Jul 10
17

No Vacancy! And Tips to Increase the Rent You Charge

15 Comments

by Julie Broad

WOWSER!! What a week …  I slept for 11 hours Thursday night and 10 hours last night just trying to rest up after everything that happened this past week and I am still feeling it today!

If you’re a Rev N You with Real Estate Newsletter reader you already know what’s been going on so I won’t be too repetitive by sharing it all over again … but suffice to say that at the start of the week we had four vacant properties with only one spoken for and as of Thursday we had signed leases in place for all of them, moved tenants into two properties, and are making final preparations to move two more sets of tenants in for August 1st.

Now … let me pause here for a second and say:

WOO HOO!!

That means that our monthly positive cash flow has just jumped up by almost $1,500/month. And since three of these properties are with joint venture partners, that means our partners are going to start to see a great return on their money too. That makes me happy in so many ways!

All that happened with Dave heading off to Banff for a conference for six days and finding out he has been accepted to go to a live audition for Wipeout Canada!

And I kicked off the Best and Brightest Women in Real Estate over at MustKnowInvesting.Com with a video and a free report (so check that out and watch for the next seven ladies to be featured in this series – you’re going to be pretty impressed I think!). A special thank you to my pal Patrick Riddle for putting this awesome series on … and for allowing me the honour of kicking it off.

It was a truly awesome week but pretty intense!

Today I was going to do a little book review and share some highlights from Mark Loeffler’s book on Rent to Own Investing but I will save that for another day. I want to hit the road for a big mountain bike ride today and rest up after the crazy week. So, instead I am going to share another video from our 31 Real Estate Investing Video Tips Series … this one is all about 3 things you can do to increase the rent you’re charging. If you have ideas about increasing the rent you earn from a rental property I’d love to hear your ideas too! Please post them in the comments!

Get 30 other <free!> real estate investing video tips right here:

P.S. Despite the freeze frame that YouTube so kindly selected for me, I actually am interested and impressed with the tips Dave is sharing … I really wasn’t about to nod off … I swear!!!

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This entry was posted on July 17, 2010 at 6:37 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posted in Property Management Videos by Rev N You 15 Comments

15 Responses to "No Vacancy! And Tips to Increase the Rent You Charge"

  • Patrick Riddle says:
    July 17, 2010 at 6:55 pm

    Whoohoo is right! Congrats on filling your vacancies. Because if there’s one thing that is a profit destroyer, it’s vacancy!

    And thanks to you for participating in the “Best and Brightest” series. Great job on your video. Nice scenery :-)

    ~ Patrick
    Patrick Riddle´s last [type] ..Julie Broad- The Best and Brightest Women in Real Estate Investing

    [Reply]

  • Julie Broad says:
    July 17, 2010 at 10:31 pm

    Thanks Patrick!! You’re right … vacancy sucks the cashflow right out of a property. Thankfully none of them were taking money from us yet … but we were mere days away from having to reach into our pockets on one of them … but a tenant saved us just in time!! Phew!! :)

    Can’t wait for the rest of the series.
    Julie Broad´s last [type] ..Living Life on My Terms

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  • Shae says:
    July 18, 2010 at 7:19 pm

    Great stuff, Julie! I like the video and I’m over here laughing at your comment about the freeze frame. Congrats on the nice cashflow increase! :-)
    Shae´s last [type] ..Back at it!

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  • Julie Broad says:
    July 19, 2010 at 3:38 am

    Thanks Shae!! :) I wrote that for Dave’s benefit but he is away at a conference and I am pretty sure he’s not reading what I write in the meantime … he can barely keep up with my writing at the best of times let alone when he’s locked up in a hotel conference room for 11 hours a day!! So I am glad you laughed.
    Julie Broad´s last [type] ..No Vacancy! And Tips to Increase the Rent You Charge

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  • [VIDEO] 3 Steps To Getting More Rent From Your Properties | Real Estate Investing News Watch Blog Aggregator says:
    July 19, 2010 at 11:03 am

    [...] [VIDEO] 3 Steps To Getting More Rent From Your Properties Posted by: claire | Category: Real Estate Investing [...]

  • Shawn says:
    July 20, 2010 at 4:46 am

    GOOOOOO DAVE!! I am so excited for your Wipeout audition. Please tell us all about it! We want to see you on the show getting hammered by the new course.

    [Reply]

  • Rick says:
    July 21, 2010 at 1:33 am

    Great tips. You two work well together in video!
    Good luck with Wipeout.

    [Reply]

  • Dave P says:
    July 21, 2010 at 1:02 pm

    Thanks Shawn and Rick for your shoutout!
    I can’t wait to see if I can defeat the big balls or if they defeat me!

    Cheers,
    Dave

    [Reply]

  • mobilehomegurl says:
    July 21, 2010 at 2:37 pm

    Great video, Julie and Dave!

    The pet tip is great! Actually, I’ve had to pass on prospective tenants/buyers in the past who have large dogs as many high end mobile home parks only allow small dogs who have to be kept inside. A lot of these folks told me they have tried other nice parks only to find the more lower end parks to accept larger dogs who can be kept outside. I think it may be too much of a liability issue for the high end parks, and a niche I’ve seen taken by the more lower end parks as most allow fences and pets outside. (In my experience, most high end parks do not allow pets outside and only allow small inside dogs – there’s actually a weight and size limit!) So, I’ve seen this niche taken in the mobile home world as well!

    Also, I liked your “other amenities” tip. The washer/dryer amenity is great. For years, I actually rented a washer/dryer because it was easier and more convenient than to go out and look for one. But, this convenience ended up costing more in the long run. Though, it was nice to have the peace of mind that if it broke down someone would come to fix it – that was another reason I rented (less maintenance hassles). Sometimes people will choose convenience over other things, if the option is available – it’s a nice option to have for some.

    Great tips, thanks for sharing!

    [Reply]

  • Julie Broad says:
    July 22, 2010 at 2:38 pm

    Thanks for your comment Rachel! It’s interesting what you’ve seen with regards to pets in mobile home parks. What I find really interesting is how so many places accept small dogs yet, in my experience, small dogs tend to be more aggressive and more likely to bark like crazy. Of course there are big dogs that fit this description too but in general … I don’t see the benefit to a little dog over a big dog. A dog is a dog and they all have some potential issues from a landlord perspective whether it’s a little one or a big one… but that is just me and my big dog bias probably coming out!! :)

    Thanks again for your comments. You’re always such a valuable commenter and I do appreciate it!!
    Julie Broad´s last [type] ..No Vacancy! And Tips to Increase the Rent You Charge

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  • Nick Ward says:
    July 22, 2010 at 11:53 pm

    Building rent increases into rental contracts could be a good tool. Having them triggered by late payments, property damage/neglect, number of occupants. Just a thought.
    Nick Ward´s last [type] ..Apt Moving and Packing Tips

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  • Alex Cortez says:
    July 23, 2010 at 12:05 am

    Julie, great stuff. With vacancy rates varying drastically from market to market, it’s certainly great information for investors to have. Btw, your video skills are fantastic.

    [Reply]

  • Julie Broad says:
    July 23, 2010 at 1:57 pm

    Thanks Alex!! I appreciate it!!
    Julie Broad´s last [type] ..No Vacancy! And Tips to Increase the Rent You Charge

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  • Julie Broad says:
    July 23, 2010 at 3:58 pm

    Hey Nick -
    Great tip! We have properties in rent controlled provinces of Canada so we are regulated as to how, when and how much we can increase the rent. But I think your tip is excellent if you are able to do that. Some States in the US also have rent control issues to contend with so I think you should definitely check into your local landlord tenant laws before you put anything like that in your lease. One thing we can do is have the lease terminate after 1 year and then, instead of going month to month, require a new signed lease at that time. When you do that you have a little more freedom with the rent increases.

    Thanks for your comment!! I really appreciate it.
    Julie
    Julie Broad´s last [type] ..No Vacancy! And Tips to Increase the Rent You Charge

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  • boston apartments says:
    December 15, 2010 at 7:05 pm

    Good point that I had never thought of before.

    [Reply]

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