Author Topic: Is there anything better?  (Read 1128 times)

Megma

  • Pencil Stache
  • ****
  • Posts: 670
Is there anything better?
« on: June 22, 2018, 11:01:50 AM »
Is there anything better than getting a quick reply from a good tenant saying they are planning to renew for another year at the increased rent price quoted?

Perhaps when they return the new lease and it's all settled.

I think we have been lucky that our tenants are going to renew for a third year, I am certain this is not normal (for our type of property/area). However, I am glad because it will keep my risk adverse husband on board for the next one!

Jon Bon

  • Pencil Stache
  • ****
  • Posts: 514
  • Location: Midwest
Re: Is there anything better?
« Reply #1 on: June 22, 2018, 12:04:59 PM »
Is there anything better than getting a quick reply from a good tenant saying they are planning to renew for another year at the increased rent price quoted?

Perhaps when they return the new lease and it's all settled.

I think we have been lucky that our tenants are going to renew for a third year, I am certain this is not normal (for our type of property/area). However, I am glad because it will keep my risk adverse husband on board for the next one!

Nope I dont think that there is!

Well, maybe a bidding war for your property?


Mother Fussbudget

  • Pencil Stache
  • ****
  • Posts: 820
  • Age: 56
  • Location: Indianapolis, IN
Re: Is there anything better?
« Reply #2 on: June 23, 2018, 08:33:35 PM »
The only thing better is the tenant saying 'yes' to a 3-year lease with the lease amount automatically going up by 2.9% every year on the renewal date.  The "cost-of-living" increase rate - and presented as a way to better control the rent.  If they sign a 12 month lease, there's no guarantee the rent won't go up MORE than 2.9% the following year. 

At least that's how I word mine...  ;-)

Dicey

  • Walrus Stache
  • *******
  • Posts: 8526
  • Age: 60
  • Location: NorCal
Re: Is there anything better?
« Reply #3 on: June 26, 2018, 10:22:15 AM »
The only thing better is the tenant saying 'yes' to a 3-year lease with the lease amount automatically going up by 2.9% every year on the renewal date.  The "cost-of-living" increase rate - and presented as a way to better control the rent.  If they sign a 12 month lease, there's no guarantee the rent won't go up MORE than 2.9% the following year. 

At least that's how I word mine...  ;-)
We're fans of this approach, too. We also tell our tenants we love them and would be happy to sell them the property. It seems to work. We also fix things pdq.

Megma

  • Pencil Stache
  • ****
  • Posts: 670
Re: Is there anything better?
« Reply #4 on: July 05, 2018, 02:53:05 PM »
Is there anything better than getting a quick reply from a good tenant saying they are planning to renew for another year at the increased rent price quoted?

Perhaps when they return the new lease and it's all settled.

I think we have been lucky that our tenants are going to renew for a third year, I am certain this is not normal (for our type of property/area). However, I am glad because it will keep my risk adverse husband on board for the next one!

Nope I dont think that there is!

Well, maybe a bidding war for your property?

I had one of those once, it was amazing. I sold for like 10k over asking price. However, it would have sucked if I was selling to re-buy in that market.

sol

  • Walrus Stache
  • *******
  • Posts: 7332
  • Age: 41
  • Location: Pacific Northwest
Re: Is there anything better?
« Reply #5 on: July 05, 2018, 02:57:43 PM »
We also tell our tenants we love them and would be happy to sell them the property.

We have tenants who want to buy the house.  We told them no.

Why would I sell a solid property that's has mere days of vacancy in seven years, and is appreciating at >10% per year?

sokoloff

  • Handlebar Stache
  • *****
  • Posts: 1195
Re: Is there anything better?
« Reply #6 on: July 05, 2018, 05:31:48 PM »
We also tell our tenants we love them and would be happy to sell them the property.
We have tenants who want to buy the house.  We told them no.

Why would I sell a solid property that's has mere days of vacancy in seven years, and is appreciating at >10% per year?
There’s a right price for it IMO; surely, you’d take $10MM for it, right? Now the only question that remains is whether they’ll offer enough to make it worth your while to sell...

Megma

  • Pencil Stache
  • ****
  • Posts: 670
Re: Is there anything better?
« Reply #7 on: July 07, 2018, 07:58:25 PM »
We also tell our tenants we love them and would be happy to sell them the property.

We have tenants who want to buy the house.  We told them no.

Why would I sell a solid property that's has mere days of vacancy in seven years, and is appreciating at >10% per year?

I agree, I wouldn’t sell unless I’d be able to put the money in a better investment.