All Forum Posts by: Roger Vi

Just had to go through a similar process... My advice is to not have a face to face. Do it in writing. There is no good way to tell someone their rent is going up, all they will hear is "I am now going to take this many more dollars from you every month because I'm greedy." Type it on a piece of paper. Let them read it and get mad at a piece of paper for a minute. Some tenants might call you and complain, but I would guess 9/10 would think about complaining and then realize that their dollar is no different than the next persons dollar so they better make their landlord happy or find a new place to live. I just had to do this for 4 units. They had been paying under market for years. 3 understood and had no problem. One said they would move out and find a cheaper place to live. 3 weeks later they realized they still had the best deal in town and signed 6 more months at new rents.

Just want to chime in with a personal experience.... I remember as a kid we put a punching bag in the garage. Read all the install directions properly and everything seemed fine. Once we started punching we noticed the ENTIRE TOP STORY of the home felt like it was in an earthquake. Not sure what everyone's living situation is at your tenants home but I would be aware of this. It was not something that you would get used to eventually, things would fall off tables and pictures would fall off the wall.

All these recommendations are great if you want to be hands on in building your website. For those who don't have the time or tech skills to use one of these great website builder sites, don't forget to check out odesk.com. You can find freelance tech people from all over the world to do anything from build websites, program apps, edit pictures, etc... The best part is many will work for a fraction of minimum wage. Would definitely recommend for anyone looking to hire out tech work.

Being frugal is a trait many of us share on this site. Most of us started out with some type of personal finance or investment book that preached being frugal and spending your money on solid investments instead is the way to build wealth. I have always had this mindset but after reviewing my current budget I realized I have slowly added many unnecessary "luxury" expenses to my monthly routine. Money has been good to me the last few years and I remember telling myself at some point that I deserved all these things. But I still think it is important to stay frugal to reach my goals quicker. I want to ask everyone on this site a simple question. HOW MUCH MONEY DOES YOUR HOUSEHOLD SPEND A MONTH? The average person spends more than they make, but I'm not comparing myself to average and neither should anyone else on bigger pockets. I want to know what the investors are spending on themselves every month. Goal of this post is to get a dollar amount on being frugal. Obviously it matters how big your household is, so if you have kids maybe post your expenses before kids and after kids if you can remember. My wife and I spend just under $3000/month total. This includes our primary home mortgage, food, gas, car expense, home bills, cell phones, restaurant budget, entertainment.... Everything we need to survive month to month. THIS DOES NOT INCLUDE EXPENSES FOR INVESTMENTS (Such as yard work for rentals). Thanks in advance to everyone that contributes. It would be nice to have an idea what everyone considers frugal while I re do my budget for next year. Your income and net worth are not important for this post, I just want to see how frugal investors are regardless of where you are in your financial journey.

Being frugal is a trait many of us share on this site. Most of us started out with some type of personal finance or investment book that preached being frugal and spending your money on solid investments instead is the way to build wealth. I have always had this mindset but after reviewing my current budget I realized I have slowly added many unnecessary "luxury" expenses to my monthly routine. Money has been good to me the last few years and I remember telling myself at some point that I deserved all these things. But I still think it is important to stay frugal to reach my goals quicker. I want to ask everyone on this site a simple question. HOW MUCH MONEY DOES YOUR HOUSEHOLD SPEND A MONTH? The average person spends more than they make, but I'm not comparing myself to average and neither should anyone else on bigger pockets. I want to know what the investors are spending on themselves every month. Goal of this post is to get a dollar amount on being frugal. Obviously it matters how big your household is, so if you have kids maybe post your expenses before kids and after kids if you can remember. My wife and I spend just under $3000/month total. This includes our primary home mortgage, food, gas, car expense, home bills, cell phones, restaurant budget, entertainment.... Everything we need to survive month to month. THIS DOES NOT INCLUDE EXPENSES FOR INVESTMENTS (Such as yard work for rentals). Thanks in advance to everyone that contributes. It would be nice to have an idea what everyone considers frugal while I re do my budget for next year. Your income and net worth are not important for this post, I just want to see how frugal investors are regardless of where you are in your financial journey.

The main thing about backpage and Craigslist is that anyone with an email can post. This will attract lots of shady deals, shady people... you get the point. Not saying that everything on there is a bad deal, but you do have to assume that there's a reason the deal is not somewhere else. I would assume everything is too good to be true at first look and make sure you are extra careful when researching on these sites.

I would have to say commercial if done right. With NNN leases you, as a landlord, will receive nothing but rent checks once the lease is signed. All maintenance is the responsibility of your tenant. Lease terms often stretch over 10 years whereas multi family units rarely go over 2 years. But that's if everything is done right and you have a little luck on your side. If not, you can see years of vacancies, missed payments, business that don't survive half their lease, etc... Each one is different though and with a little research an investor can usually find which one fits their individual situation the best. I would much rather own a nice commercial building in downtown Seattle with Starbucks on the lower level but my funds only allow me to buy bobs burger shack 100 miles away. So for now, I stick with multi-families ;)

thanks for the reply @Jason Bott , contacted my insurance earlier and they said the same thing....

Last night it was extremely windy in my area and a roof shingle from the neighbors roof flew off and shattered the window on my building. I took pictures and have the actual 4 ft piece that flew off. It is obvious which piece flew off when you look at the roof.

I plan to ask the property manager next door to pay for my window. My question is what happens if he refuses? Do I just have to eat the cost? My insurance deductible is higher than the cost to replace window. Any advice is appreciated, thanks in advance!

Price is based on supply and demand. Housing price went down because demand for houses went down (high price, no finances). Demand for rentals never went down, people still needed to live and if anything I would guess demand for rentals went up a little as people got foreclosed.

Also would like to note that rent price and rent income is very different. Your lease could say $1000/month but tenants have been known to miss payments or be short a couple hundred here and there. Vacancy would be another big factor in rent income. 

You have a great strategy of finding cash flowing properties. I wouldn't worry too much about the stuff you can't control. A bubble or downturn in the economy is bound to happen if you stick around long enough. All you can do is focus on what you can control; being a landlord. Hire an excellent property manager or do the job yourself and find great tenants. With the right tenants, you will be cash flowing even when everyone else isn't.