All Forum Posts by: Robert M.

Here is the follow up...

I gave the tenant the option of a discounted increase of $20/mo for 1 year or $15/mo for two year lease.  Told them they have been good tenant and taken care of the property as well as paid rent on time.  But, if they have on late payment the increase automatically goes to $30.  

They chose the $15 two year lease.  Now I have my good tenant in place for 2 years with a small increase.  I think it worked out pretty well.

Thanks to all of you for your insights!  You really helped me think this through and I am pleased with the outcome.

Hi Morris,  I am licensed would love to work with you.  I am also a buy and hold investor and currently looking for deals.  

Is there a good time for us to talk?

Appreciate everyone thoughtful response.  I am going to offer a smaller increase of $15/mo for a 2 year lease and $20 for a 1 year lease.  If hey leave ...ok.  Allows me to potentially raise rent and think about my PM situation...another can of worms

The tenant is more than capable of working...but on some sort of disability or social security program.  Young family (40's) 2 small kids..probably if they get a job they loose their benefits...most likely.  

They do take pretty good care of the home.  I think I should tell them I will reduce the increase to $15 if they sign a 2 year lease and let them decide.  

If they opt to leave, I can start marketing until the lease expires...Good plan?

Thanks everyone for the insights...very helpful.  My biggest concern is that if I let the tenant dictate what I charge then I will never get an increase with this tenant.  I will always get the fixed income response.  

I think I may respond with a smaller increase and/or say that in 6 months the rent will absolutely increase.  If they do not accept, then they will have to find another place.  My property is in good shape and I dont think they can find the same quality for the price.  

Which should I do, smaller now ($20, 2.5% increase) or the delayed increase?  Maybe a smaller delayed increase?

I dont want to lose the tenant but also have to be able to raise rents eventually.

Hi Everyone, 

I would like to increase rent but have a tenant that is telling my property manager that they are on fixed income and cannot afford higher rent.  The unit is rented under market value and I am only asking for small increase from $800/mo to $830.  

This tenant has been in the property for only one year and has been a good tenant and takes care of the place fairly well.  I dont want to be in a situation where they always push back and will need to get rent increase overtime.  The property taxes and expenses are on the rise.

What should I do?  I dont feel like my PM is helping me here...should I ask for their assistance?  What specifically should I tell the PM?  I think they simply forward my email stating that the increase was due to higher taxes and maintenance expenses.  

I am applying for a HELOC on a property I own free and and clear with a National Bank so I can purchase another rental. The application has been conditionally approved and the bank is asking for an explanation of the funds are intended to be used. I dont want to say anything that may have the application denied.

I own 3 rentals. I have one with a conventional mortgage, one with a HELOC, and One free and clear (This is the house with application). Plus my occupied residence (2 mortgages)

Any advise as to what to tell the bank on how I intend to use the property?