All Forum Posts by: Tim Ray

@Bud Gaffney Yup, decision was made. All around solid responses. Thank Bud.

@Matthew Paul true, however it’s in a awesome location and my property mgmt company does a great job at screening tenants appropriately. Thanks for the response.

@Bob Stevens haha, Just trying to make smart business decisions - thanks for the feedback!

@Nathan Gesner awesome response. My property management company is who suggested a 3% increase. I’m unsure where or how they got to that number. You’re right about getting someone who pays on time and for the appropriate price, thanks for the feedback.

@Russell Brazil smart business decision. Thanks for the feedback!

@Theresa Harris it was post covid, so I don’t think the payment issues were related. Thanks for the feedback!

@Laura Stayton thanks for the response, great option I didn’t think of.

@Chris Seveney thanks for the insight! I’ll probably get a market analysis to see what the true rent should be then remarket the property at that price.

Hey all, in December 2023, my contract with one of my rental properties and tenant in Montgomery County, MD will expire.

My options are to renew the lease w/ a 3% rent increase or give notice to my tenant and find a new tenant.

To provide context, my current tenant has been in the property for 2 years and has paid late several times and on at least two occasions had the payment bounced back for non-sufficient funds, however he has always eventually paid.

My rental property thinks I should find a new tenant which will cost me $450 to re-market and then however much it will cost me to turn the property (probably paint, patch and any wear and tear). Also, if he is moving out in December, I dn’t want the property vacant until march.. so I wanted to get you alls opinion on this matter?

Thanks for any insight!