All Forum Posts by: Will Fraser

Agree with the above!  small airports are not something that makes sense to focus on proximity with, and larger airports still perform better when they are quiet and near attractions in addition to the airport. 

You will attract people with whatever you do to incentivize them.  If you beat the drum of "close to the airport' then you'll typically get a lot of 1-night stays and convenience-driven folks.   If you beat other drums, you'll get folks that dance to those tunes.  Pick your tune, pick you experience.

I'll add to Nathan's thoughts above this . . . 

Your best bet is likely to talk to the tenants and let them know.  It is generally within your rights as a landlord to end a lease at the end of it's term and 60 days notice is usually plenty and kind.   So, you can end the lease assuming it is at the end of a term, BUT if the tenants feel like they were outted under false pretenses they may take the transition rougher than otherwise.  

So, if the tenants CAN stay then let them know that you may not end up selling it and have an honest conversation with them about it.

If they CAN'T stay, then be honest with them about why you aren't renewing the lease.

It is generally considered unethical (if not flat out illegal) to advertise a unit for lease and then offer it at a higher price than advertised (assuming the terms are the same as the advertisement would imply). 

If there would be a direct line between a higher rent and the source of payments you may be looking at a dance that is uncomfortably close to the Fair Housing line.

That said, if the terms of the leaser change then you're generally able to modify the terms of your lease.  

For example:  You offer a unit for least at $1,300 for a 1-year lease.  In order to guarantee no rent increases over the next two years you agree with the tenant to lease it for $1,400/month for a 2-year lease.  Seems like a fair-market negotiation IMO

Does your PM not have an excellent plumber lined up already?

 DM coming atcha!!

 Agreed!!

On a different subject . . . hey @Rhett Tullis do you know of any good deals in OKC or Edmond I could buy? 

 I'd also love to offer on those.  Just call Malcolm and I and tell us we've got multiple offers 🤣

Hi there, @Ewka Kawecki,

You may be looking for a mentor more than a financial advisor.  

Books are a FANTASTIC resource for us in our journey as they tend to crystalize decades-long learning journeys into a 10 hour read or less.

I'd recommend Dave Ramsey's Total Money Makeover, David Green's Long Distance Real Estate Investing, and Robert Kiosaki's Cashflow Quadrants before you pay any professional to advise you.

 Of course!

Hey @Timothy Hornecker, is the property in Portland itself? 

Were they furnished with the intention of doing nightly rentals and then the restrictive ordinances put the kilbash on that?