All Forum Posts by: Samuel Glantz

My father and I are about to sell a few rentals in the near future, while there is profit in each property, there will not be enough in taxes paid to make a 1031 worthwhile.  A few thousand is not going to make or break us. Granted there are others with more experience than me, I believe that unless your saving 25k plus in taxes it's not really worth the headache. I say pay the taxes and move on.

Hello there. I would recommend trying to manage it yourself in the beginning. You only have the one so it should not be too difficult. You learn a lot being a landlord. When I started helping my father get into rentals I took over the pm role for him. I know that I don't want to do it forever but it's good experience and not that hard. We have a good realtor that helps us if we run into snags so that helps to. The key thing is to be polite and respond to things as quickly as you would want them responded too if you lived there. Worst case scenario you can always get a pm any time if you just hate or can't do it but at least you will save some money in the mean time.

If I were in Saint Louis I would attend

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So I have a question on how to handle an upcoming lease renewal. I have a tenant, actually my best tenant, always pay on time, keep the place up, never really hear a peep from them. They are wanting to stay longer but want to also buy a house in the upcoming year. They are not certain of the timeline and want to know if I can work with them. 

While I don't want to lose them as tenants, good for them for wanting to buy. Anyways when it comes to the situation of this lease renewal I was thinking of presenting three options. 

Option 1 normal lease extension of 1 year and explain the lease break fee. Rent is at the market so not looking to increase for this term. 

Option two 6 month lease with a $50 increase in monthly rent that switches to a month to month. 

Option 3 to just do a month to month with a $75 to $100 increase. 

This is my first time dealing with this situation so any input is appreciated. I want to hang onto this tenant as long as I can since they are literally the ideal tenant however given that they may want to utilize a smaller lease term I need to insulate for vacancy and turnover cost. I look forward to hearing the thoughts of the community. 

 I hear ya. In the grand scheme yes it's a great city but with limited funds the Midwest makes more sense for me to start investing. $9 for a gallon of milk, good lord, that is insane. Yes move here you will get rich in grocery savings alone lol. I just moved back to Peoria myself and absolutely love this city. 

 My observations are that labor day tends to be one of the best if not the best holiday to buy appliances 

I agree with @Stephen Swiatek stick with black. Cheaper and still looks nice. Everything is going to black stainless these days so by going just black your sort of catching the trend and avoiding a potential of looking dated with stainless in 5 years or so. 

I manage a few rentals for my parents. We treat rent increases on a case by case basis. If the tenants are fantastic and make life easy we forgo the marginal increases and keep the rent the same, if a tenant is a pain in the butt but still pays every month we do marginal increases each year. 

 Thank you, I appreciate it. The market here is too hot and out of my price range currently. I don't think that anything here I can afford would be in a neighborhood I would want to own in.