A real-estate investor who spent a year talking to former landlords who lost money and had to sell their properties says their one major mistake was refusing to raise rent. He shares the strategy he uses to ask tenants for a rent increase.
Dion McNeeley says he talked to 50 former landlords about why they had to sell their properties.McNeeley's 'binder strategy' allows him to increase rent, while still maintaining happy tenants.
There's a misconception that, if you have a good tenant, you shouldn't raise their rent to incentivize them to stay, explained McNeeley, but that's not a smart or sustainable long-term business model. He uses this strategy in a couple of different scenarios. If he's acquiring a new property, he'll set up a meeting with the tenants he inherited and bring a three-ring binder. The first page of the binder features a picture of the property they're renting and the amount McNeeley paid for it.
He gives the example of one of the duplexes he bought. His tenants in both units were paying about $1,100, but the area average rents were closer to $1,600, he said:"If I just went to those tenants, and I said, 'I'm going to raise you to $1,600,' I would be a jerk and they'd probably move out." Instead, he brought the binder to each tenant, presented the information, and asked them what they thought a fair price would be.
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