get the job done.

That second option Is in most cases unnecessary, the truth is most of your contractor work will be paid once the job is completed and only for the expensive jobs will you have to pay partially upfront so their shouldn’t be too much of an issue having your owner pay for a job even if there is a lag time on communication and they live far.

Give me a few of your favorite BP episodes. I’m trying to make a highlights list of my favorite ones.

@Max T.

You asked what I would do and I answered. If you don’t want advice then don’t ask for it.

@Matthew Krickeberg

There’s no such thing as an accurate estimate that is ‘unseen’. There are too many variables even if you know it’s a lot of work and a complete gut job there will always be something that can pop up and change an estimate. That’s why they call it an estimate because even the best contractor knows that anything unexpected can happen.

Get multiple quotes from GC’s if you don’t have one already and walk through the place with them. Anything else is a gamble.

@Bryan E Fry

Personally I love spiral staircases I think they’re cool but as an investor I would replace it if you’re able too. They’re a trip hazard waiting to happen.

Just keep in mind spiral staircases are typically there for a reason, with the layout of the home there’s nowhere to conveniently put a staircase. Also it can be an expensive fix for something that might not even happen but ultimately that’s your decision.

@Kyle Howe

If the deal is right I can provide you with funds. Direct message me with the details.

@Max T.

You might want to try popping in 48 hours beforehand to put them on notice that ‘im showing this property in two days’. Just my two cents but I would never show a property until that unit is emptied out, fixed up, and thoroughly cleaned. You can still have a quick turnover just be organized and follow through with everything the day they move out.

I can’t remember who said it on these forums but I liked it a lot.

‘You wouldn’t buy a dirty would you?’

@John Moorhouse

Dude please don’t drop out of HighSchool. Just don’t do it.

For the most part yeah it matters but there are some select areas where it doesn’t. Someone mentioned earlier that if it’s next to a college it doesn’t matter. That’s a great point.

Another one is younger areas that are gentrifying, we have a few neighborhoods in philly where all the hipsters are moving too and they could care less about what schools are in the area and care more about how many bars and cafe’s are in the neighborhood.