250: How To Raise Rents And Retain Your Tenants, Dayton
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 22 July 2019
⏱️ 46 minutes
🧾️ Download transcript
Summary
Tenant retention begins before move-in:
- Use a move-in checklist with the tenant.
- Move-in gift and packet.
- Communication.
Ongoing tenant retention during occupancy:
- Inspections every six months.
- Be attentive with service calls.
How to achieve a rent increase:
- 45 days’ notice.
- Use phone.
- Substantive reason: increase in property tax or maintenance costs.
- Remind tenant of moving costs.
- Offer an upgrade - carpet cleaning, ceiling fan, etc.
- 2 - 5% annual increase typical.
We discuss why not every tenant is worth retaining.
Dayton, OH has 1% rent-to-price ratios and an MSA population of 800,000. Also:
- Proximous to Cincinnati and Columbus.
- Health care.
- Military.
- Manufacturing.
- 3 Amazon fulfillment centers within 45 minutes.
Learn more about the Dayton turnkey provider here.
- In-house property management.
- Use luxury vinyl plank, white kitchen cabinets, newer HVAC & water heaters.
- 1-year and 3-year warranties.
- 97% occupancy rate.
- Leases up to 18 months.
- 3/1 SFHs: Rents $750 - $1,300 | Purchase prices $75K - $120K. Detached garage. 800 - 2,000 sf. Usable basement is additional sf.
- Property tax 1.8 - 2.1% annually as a percent of property value.
- Rent promise: Provider starts paying rent to you if your property is vacant 30+ days.
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Resources mentioned:
Dayton Turnkey Property:
Mortgage Loans:
Turnkey Real Estate:
QRP:
JWB New Construction Turnkey:
Our Tampa Real Estate Field Trip:
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. How do you raise the rent on your tenant and ensure that you retain that tenant at the same time? We're going to discuss that formula. Then the U.S. metro market we've never discussed before that has some of the highest rent to price ratios in the entire nation today on Get Rich Education. |
| 0:24.0 | Countless property investors get killed with maintenance costs, but that's far less likely |
| 0:28.8 | when you buy brand new construction. Let me tell you about JWB real estate capital in |
| 0:34.1 | Jacksonville, Florida. They pioneered the build-to-rent model where you can invest in |
| 0:38.9 | new construction turnkey rental properties. That's why JWB was featured on the front page of the |
| 0:44.3 | Wall Street Journal. To learn more and see Inventory, go to new construction turnkey.com. |
| 0:55.0 | Finally, total control financial gives you checkbook control of your 401k and IRA money |
| 1:00.2 | to invest in real estate. |
| 1:02.7 | It's time to get your retirement money into your own checking account, but you've got to |
| 1:07.4 | avoid the little-known tax that you'll pay with any self-directed IRA. |
| 1:11.3 | Instead, it's time for the QRP. |
| 1:14.4 | Learn more and get your free copy of the QRP book by text messaging, |
| 1:18.7 | QRP in all capital letters to 72,000. |
| 1:27.3 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:34.6 | This is Get Rich Education. Welcome to GRE, episode 250. Yes, one quarter of a thousand. I'm your host, Keith |
| 1:56.9 | Weinhold. This is Get Rich Education. I've been investing in real estate continuously for nearly |
| 2:03.8 | 17 years now, and I've been around the investing in finance education space since even before that |
| 2:10.4 | time. seemingly, I've heard nearly everything. I've heard cash is king, and I've heard cash is trash. But there's one constant |
| 2:21.9 | that I can glean from all the books and podcasts and seminars and webinars. And that is this, |
| 2:29.5 | wealthy people's money either starts out in real estate or ends up in real estate. That's why it's the |
| 2:38.9 | central theme here. It gets rich education. It's also the central theme because real estate has |
| 2:44.1 | changed my life personally more than any other vehicle. In fact, I can't say that any other investment vehicle has been life-changing |
... |
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