OfflineA tenant in our 4 unit let us know she is moving out of state at the end of August. She gave us the 1 month notice we required. So what to do if one of your tenants is to leave? Put an ad up asap, and kaboom! I found out she was leaving just last night. And what did I do? I put a post up on craigslist around 11pm last night of an apt. for rent, not only that but I just raised what the current tenant was paying by $120 It is now 2:30pm and in less than 24 hours I got about 7 calls and emails from many people, most willing to sign a year lease and all willing to pay what we are asking. Looks like we will be showing the apt. to anxious people this weekend. By doing what we just did, didn't even have to pay for an ad in a paper or anything, we will be increasing our cash flow by $120 a month! I look forward to posting when we have a lease signed.
Some people would freak out and get nervous a tenant is leaving, but you must look at this as an opportunity to better your profits. And we will not be losing any money, because as soon as the current tenant leaves, I have people looking to move in asap. We raise our cash flow, out tenants will get the apt they need, it does not get better! Anyone can do this!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Jeremy,
That's great for you and your partner! You made a smart decision, took quick action and you are being rewarded for it. Clearly with the number of inquiries you had so quickly the apartment is clearly a good deal for the tenant.
Nancy D.
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Thats awesome! Good job Jeremy!
Success and Nothing Less!
Wow thats friggin fantastic! Good job man, I commend you on all of your recent accomplishments!
-Mike Hutchins
Thank you all so much for the encouragement. There is always a way to turn the bad into good. Yeah, when I learned one of my tenants was moving out less than a week after closing on it, I got a little nervous. But I stopped and said, there is no time for this, so I'd better make a move. And in less than 24 hours it looks like Jan and I have solved our problem and turned it into a very positive situation.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Congratulations by taking action and keeping those apartment units filled. Often investors do not carefully monitor the occupancy and vacancy rates in a multi-unit. You may even run into a scenario where you have a security deposit and the tenant leaves prior to the completion of the lease and forfeits the security.
If you get the unit rented right away, you may be able to squeeze 13 months of rent from 12 months! How cool is that? Also, by increasing the rents, you are increasing the cash flow and the value of your building. Well done! Continued success. Believe and Achieve!
- Joe
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Thanks! I know, this is just great, can't believe that all of this is possible! It is always good to be quick on your feet, stay relentless, and you will achieve!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Yep, any time a tenant leaves (which might not be very often), it's sort of an exciting time to make changes. Higher rent being the best one!
I always find it invigorating, too, to walk through an empty apartment/house that's freshly cleaned and/or painted and think "Cool. I really own this!" Even after all the years of being a landlord, I find myself doing that. lol (Probably because at any other time I see it as the renter's home)
Jeremy and Jan, you guys have built-in people skills and good heads on your shoulders. You are gonna love being landlords and be very good at it!
It's so awesome that you have taken all the DG tools and made them work for you! We should all make a scrapbook for Dean, as his successful students! HEY! I guess you could consider this site a living scrapbook! Thanks, guys, for all your posts and the inspiration you're giving to all!!!!
Keep it going!!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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Thank you for all of your inspirational posts! You have made me believe. You are the best Rina. And yes, it is as if this entire site is a scrapbook. This place is the best!! And so are you Rina!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Hi Jeremy,
Taking control over the situation, turning a negative into a positive. Go Boss Go! All the best to you guys..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
That is the only way to go! Poor man wanna be rich, rich man wanna be king, and the king ain't satisfied until he rules everything! There is no stopping the BOSS! haha
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Sounds like you are going to be a savvy business man and you did the right thing to increase the rent so you will have more cash flow coming in each month. After the other tennants leases are up you can alway raise the rent up so you can get more money out of them to increase the cash flow. I am so happy for you and Jan. Hope to see you soon !
Warm regards,
Paul T. La Moy
Thanks pal. There really ain't no stopping us now! Just keeping the ball rolling, I don't even think it has time to slow down, we are on a roll brother.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Hello,
You are doing a great job of marketing,By raising the rent.
Invest in yourself!
Great job i'm glad that is working out perfect, tenants calling already man that is awesome and if you don't mind what exact line did you put on craig. thanks
"What to do when a tenant moves out? RAISE THE RENT!"
I just put an ad under housing/apartments for rent. Because the home is in a great area I got flooded with calls. Jan didn't even have time to put up a for sale sign or ad in the paper. I got off the phone with him last night, and by mid afternoon I called him with a list of people who want it. It is now 10pm and in about 24 hours I got around 20 phone calls plus a few emails. Free advertising does not get any better.
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
That is how ya gotta do it! Can't stop won't stop, turn roadblocks and obstacles into productive tasks. It pays off.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
When I saw your new post I smiled because you are both so excited that it keeps me excited. Seeing the success you two are having shows me that I can do the same. I LOVE IT!!
I will call that strategic marketing. You all received the information, processed it, took action and acquired results. What can be better than that. This only goes to show your knowledge in the investment business. All the best to you both.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
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"In all things, wait on the Lord."
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nice...That is awesome...I like your philosophy...Raise the rent...And apparently if that many people contacted you, it is probably still kinda low...Not that you should go higher, but atleast you know you have that option...
Def post when you get that lease set up after you find someone
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