All Forum Posts by: Tammy Wiggins

Does anyone have a formal Notice of Entry Form to provide to tenants.  I have to replace a stove and want to be there when it's done.  I want to be respectful of the tenants, but need to work around my schedule.  From all research, landlords have the right to enter their property for repairs.  I assume we have the right to enter for this type of thing even if the tenant is not.  They informed me that they will not be available during the time frame delivery is anticipated.  Any thoughts/advice greatly appreciated!

@Matt Conrad. Hi Matt. I'd love to learn about some ways you've been using to find properties on your own. The market is tough on both the retail and investing side. The MFs I'm looking for are gone too quick that show up in the MLS and the numbers don't seem to work based on what I've experienced with my existing duplex. Despite that, there snapped up quick.

@Peter MacKercher. What do you feel are the best networking groups in the St. louis/St. Charles area? I'm also a realtor trying to enter the investment world. I currently have 1 duplex in North Hampton and want to build from there with hopefully a quad in same neighborhood.. Thanks!

@Stephen Brown. Feeling exactly the same way. My biggest issue is finding a good attainable property that works number wise. I'm even an realtor but haven't delved into the investment world until I helped my son house hack and out of necessity acquired a vacation condo which we sold during the beginning of the quarantine. We got an offer we couldn't refuse. I then managed my sons duplex which we now own since my son relocated. I'm now looking to add a quad in the vicinity of our duplex. They go fast.

@Joshua Mazzotti Soto. Hi Josh! Welcome to the club. I just purchased my son's duplex since he relocated to Dallas. I've been helping clients by and sell residential real estate for the past 11 years. Finally venturing off into the investment side. Looking to create passive income, have control of my listing inventory, and help add value to St. Louis neighborhoods. I'm trying too learn as much as I can on how to acquire off market deals. We're kind of in the same boat. If I can be of assistance, let me know!

Hi CJ,  We have a condo in Osage.  I'm back a forth a lot between St. Charles and the lake.  I recently joined BP also.  I've been a realtor for 11 years now.  We have a duplex in South Kingshighway Hills neighborhood.  Looking for a few more 2 or 4 quad units in that area.  I'd love to find a small SF to hold or flip but right now having a hard time finding anything.  Would love to hear what you're plans are at LOTO!

@Julie Hartman Thanks Julie! I'd never dream of increasing the rent in the midst of a lease and don't know that there's a good reason to do so. I would honor that agreement. However, while it's our desire improve and add value to the neighborhood, we have to be making money also.

We acquired a great duplex and have great tenants on both sides.  In one unit, which was my son's, we painted everything, put in new flooring, nice new blinds, redid the staircase, updated bathroom, new light fixures/fans.  The building has a 2 car garage which we included in the rent and is on a nice double lot.  It's a 2bed/1bath townhome style unit with private basement with washer/dryer.  Just under 1300 sqft.  The second unit we just painted walls, replaced fixtures/fans, new blinds, and cleaned really good.  Both have original metal cabinets and mix and match of older and newer appliances.  The second one we rented for $875/month.  The market has been changing and we are obviously under charging for this unit despite doing as much as we did to the other unit.  We were trying to get both units rented in January.  

Fast forward, I just renewed the leases with both tenants.  I was in no way going to raise the rent with the COVID issues.  They are great tenants, pay on time, and rarely contact me.  However, I do feel we need to increase the rates based on the market.  Our place is unique with the size and private basements in St. Louis City.  It is a fantastic place, that's why my son first purchased it for his first home.  He'd still have it but he relocated out of state and me and my husband do all the work so we bought it from him.  It helped him and we didn't want to give up the property.

Question is....what's the best way to go about the rent increase issue and what is a fair amount to raise it.  I want to give my tenants plenty of notice before the lease expires.  I'm thinking 3 months notice.  Also, what is an appropriate percentage?  At this time, I'd like to keep them, but number wise we need to up it.  Taxes and insurance has increased along with water and sewer costs.  Plus, we hire out lawncare which was free since my son was there and the other side was rented.

Exciting opportunity!  Anxious to hear how it turned out.