All Forum Posts by: Ryan Proffit
Ryan Proffit has started 17 posts and replied 393 times.
Post: I'm 33 and don't want to go to work
- Saint Joseph, MO
- Posts 401
- Votes 244
@Joe P. Sure it’s not 1982 and after? Please say that was a typo.
Post: First Extended Stay Purchase
- Saint Joseph, MO
- Posts 401
- Votes 244
Garrett, congrats. I have been hearing good things about you in St Joe.
Post: A Buyers Perspective on Buying & Managing a STR in Gatlinburg/PF
- Saint Joseph, MO
- Posts 401
- Votes 244
Hey Folks! My husband Scott and I had the honor of being interviewed by Julian Sage on the STR Success Stories podcast. We talked a lot about our experience shopping for and managing our two STR's in the smokies. Give it a listen!
https://podcasts.apple.com/us/podcast/short-term-rental-success-stories/id1457263788?i=1000462559664
Big shout out to @Avery Carl, @Luke Carl and @Parker Borofsky for all their help during the process.
Way to get after it. Very inspirational.
Post: Tenant didn't sign lease
- Saint Joseph, MO
- Posts 401
- Votes 244
I think this will be the road we end up on. I would much rather get someone in there who will at least communicate. I really appreciate your advice.
Post: Tenant didn't sign lease
- Saint Joseph, MO
- Posts 401
- Votes 244
Originally posted by @Tony Hightower:
@Ryan Proffit
If she did not return it, she is still on Month to Month. Send out another 30 day notice for another increase if you feel you need the lease. (Call it "Our Short Term Month to Month rates")
If you feel she is looking elsewhere, maybe this is a way to collect a more fair rent while still allowing her to look.
Else, collect the higher rent on Month to Month.
Thank you, this is something I will def consider.
Post: Should Landlord Pay? Moving out tenants due to water leak.
- Saint Joseph, MO
- Posts 401
- Votes 244
Originally posted by @Brad Davis:
I have a friend from my church who has suffered both financially and in her marriage relationship because they had to move from their apartment to a new apartment IN THE SAME COMPLEX.
Their old apartment had reoccurring water leaker coming from the roof. Their landlord said that they could move to a different apartment within the same property.
Question. Shouldn't the landlord pay for the moving expense since they are at fault?
I told them that I would help them out if it happened again, since I am a landlord, real estate agent and investor. They told me that they didn't want to upset the Landlord because they feared retaliation. This is how things operated in their home country of Jamaica. Do people have success in having a successful negotiation between landlord and tenant in these situations?
Just to be clear, have they asked the landlord for help? It seems they have not, maybe I am wrong. As far as the marriage problems, they will have to go to counseling for that. Surely if MIL members can survive marriages moving every two years, they will hopefully be able to work through it. I have been in some decent arguments the 3 times I have moved with my wife though. Best of luck to them.
Post: Tenant didn't sign lease
- Saint Joseph, MO
- Posts 401
- Votes 244
@Sue K. Thank you very much. Yes, a copy was provided. She was responsive to any messages we sent out, but anytime the lease was mentioned she would avoid the subject. At that point I assumed she is planning on moving.
Post: Tenant didn't sign lease
- Saint Joseph, MO
- Posts 401
- Votes 244
@Ralph R. Her rent was 550, market rent is 850. We bumped it up to 600. So I don’t think we gave her an excessive rent raise. We are producing shorter leases with systematic rent raises. The tenants have stated they like what we are doing with the property. We do plan to get to full market rate in the next 18 months. We fully intend to draft a rent increase schedule and send it out to all tenants. I have been in her apartment, she takes good care of it. She had one issue with her apartment and we addressed it promptly. I am certain she is most likely looking for a new apartment because she began a job in a town about 30 minutes away. But it’s hard to confirm because she went dark. Luckily my dad lives next door, so I have eyes on if she decides to move out.
Post: Tenant didn't sign lease
- Saint Joseph, MO
- Posts 401
- Votes 244
@Ralph R. The rents haven’t been raised at this apartment since 2006. We have already been making improvements and addressing tenants concerns. I’m not sure what kind of business I would be running if I continued to charge 2003 prices. I appreciate your input, but I will have to agree to disagree on some of it. The low rent prices have kept some unsavory characters in these units and we are planning on turning it.
Post: Repaying your most precious investor.
- Saint Joseph, MO
- Posts 401
- Votes 244
Originally posted by @Chris M.:
@Ryan Proffit Wow!! You're paying your relatives 4k per month in interest for every 50k invested? Very generous.
That is 8% yearly. 4k per month might break the bank. They were going to loan it for free, but I wasn't having that.