193: How To Raise The Rent | Amazon HQ2 with Daren Blomquist
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 June 2018
⏱️ 35 minutes
🧾️ Download transcript
Summary
#193: If you raise the rent, these deadly mistakes will make your tenant move out.
Learn how to effectively raise the rent in a way that makes your tenant stay. Rent escalators.
You learn how to leverage your rent hikes.
I review exactly what to include and exclude from your Notice Of Rent Increase Letter.
Where do I get my investing and real estate information from anyway? I tell you.
ATTOM Data Solutions' Daren Blomquist reveals the exact city where Amazon is most likely to locate their second headquarters (HQ2) based on their research.
Flipping activity can be predictive of "up-and-coming" neighborhoods.
Want more wealth?
1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my best-selling paperback: getbook.at/7moneymyths
Listen to this week's show and learn:
01:42 You can leverage rent raises!
04:21 Mistakes to avoid in rent hikes.
07:01 Steps to raise the rent properly. Rent escalators.
10:36 Notice Of Rent Increase Letter.
15:55 Daren Blomquist Interview begins.
16:42 Amazon HQ2.
23:59 Neighborhood grading.
27:57 Flipping activity can predict "up-and-coming" neighborhoods.
Resources Mentioned:
Mortgage Loans: RidgeLendingGroup.com
Cash Flow Banking: ProducersWealth.com
Apartment Investor Mastery: BradSumrok.com
Find Properties: GREturnkey.com
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Ridge Lending Group, apartment investor mastery, and producers' wealth. You're listening to the show that has created more passive income for people than nearly any show in the world. This is the powerful Get Rich Education. The President get rich education welcome welcome to gree this is get rich education i'm your host Weinhold. Today, I want to tell you how you can best get rent increases on your existing rental properties. |
| 0:44.8 | And then later, a guest will tell us about some of the latest real estate investing trends, including the one city where Amazon is most likely to locate their second headquarters |
| 0:55.7 | among those top 20 cities that Amazon has narrowed it down to, |
| 0:59.6 | and why all of that matters to you as a real estate investor, even more than you know. |
| 1:06.1 | A lot of people ask me where I get my information on real estate investing. Well, one of those places |
| 1:13.2 | is Adam Data. And they're one of the world's very best places for cutting edge research on |
| 1:19.5 | United States housing. Well, Adam Data's senior vice president's name is Darren Blomquist. |
| 1:26.1 | Well, we're going to have Darren Blomquist on the show with us today, |
| 1:28.6 | so I think you're going to love today's chat. But first, piggybacking a bit off of last week's |
| 1:35.0 | episode, we're talking about rent problems and tenant issues. Let's discuss something more positive, |
| 1:41.9 | raising the rent. Now, part of the power of real estate investing |
| 1:47.5 | is really in raising the monthly rent amount. I want you to consider what few real estate investors |
| 1:56.6 | consider. And I was just talking about this very phenomenon when I was a guest to the other day |
| 2:02.2 | on a Dallas, Texas, real estate investing talk radio show. Look, if you own a property that |
| 2:08.8 | rents for, say, $1,000 a month and has a monthly cash flow of $200, well, then a rent increase |
| 2:17.3 | of 3% on your tenant is only $30 a month to them, |
| 2:21.9 | and 3% is pretty much in line with inflation, and $30 is not a big increase to many tenants. |
| 2:29.9 | Now, here's the motivation for you. |
| 2:32.9 | Understand that $30 increase transfers straight to your cash flow. |
| 2:39.4 | Well, now your $200 cash flow has just bumped up to $230. |
| 2:44.6 | Well, that's a 15% increase in your cash flow. |
| 2:49.7 | If you extrapolate that effect across your entire real |
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